Laser Power Sells Contract Research Operation

SAN DIEGO, Feb. 21 -- Laser Power Corp. has completed the sale of the assets of its contract research operation to Photera Technologies Inc., a newly formed subsidiary of Schwartz Electro-Optics Inc. Laser Power's contract research operation developed projection display and 1550-nm microlaser technologies. Separately, Laser Power also announced that it had received the remaining initial cash payment for the sale of its microlaser unit.
Dick Sharman, CEO of Laser Power, said, With the sale of the contract research operation, the restructuring which we announced last quarter is complete. We are now a profitable optics company with a strong balance sheet and a focus on our core competencies of optical design and fabrication and state-of-the-art thin film coatings. By focusing on what we know and do best, we believe that we are better positioned to achieve our primary objective ofincreasing stockholder value.