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Lumera Corporation (NASDAQ:LMRA), a leader in the emerging field of nanotechnology, announced today that it has been awarded an extension to a U.S. government contract to continue development of technologically advanced wideband optical modulators. The 12-month contract is valued at approximately $1.15 million; the overall contract value has now reached approximately $6.9 million.
"This is further validation of the superiority of our electro-optic devices and materials and, along with other Lumera government contracts, directly parallels our roadmap to commercial products," said Tom Mino, Chief Executive Officer of Lumera. "Being chosen is recognition of our performance in meeting the technical and financial milestones defined in the contracts."
Lumera is developing high-performance modulators which enable a new generation of fiber-optic systems that are expected to deliver increased bandwidth at competitive costs and use lower power than current devices.
About Lumera Corporation
Lumera is a leader in the emerging field of nanotechnology. The company designs proprietary molecular structures and polymer compounds for the bioscience and communications/computing industries, both of which represent large market opportunities. The company also has developed proprietary processes for fabricating such devices.
Certain statements contained in this release are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: market acceptance of our technologies and products; our ability to obtain financing; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards and to develop partnership opportunities; the timing of commercial product launches; the ability to achieve key technical milestones in key products; and other risk factors identified from time to time in the company's SEC reports, including its Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
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Helene Jaillet, 425-398-6546
The Summit Group Communications
Todd Wolfenbarger, 801-595-1155
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