Lumenon Lingers on Nasdaq

MONTREAL -- Lumenon Innovative Lightwave Technology, Inc. (Nasdaq NM: LUMM), a photonic materials science and process technology company offering high-quality optical devices for the global telecommunications, data communications and cable markets, announced today it has received approval from the Nasdaq Stock Market, Inc. ("Nasdaq") to transfer the listing of the Company's common stock from The Nasdaq National Market to The Nasdaq SmallCap Market effective at the opening of business Friday, June 7, 2002. The Company's common stock will continue to trade under its current symbol "LUMM". In announcing the approval, Gary Moskovitz, President and Chief Executive Officer of Lumenon, said, "We are pleased to have received approval for listing on The Nasdaq SmallCap Market. This listing allows us to continue trading on an electronic, well-regulated market and provides us with a grace period until August 13, 2002, to comply with Nasdaq's $1.00 minimum bid price requirement. If we do not meet this requirement by August 13, 2002, Nasdaq may grant us an additional 180 day grace period to regain compliance, until February 10, 2003, as long as we continue to meet the initial listing requirement for The Nasdaq SmallCap Market which may be met by a public float of $5 million in stockholders' equity. "If, at any time during this period, we achieve the $1.00 minimum bid requirement for 30 consecutive days, provided that we have maintained compliance with the listing requirements of The Nasdaq National Market, other than bid price, at all times, we may be eligible to transfer back to The Nasdaq National Market." Lumenon Innovative Lightwave Technology Inc. Nasdaq