Lumenon Narrows Loss in Q1

ST. LAURENT, Quebec -- Lumenon Innovative Lightwave Technology, Inc. (NASDAQ NM: LUMM), a manufacturer of high-quality optical devices for the global telecommunications, data communications and cable markets, announced today its results for the fiscal 2002 first quarter ended September 30, 2001. Lumenon's loss for the fiscal 2002 first quarter ending September 30, 2001 totaled CDN$5.8 Million (US$3.7 Million), or CDN$0.15 (US$0.10) per share, compared with a loss of CDN$27.5 Million (US$18.2M), or CDN$0.80 (US$0.53) per share, for the same period in fiscal 2001. The fiscal first quarter loss for the previous fiscal year included a non-cash, one-time financing charge of CDN$22.84 Million (US$14.3 Million). As of September 30, 2001, Lumenon had a cash position of CDN $18.7 Million (US$11.8 Million). Commenting on the current status of Lumenon, Gary Moskovitz, President and Chief Executive Officer, stated, "I am pleased with the future outlook for Lumenon. Foremost, we believe that we have managed our cash prudently, kept our expenses to a minimum and we continue to have active discussions with prospects regarding our sampling of product. We are also working with our present partners to create exciting opportunities."Lumenon Innovative Lightwave Technology Inc.