BURLINGTON, Ontario, May 16, 2003 (PRIMEZONE) -- Light Management Group, Inc. (Pink Sheets:LMGR) (www.lmgr.net), today announced that Dr. Donald J. Iwacha will be stepping down as President and CEO of the company. Dr. Iwacha is departing for personal reasons but has agreed to assist with consulting on an as needed basis.
Chairman of The Board, Barrington L. Simon, stated, "Dr. Iwacha has been an extremely valuable part of the Light Management team, especially in an environment that has not been conducive to the communications industry. I am sorry to see him step down from his executive position but delighted that he believes strongly enough in our mission to continue with us on a consulting basis."
Dr. Iwacha stated, "I am leaving Light Management for personal reasons. I have greatly enjoyed my time with Light Management but regret that market conditions have not yet allowed the company to realize its full potential. I believe very strongly in the company's technology and look forward to seeing its marketplace implementation in the future."
The company will immediately commence an executive search to fill the position of President and CEO. In the interim, Mr. Simon will assume the responsibilities of Dr. Iwacha.
About Light Management Group, Inc. (http://www.lmgr.net)
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 and one of which has already been granted. 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.
Contact:
Investor Relations Agora Investor Relations http://www.agoracom.com (Select "Light Management" From Pull-Down Menu) LMG@agoracom.com