Lumenon Innovative Lightwave Technology, Inc. Annual Stockholders Meeting.

Business Editors

ST-LAURENT, Quebec--(BUSINESS WIRE)--Nov. 22, 2000

Lumenon Innovative Lightwave Technology, Inc. (Nasdaq:LUMM), a new manufacturer of high-quality optical devices for the global telecommunications, data communications and cable markets, announced today that its Annual Meeting of Shareholders was held at the Hilton Montreal Airport, 12505 Cote de Liesse in Dorval, Quebec, on Nov. 21, 2000 at 2:00 p.m.

Dr. S. Iraj Najafi, President and CEO of Lumenon, updated shareholders on the Company's progress and introduced the Company's management team.

He commented, "Our leadership team includes Mr. Vincent Belanger, VP Finance and CFO, Mr. Philip Meffe, VP Business Development and Marketing, Dr. Mark P. Andrews, VP and CTO, Dr. Chia-Yen Li, Chief Operating Officer, and Mr. Reginald Ross, VP Corporate Development and Chief of Strategic Operations.

"We believe the experience presented by this management team will allow us to accelerate our strategic growth plans."

Dr. Najafi continued, "Fiscal year 2000 has been momentous for Lumenon. We initiated our transition from research and development to mass production, ramping up to compete in one -- as many studies predict -- of the hottest markets in the world: photonic market. Lumenon's milestones in fiscal 2000 were the listing on Nasdaq National Market, the introduction of a prototype of our fully-packaged 100GHz 8-channel DWDM and a multi-channel 1.3-um WWDM product line, the opening of our new manufacturing facility and the recruitment and new executive appointments of enthusiastic, dedicated professionals."

Mr. Vincent Belanger, VP Finance and CFO, said, "The recent financing of US $35 million allows the Company to gear towards industrial production. We now have the resources in place to support the high demand for increased bandwidth through high volume optical component manufacturing."

Commenting on the Company's operations, Dr. Chia-Yen Li, Chief Operating Officer, said, "After completing the 53,000 square foot facility with a 13,500 square foot state-of-the-art clean room and the recruitment of the necessary production personnel, we expect to be a fully responsive productive plant in the first quarter of calendar year 2001. To assure product quality we are targeting to implement Telcordia qualification and TL9000 certification in the third quarter of calendar year 2001 and fourth quarter of calendar year 2001, respectively."

Commenting on the market, Mr. Philip Meffe, the Company's VP of Business Development and Marketing, said, "Industry analysts for the optical components sector revised year 2000 numbers upwards from US $4 billion to US $5 billion. Even though these estimates for growth are significant, we expect that the metro segment may expand the market even further."

At the Annual General Meeting, shareholders renewed the Board of Directors mandate of Dr. S. Iraj Najafi, Mr. Pierre-Paul Allard and Mr. Pierre-Andre Roy and approved the amendment to the Company's employee stock option incentive plan to increase the number of shares reserved for issuance from 2,500,000 to 6,000,000. Additionally, shareholders approved the issuance of common stock upon conversion of the US $35,000,000 convertible notes issued in July of this year, and the ratification of KPMG LLP as the Company's independent public accountants for the fiscal year ending June 30, 2001.

The slide presentation, which was used at the annual meeting, will be available on the Company's Web site at www.lumenon.com.

About Lumenon Innovative Lightwave Technology, Inc.

Lumenon Innovative Lightwave Technology, Inc. designs, develops and builds integrated optics devices in the form of compact hybrid glass circuits on silicon chips. These photonic devices -- based upon Lumenon's breakthrough Hybrid Sol-Gel Glass technology and patented PHASIC(TM) process -- offer communications providers the ability to dramatically boost bandwidth in fiber optic cabling, the pipeline for today's burgeoning telecommunication, data communication and cable industries.

For more information about Lumenon Innovative Lightwave Technology, Inc., visit the Company's Web site at http://www.lumenon.com.

This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. Such factors are detailed from time to time in the Company's filings with the regulatory authorities having jurisdiction.

This release is available on the Company's Web site at www.lumenon.com and the KCSA Public Relations Worldwide Web site at www.kcsa.com.