End plan to jointly develop products for the photonics industry; stock restriction agreement will also terminate

April 13, 2001

1 Min Read

SAINT-LAURENT, Quebec -- Lumenon Innovative Lightwave Technology, Inc. (NASDAQ NM: LUMM) announced today that it mutually agreed with Molex Incorporated (NASDAQ: MOLX, MOLXA) to terminate the Teaming Agreement between Lumenon and Molex. The term of the Teaming Agreement, as amended, ended on December 19, 2000. Under the Teaming Agreement, Molex and Lumenon agreed to jointly develop products for the photonics industry. As a result of the termination of the Teaming Agreement, the Stock Restriction Agreement among Lumenon, Molex and certain stockholders of Lumenon will also terminate in accordance with its terms.

In addition, Molex and Lumenon have engaged in discussions regarding a potential agreement under which Molex would have the opportunity to purchase certain products from Lumenon on mutually agreeable terms and conditions. Molex and Lumenon have agreed that Dr. Tony Moretti of Molex will remain on the Lumenon Board of Directors for the remainder of his term.


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