The inevitable just happened.
Lumenon and Molex Mutually Agree to Terminate Teaming Agreement
ST-LAURENT, Quebec, Canada--(BUSINESS WIRE)--April 12, 2001--Lumenon Innovative Lightwave Technology, Inc. (NASDQ NMS:LUMM) announced today that it mutually agreed with Molex Incorporated (NASDAQ:MOLX - news, MOLXA - news) to terminate the Teaming Agreement between Lumenon and Molex.
The term of the Teaming Agreement, as amended, ended on December 19, 2000. Under the Teaming Agreement, Molex and Lumenon agreed to jointly develop products for the photonics industry. As a result of the termination of the Teaming Agreement, the Stock Restriction Agreement among Lumenon, Molex and certain stockholders of Lumenon will also terminate in accordance with its terms.
In addition, Molex and Lumenon have engaged in discussions regarding a potential agreement under which Molex would have the opportunity to purchase certain products from Lumenon on mutually agreeable terms and conditions.
Molex and Lumenon have agreed that Dr. Tony Moretti of Molex will remain on the Lumenon Board of Directors for the remainder of his term.
Molex, based in Lisle, Illinois, USA, is a 63-year-old global manufacturer of electronic, electrical and fiber optic interconnection products and systems; switches; value-added assemblies; and application tooling. Molex operates 52 plants in 21 countries and offers approximately 100,000 products through a network of direct salespeople and authorized distributors. For more information about Molex visit the company's web site at www.molex.com.
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. These photonic devices - based upon Lumenon's breakthrough hybrid glass technology and patented PHASIC(TM) process - offer communications providers the ability to dramatically boost bandwidth in fiber optic cabling, the pipeline for today's burgeoning telecommunication, data communication and cable industries.
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 as a result of various important factors, including those discussed in the Company's Quarterly Reports on Form 10-Q for the quarterly period ended December 31, 2000, which is on file with the Securities and Exchange Commission.
This release and prior releases are available on the KCSA Public Relations Worldwide Web site at www.kcsa.com.
Fred McCutcheon
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