BOTHELL, Wash., Feb. 15 /PRNewswire-FirstCall/ -- Lumera Corporation (Nasdaq: LMRA), an emerging leader in the field of nanotechnology, has been awarded a $1.11 million contract extension from a U.S. government agency to continue development of wideband optical modulators. The new contract extension was awarded to transition Lumera's proprietary electro-optic polymers into high performance devices by developing custom polymers that are critical in other parts of the device. The overall contract value has now reached approximately $4.7 million. "This latest contract agreement is a validation of our product development strategy and supports Lumera's approach of designing materials for the whole system to complement our leading electro-optic performance," said Lumera Chief Executive Officer Tom Mino. "We believe these high performance devices have the strong potential to enable a whole new generation of fiber optic and wireless communication systems and we remain optimistic that we can play a role in this evolution." Lumera is developing a new generation of unique active and passive components for optical networks that are expected to deliver increased bandwidth at very competitive costs while requiring less power than current devices. The company's component development is based on both internally developed proprietary electro-optic and passive polymer materials and exclusively licensed materials from the University of Washington. Optical modulators are applicable to a range of commercial markets including companies who own and operate long-haul and metropolitan optical networks. Lumera is developing wideband optical modulators that could enable the next generation of communication networks, including hybrid wireless-fiber optic networks. Lumera is in the process of commercializing additional materials developed through nanotechnology in other industries, including biotechnology. These technologies may dramatically improve a number of key biotech arenas ranging from bio-arrays to drug discovery. About Lumera Lumera is an emerging leader in the field of nanotechnology. The company designs proprietary molecular structures and polymer compounds for a broad range of electro-optic, bioscience, RF and specialty nanotechnology applications. The company also has developed proprietary processes for fabricating such devices. For more information, please visit http://www.lumera.com/. 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 in its registrations statement on Form S-1, dated July 22, 2004 and its Quarterly Reports on Form 10-Q.
SOURCE Lumera Corporation