BURLINGTON, ONT. Nov. 8, 2002 (PRIMEZONE) -- Light Management Group Inc. (OTCBB:LMGR) (www.lmgr.net), developer of new applications in optical and light technologies employing sound waves, today announced the re-structuring and downsizing of operations of its Atlanta office.
The re-structuring and downsizing comprises re-location of Atlanta staff to more cost-efficient space while not replacing staff that have left the company or have been released. LMG is currently working on all logistics details (phone numbers, etc.) to ensure that lines of communication for U.S. personnel are transitioned as expeditiously as possible.
This transition is part of LMG's continuing effort to manage the costs of the business and to position itself more comfortably to move forward as a leaner organization. As such, the company is adopting a more aggressive strategy toward revenue generation.
This decision was made greatly in part to the extreme downturn in the area of telecommunications; close proximity to important entities in this sector played a significant role in LMG's decision to locate in Norcross, GA.
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.
For more information, contact: Jeevaani Selvarajah LMGR Public Relations (877) 207-LMGR (5647)
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: Statements, other than historical facts, included in the foregoing news release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements, which include, but are not limited to, words such as "expect," "anticipate," "estimate," "plan," "project" and "intend" are based on management's beliefs and assumptions, and on information currently available to management and involve certain known and unknown risks, uncertainties and other factors which may cause these statements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Such factors include, among others, the Company's ability successfully to finance and implement its business plan, to procure adequate funding and integrate any proposed and future business arrangements; potential fluctuations in financial results, dependence on new product development, rapid technological and market change, failure to complete the manufacture of products on schedule and on budget, uncertainties relating to business and economic conditions in markets in which the Company operates and relating to customer plans and commitments; dependence on intellectual property rights; and the competitive environment in which the Company operates and other risks detailed from time to time in the Company's periodic reports filed with the United States Securities and Exchange Commission and other regulatory authorities.