BURLINGTON, Ontario, Jan. 28, 2003 (PRIMEZONE) -- Light Management Group, Inc. (Pink Sheets:LMGR) (www.lmgr.net) has undertaken significant corporate restructuring for the purposes of conserving cash flow and increasing focus on the company's highest business priorities. The restructuring includes:
-- Temporary layoff of 7 employees -- Planned reduction in the size of R&D Facilities -- Closing of the Atlanta, Georgia office as previously announced
"Though we regret having to make these changes, the current economic environment made them necessary in order to insure the future viability and growth of Light Management," stated Dr. Donald J. Iwacha, President and CEO of Light Management Group. "Our capable senior managers have held many in-depth meetings over the last several weeks and, given the business opportunities now making themselves available to the company, have made the decisions that best contain expenses while creating shareholder value."
The company would also like to thank investors for the patience they have shown over the last several weeks and trust they will now understand the company's inability to communicate during that period. As a result of now implementing a firm restructuring, the company can better discuss those matters important to shareholders. Investors can look forward to increased communications in the coming days and weeks.
About Light Management Group, Inc.
Light Management Group Inc. specializes in the development of new applications in optical and light technologies. LMG's breakthrough technology employs sound waves to focus and direct light. LMG has filed for two United States patents in the fiber optics field, both of which could have significant applications in telecommunications, data transmission, and Internet technology. Light Management Group is committed to fulfilling demand for multiple, complex levels of switching within the communications industry.
Note: This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by LMG with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including potential fluctuations in financial results, dependence on new product development, rapid technological and market change, failure to complete the manufacture of network equipment on schedule and on budget, financial risk management and future growth subject to risks, and adverse changes in the regulatory or legislative environment. LMG undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Investor Relations, Agora Investor Relations, http://www.agoracom.com (Select "Light Management" From Pull-Down Menu) LMG@agoracom.com