MONTREAL, Sept. 3 -- Lumenon Innovative Lightwave Technology Inc. announced it will reduce its workforce by approximately 37 employees through "temporary layoffs," citing the downturn in the fiber optic communications market.
Gary Moskovitz, Lumenon's President and CEO, said, "We believe we have been calculated and methodical in our efforts to transition from a development-stage company to one that is able to engage the market. Although we believe we have made significant progress toward commercialization, it is still unclear when the market will begin to recover. Therefore, we feel that the above action is prudent and in the best interest of our shareholders. We expect these layoffs to further reduce our operating expenses in the short term, while we continue to execute our business plan."
Lumenon builds optical components and integrated optical devices in the form of packaged compact hybrid glass and polymer circuits on silicon chips.
For more information, visit: www.lumenon.com