Lumenon Innovative Lightwave Technology, Inc. Reports
Fiscal Year End Results
NEWS RELEASE TRANSMITTED BY CCN - A NEWSWIRE SERVICE OF ITG
FOR: LUMENON INNOVATIVE LIGHTWAVE TECHNOLOGY, INC.
NASDAQ SYMBOL: LUMM
SEPTEMBER 7, 2000 - 18:08 EDT
Lumenon Innovative Lightwave Technology, Inc. Reports
Fiscal Year End Results
ST-LAURENT, QUEBEC--Lumenon Innovative Lightwave Technology, Inc.
(NASDAQ NM: LUMM), a manufacturer of high-quality optical chip
solutions for the global telecommunications and data
communications market, announced today its results for the fiscal
year ending June 30, 2000.
Because Lumenon is a development stage company, it did not realize
revenues from operations during the year ending June 30, 2000.
The Company's overall loss for the year ended June 30, 2000
amounted to US$151,198,510 or US$5.95 per share. Of these costs,
US$147,003,070 are non-cash expenses resulting from the issuance
of Common Stock in consideration of certain services rendered by
Molex Incorporated under the terms of a Teaming Agreement. In
connection with such agreement, the Company issued to Molex an
aggregate of 5,800,000 shares upon the exercise of the Services
Warrant granted to Molex under the Teaming Agreement. The Services
Warrant has been exercised in full as of June 30, 2000, and no
further non-cash expenses will be recognized.
In announcing the fiscal year-end results, Vincent Belanger, Vice
President Finance and Chief Financial Officer of Lumenon, said,
"We believe our accomplishments to date have been significant. We
recently announced a US$35 million financing. These funds and the
upcoming inauguration of our new 53,000 square foot design,
development and mass production facility for integrated photonic
devices will allow us to pursue our aggressive growth strategy. We
are also completing our transition from research and development
to production, ramping up to compete in one of the hottest markets
in the world: optical networking."
About Lumenon Innovative Lightwave Technology, Inc.:
Lumenon Innovative Lightwave Technology, Inc. designs, develops
and builds integrated optics devices in the form of compact hybrid
glass circuits on silicon chips. The chips can dramatically boost
bandwidth in fiber optic cabling, the pipeline for today's
burgeoning telecommunications industry. Lumenon's breakthrough
Hybrid Sol-Gel Glass technology offers telecommunications
providers the ability to vastly increase their Bandwidth capacity
at a fraction of the cost of conventional dense wavelength
division multiplexing (DWDM) equipment.
For more information about Lumenon Innovative Lightwave
Technology, Inc., visit the Company's Web site at
lumenon.com.
This press release contains certain "forward-looking" statements,
as defined in the United States Private Securities Litigation
Reform Act of 1995, that involve a number of risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and the actual results and future events
could differ materially from management's current expectations.
Such factors are detailed from time to time in the Company's
filings with the regulatory authorities having jurisdiction.
This release is available on the Company's Web site at
www.lumenon.com and the KCSA Public Relations Worldwide Web site
at www.kcsa.com.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Lumenon Innovative Lightwave Technology, Inc.
Stephen Litwin
Investor Relations
(514) 331-3738
www.lumenon.com
or
KCSA:
Les Schupak / Julia Dette
(212) 896-1207 / (212) 896-1250
lschupak@kcsa.com / jdette@kcsa.com
www.kcsa.com
INDUSTRY: CMT
SUBJECT: ERN
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