Lightwave Logic Expands Its Colorado Operations to Support New Commercial Activities

Rhea-AI Summary

Lightwave Logic expands laboratory production facilities by nearly 10,000 sq ft to support new commercial activity.

Positive

• Expansion of facilities enables commercial device testing, production reliability testing, and chemical synthesis production line expansion.
• New team members including organic chemists and engineers will bring head count to 33.

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• None.

Company Unveils Significant Laboratory Expansion to Bolster EO Polymer Production and Support Recent Talent Acquisition and Commercial Customers

ENGLEWOOD, Colo., Aug. 21, 2023 /PRNewswire/ -- Lightwave Logic, Inc. (NASDAQ: LWLG), a technology platform company leveraging its proprietary electro-optic (EO) polymers to transmit data at higher speeds with less power in a small form factor, today announced the completion of new laboratory production facilities, expanding the corporate facility in Englewood, Colorado by nearly 10,000 square feet for a total of approximately 23,500 square feet to support new commercial activity. According to the Computing Technology Industry Association, Colorado's tech industry has an economic impact of $52.6 billion, or 12.2% of the state's economy, fifth highest among all states.

The renovations and installation of new laboratory and engineering facilities expands the size of the Company's Englewood facility by over 65%, enabling commercial device testing and evaluation, production reliability testing, laser characterization, SEM analysis and the expansion of the Company's chemical synthesis production line. The facility will support the Company's recently added team members, including organic chemists as well as photonics, packaging and reliability engineers that will bring the Company's head count to 33 team members.

"As we enter into this exciting new phase of advancing our commercial business plans, we believe that we now have the team and the facilities in place to make our electro-optic polymers ubiquitous," said Dr. Michael Lebby, Chairman and Chief Executive Officer of Lightwave Logic. "This additional space allows us to grow our technical capabilities to produce, evaluate and improve our electro-optic polymer materials. The space will be utilized to support commercial material supply and license agreements – such as our recent first agreement – to provide Perkinamine® chromophore materials for polymer based photonic devices and photonic integrated circuits (PICs). Combined with several new experienced engineers, we are quickly ramping our operational capabilities to support our commercialization effort and positioning Lightwave Logic for the future, which should be exciting news to our customers and shareholders alike. "

About Lightwave Logic, Inc.
Lightwave Logic, Inc. (NASDAQ: LWLG) develops platforms leveraging its proprietary engineered electro-optic (EO) polymers to transmit data at higher speeds with less power in a small form factor. The company's high-activity and high-stability organic polymers allow Lightwave Logic to create next-generation photonic EO devices, which convert data from electrical signals into optical signals, for applications in data communications and telecommunications markets. For more information, please visit the Company's website at lightwavelogic.com.

Safe Harbor Statement
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, lack of available funding; general economic and business conditions; competition from third parties; intellectual property rights of third parties; regulatory constraints; changes in technology and methods of marketing; delays in completing various engineering and manufacturing programs; changes in customer order patterns; changes in product mix; success in technological advances and delivering technological innovations; shortages in components; production delays due to performance quality issues with outsourced components; those events and factors described by us in Item 1.A "Risk Factors" in our most recent Form 10-K and 10-Q; other risks to which our company is subject; other factors beyond the company's control.

Investor Relations Contact:
Lucas A. Zimmerman
MZ Group - MZ North America
949-259-4987
LWLG@mzgroup.us 
www.mzgroup.us

 

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SOURCE Lightwave Logic, Inc.