Samples! "first customer related milestone" What a hero!!!
Lumenon Ships Initial Product Samples to Prospective Customers
Company Hits Sampling Milestone and Now Moving Towards Initial Volume Production
ST. LAURENT, Quebec, Dec 20, 2001 (BUSINESS WIRE) -- Lumenon Innovative Lightwave Technology, Inc. (NASDAQ NM: LUMM chart, msgs), a manufacturer of high-quality optical devices for global technology, data communications and cable markets, announced today that it has delivered initial product samples to prospective customers.
Initial samples were delivered to Poly-Scientific, a business unit of Northrop Grumman's Component Technologies Sector, and a global, "tier one" network equipment supplier. The samples provided were Lumenon's 16 channel 100 GHz Mux/Demux units to be used for systems design verification, as well as technological assessment.
With the initial sample deliveries, Lumenon is moving toward its goal of producing competitive commercial products in volume during the first half of 2002.
Gary Moskovitz, Chief Executive Officer of Lumenon, said, "We believe that this achievement is very significant for Lumenon, as it is the first customer related milestone, within the activities of the new management, that we set and we have met. The focus and determination our teams now possess has allowed us to better predict our abilities to meet both the timelines and the specifications for which we are aiming. Strong engineering practice founded on methodical research and an enhanced understanding of the product development cycle in the real world is helping us move towards competitive commercial products."
He concluded, "We hope to achieve our second customer-related milestone of initiating volume production in the March 2002 timeframe. Having established companies, such as the ones above, interested in our technology and reviewing our products enhances our belief in the positive future market acceptance of Lumenon's solutions."
About Northrop Grumman's Poly-Scientific
Poly-Scientific is a business unit of Northrop Grumman's Component Technologies sector, and a world leader offering innovative solutions for motion technology, optical components and electronic systems with unique design, engineering and manufacturing capabilities. Poly-Scientific's motion product line includes motors, drives, resolvers, slip rings and actuators that can be integrated into systems that range from simple combinations of resolvers and slip rings to advanced electro-mechanical actuation assemblies with precision gearing and control electronics. It is the world's largest supplier of slip rings as well as a global leader in the design and manufacture of precision brushless DC motors. Optical components include crystals for use in solid-state laser systems, specialty crystals and microchip laser devices. Poly-Scientific is the world's largest manufacturer of solid state laser crystals. Electronic products include MEMS based fiber optic switches, fiber optic modems, hybrid electronics, and avionic products. Poly-Scientific is headquartered in Blacksburg, Va., with operations in Murphy and Charlotte, N.C., Springfield, Pa., and Brno, Czech Republic.
Northrop Grumman's Component Technologies sector, headquartered in Iselin, N.J., is a world leader in the design, development and manufacture of high-performance electronic and optical components and materials to the telecommunications, networking, industrial, medical, and military markets. Component Technologies includes Interconnect Technologies, Kester, Life Support, Poly-Scientific, Precision Products International, VEAM and Winchester Electronics.
About Lumenon Innovative Lightwave Technology, Inc.
Lumenon Innovative Lightwave Technology, Inc. designs, develops and builds optical components and integrated optical devices in the form of packaged compact hybrid glass and polymer circuits on silicon chips. These photonic devices - based upon Lumenon's patented PHASIC(TM) design process and manufacturing methodology - offer communications providers the ability to dramatically boost bandwidth 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.
Any statements in this press release about future expectations, plans and prospects for the Company, including statements containing the words "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: that we are a development stage company with no experience in manufacturing and marketing our products; that we have a significant number of outstanding convertible notes, warrants and options, the exercise or conversion of which could decrease the price of our common stock, which would lead to additional shares of our common stock becoming issuable upon the conversion of any remaining outstanding convertible notes, making it difficult to evaluate our business; several of our agreements will reduce the amount of revenues that we will receive upon the sale of our products and this may decrease our profitability; that we may be unable to obtain funding to meet our future capital needs, which could cause us to delay or abandon some or all of our anticipated spending, cut back our operations, sell assets or license our technologies to third parties; that there are significant risks associated with the manufacture of our products; that the markets in which we compete are highly competitive and subject to rapid technological change; we may not be able to compete successfully if we are unable to adapt to new technologies and successfully develop new and evolving products which may lead to reduced sales of our products, reduced revenues and reduced market share; and other factors discussed in our most recent quarterly report filed with the Securities and Exchange Commission.
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Contact:
For Lumenon Innovative Lightwave Technology, Inc.
KCSA, New York
Joseph A. Mansi / Sarah Shepard
(212) 896-1205 / (212) 896-1236
jmansi@kcsa.com / sshepard@kcsa.com
www.kcsa.com |
