FOR IMMEDIATE RELEASE

FREMONT, CA � October 18, 2001 - - Scion Photonics, Inc., an integrated solution provider to the fiber optic industry, has appointed James R. Fultz as president and chief executive officer.  Mr. Fultz has also been elected to Scion�s board of directors.

Commenting on the appointment, Cyril J. Yansouni, chairman of the Scion board of directors said, �We are delighted to have Jim Fultz on board as president and CEO of Scion.  With his impressive background in leading fiber optic and optical networking companies, Jim comes at a perfect time to provide the sound stewardship and strategic direction needed to lead Scion into its production and growth phase.  The current team has done an admirable job in growing Scion�s technology and manufacturing know-how.  Now, with Jim at the helm, we are poised and primed to move Scion to the next level.�

            John Powell, managing partner of Integral Capital Partners in Menlo Park, California, another Scion shareholder company, said, �Jim Fultz is a hands-on, proven industry executive with excellent operational expertise and optical industry knowledge.  Jim is a rising star and has a proven track record of delivering results � he will effectively communicate and deliver on Scion�s optical mission.�

Immediately prior to joining Scion, Mr. Fultz was president and chief executive officer of San Jose-based Zaffire, Inc., a leading developer of fiber optic equipment for broadband transport industries.  Under his leadership, Zaffire brought its DWDM technologies to market. Before Zaffire, Jim was president of the Keptel Products Division of ANTEC Corporation and later was named executive vice president and chief sales & marketing officer for that organization.  Jim also held executive positions with Celerity Systems, Inc., a supplier of products for the interactive television and video-on-demand market place.  He was also the founder, owner, chairman and chief executive officer of MediaMax Asia-Pacific, a leading ISP localization support provider for Asian ISP companies.  Fultz built MediaMax into the People�s Republic of China�s largest software and media ISP localization provider with operations throughout the PRC.

Jim received a BS degree in Communications from Northwestern University in Chicago and has completed studies toward a master�s degree from the university�s Kellogg Graduate School of Management.  He currently serves on the board of directors of Cable Positive and is a member of several industry associations.

Scion Photonics, Inc. is a leading integrated solutions provider to the fiber optic industry whose offerings include advanced DWDM products, fiber optic assembly equipment and application specific photonic components.  Scion�s shareholders include Read-Rite Corporation (Nasdaq: RDRT), Tyco Ventures, and Integral Capital Partners. For additional corporate information, please visit www.scionphotonics.com. 

 Read-Rite Corporation is one of the world's leading independent manufacturers of magnetic recording heads, head gimbal assemblies (HGAs) and head stack assemblies (HSAs) for disk drives and tape drives. The company is headquartered in Fremont, California and has operations in California, Thailand, the Philippines, Japan, Singapore and South Korea. The company's website is located at http://www.readrite.com. Read-Rite is also the majority shareholder of Scion Photonics, Inc., an integrated solution provider to the fiber optics industry whose offerings include advanced DWDM products, fiber optic assembly equipment and application specific photonic components. Scion's website is located at http://www.scionphotonics.com.

This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances.  Actual results may vary materially from the expectations contained in such forward-looking statements. Factors that could cause actual results to differ include the risk factors described in the company's reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K for fiscal 2000, its Quarterly Reports on Form 10-Q for the first quarter of fiscal 2001 ended December 31, 2000, second quarter of fiscal 2001 ended April 1, 2001 and third quarter of fiscal 2001 ended July 1, 2001.  Read-Rite undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of such statements.

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