MONTREAL -- Lumenon Innovative Lightwave Technology, Inc. (NASDAQ: 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 that the Company, whose securities are listed on The Nasdaq SmallCap Market, has received formal notification from The Nasdaq Stock Market, Inc. that the Company has been granted a 180 day grace period, until February 10, 2003, to gain compliance with Nasdaq's $1.00 minimum bid price requirement. If, at any time prior to February 10, 2003, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive trading days, and providing that the Company has maintained compliance with all other listing requirements of The Nasdaq SmallCap Market, the Company will receive written notification from Nasdaq that the Company meets the $1.00 minimum bid price requirement for continued listing on The SmallCap Market. If, at any time prior to February 10, 2003, the Company achieves the $1.00 minimum bid requirement for 30 consecutive days, and providing that it has maintained compliance with the listing requirements of The Nasdaq National Market, other than bid price, at all times, the Company may be eligible to transfer from The Nasdaq SmallCap Market to the Nasdaq National Market. Lumenon Innovative Lightwave Technology Inc.