Lightwave Logic, Inc. Chief Technology Officer Reports on Company Progress
WILMINGTON, Del., Nov 03, 2008 /PRNewswire-FirstCall via COMTEX/ -- Lightwave Logic, Inc. (OTC Bulletin Board: LWLG) ( lightwavelogic.com ), a technology company focused on the development of electro-optic polymer materials for applications in high-speed fiber-optic telecommunications and optical computing, announces the release of its progress statement.
In 2006, our company announced that our scientists created a new class of nonlinear optical materials, which we named Perkinamine and Perkinamine NR. At that time, we submitted both materials to Dr. C.C. Teng, who is the co-inventor of the Teng-Man testing protocol to measure r33, the coefficient of merit for electro-optic (EO) materials. Dr. Teng's r33 findings determined that both materials demonstrated a sufficient efficacy for us to advance towards creating commercial applications for these materials. Dr. Teng's test results were subsequently verified by Dr. Robert Norwood and his group at the Optical Sciences Center at the University of Arizona.
Since that time, our scientists have developed two new examples of the Perkinamine class material that we believe can be utilized in commercial devices, such as modulators that could exponentially increase bandwidth and applications that could perform optical computing functions. As we worked over the past year to prepare and characterize material samples, spin-coat polymer-based thin films and measure electro-optic properties of these materials, we encountered unanticipated obstacles in both our development and testing programs as a result of the complexities of the science we are dealing with. Although we have, and expect to continue to, overcome all of the obstacles before us, these obstacles nevertheless have caused significant time delays in the progression to our next phase of testing.
As a result, we are currently adding additional chemistry personnel to our team to help accelerate our preparation and production of new material, which will enable our current technical team to concentrate on the materials engineering aspect of the process and thereafter complete our testing program. Our testing partners, Photon-X and Dr. C.C. Teng have been of great assistance to us in preparing materials and testing. These test samples will ultimately be submitted for independent evaluation and r33 testing.
Jim Marcelli, CEO of Lightwave stated, "I have the utmost confidence that Dr. David Eaton, Ph.D., our Chief Technology Officer, will make this happen. Dr. Eaton was part of an electro-optic (EO) polymers effort at DuPont for five years and he is considered an expert in this field. Dr. Eaton has indicated to me that to date, Lightwave has not encountered any technical obstacle that it could not overcome."
Dr. Eaton stated, "I believe that Lightwave has made extraordinary progress given the complexities of this science and the limited resources that the company has had at its disposal. Many companies with significantly greater resources never made it this far. We are pioneering a revolutionary new material that involves complex chemistry and difficult engineering, resulting in a time consuming process with up to a dozen sequential chemical reactions. We are continuing to move toward our near term objective of delivering independent validated test results of our Perkinamine class material."
Jim Marcelli added, "We are excited about the near term opportunities and appreciate your continued support as we bring this 'game changing' technology to market. We have met every challenge that has been presented and within the next few months we are hopeful of getting the definitive results we have all been expecting."
About Lightwave Logic, Inc.
Lightwave Logic, Inc. is a development stage company, moving toward prototype demonstration and commercialization of its high-activity, high-stability organic polymers for applications in electro-optical device markets. Electro-optical devices convert data from electric signals into optical signals for use in high-speed fiber-optic telecommunications systems and optical computers. Lightwave Logic, Inc. is a portfolio company of Universal Capital Management, Inc. (OTC Bulletin Board: UCMT). Please visit the Company's website, www.lightwavelogic.com, for more information.
About Universal Capital Management, Inc.
Universal Capital Management, Inc. is a publicly traded business development company under the Investment Act of 1940. Its purpose is to provide an opportunity for its shareholders to diversify risk by investing in a fund that assists its portfolio companies to grow and increase in value. Please refer to the company's web site at www.unicapman.com.
Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
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