BURLINGTON, Ontario, April 29, 2003 (PRIMEZONE) -- Light Management Group, Inc. (Pink Sheets:LMGR) (www.lmgr.net) announces forbearance of Executive Compensation.
The Company announces that in an effort to further demonstrate the commitment and dedication of its executive officers toward the advancement of this technology, Chairman of the Board, Barrington L. Simon, has agreed to a forbearance of 80% of his current compensation. In addition, both Barrington L. Simon and CEO Don Iwacha have agreed to a forbearance of the 2002 Share Options to which they are entitled by contract. "Dr. Iwacha and I have decided that the best way to publicly exhibit our commitment to the company's success is to alleviate the current obligation that it has to us. We want to send a clear message to shareholders," states Simon, "that we are not only deeply grateful to them for their past and current support, but we fully appreciate that their many sacrifices have gone a long way toward helping the company remain on track during these uncertain economic times. Just as many of our former and existing employees have endured many hardships to assure the ultimate success of the company, this forbearance of compensation is a reflection of our own solidarity, commitment and sacrifice."
About Light Management Group, Inc.
Light Management Group Inc. specialises 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. The patent application for the Acousto-Optical Switch was issued on March 25, 2003. LMG 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.
Contact:
Corporate Sales and Inquiries, Jeevaani Selvarajah, (800) 465-9216
Investor Relations, Agora Investor Relations, http://www.agoracom.com (Select "Light Management" From Pull-Down Menu), LMG@agoracom.com