LUMM News,
Monday March 1, 9:11 am Eastern Time
Company Press Release
Lumenon Announces Private
Placement and Construction of Pilot Plant
DORVAL, QUEBEC--Lumenon Innovative Lightwave Technology Inc. [OTC BB:LUMM - news] is pleased to announce that it has completed a private placement of 1,000,000 units for gross proceeds of US$ 500,000. Each unit is comprised of one common share and one share purchase warrant entitling the holder to acquire one additional common share at a price of US$ 0.90 for a period of 30 months. The units were subscribed for by two Canadian investment companies, Manitex Capital Inc. and Pinetree Capital Inc., which specialize in funding emerging
technology companies. Manitex will take an active role in Lumenon's financial management and Manitex President, Steve Saviuk, will join Lumenon's board of directors.
The proceeds from this financing, along with internally available funds, will be used to commence construction of the Company's Pilot Plant at its Dorval facility. Lumenon has awarded the construction contract to Mentra Systems Inc. of Montreal, Canada and anticipates completion of the Pilot Plant by the end of June 1999. Construction begins immediately. Mentra Systems is a specialist in laboratory and clean room design and fabrication. The Pilot Plant features photonic
materials development and optical test laboratories. The highlight of the operation is a 1500 square foot clean room that includes class 10 microenvironments for photolithography. Mentra has worked closely with Lumenon to create a facility for the Company's PHASIC optical chip
process. PHASIC, which stands for Photonic Hybrid Active Silicate Integrated Circuit, is a breakthrough that allows Lumenon to print its optical circuits directly into its proprietary glass. The method resembles the photomicrolithography processes used to make standard microelectronic chips; but Lumenon's is a simple one-step method and promises low cost high volume production of single and multimode optical components and devices. The company intends to sell its products into the telecommunications and data communications markets.
For more information on Lumenon
contact: Stephen Litwin, Investor Relations, Tel. 514-631-0023, Fax: 514-631-0053.
Lumenon designs, develops and builds integrated optics devices in the form of compact hybrid glass circuits on silicon chips. Its platform technology is currently focused on the lucrative DWDM market.
Lumenon's shares are listed under the symbol LUMM (OTC BB). More information on Lumenon is available 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.
Contact:
Lumenon Innovative Lightwave Technology, Inc.
Stephen Litwin
Investor Relations
(514) 631-0023
(514) 631-0053
lumenon.com |
