Luna Technologies Announces the Optical Vector Analyzer ELp for Economical Polarization Characterization of Fiber Optic Components and Systems.

ROANOKE, Va. -- Luna Technologies, a division of Luna Innovations Incorporated, announces the expansion of its fiber optic test platform with the release of the Optical Vector Analyzer (OVA) ELp. This new instrument is designed to characterize the polarization properties of fiber optic components for high-speed optical networks. Using the industry standard for measuring polarization mode dispersion (PMD), the OVA ELp is a fast, economical tool that provides industry-leading accuracy and resolution in a single sweep of a tunable laser and offers a dynamic range in excess of 50 dB.

The OVA ELp is ideal for loss and polarization characterization of passive optical components in the S, C and L communication bands and ports easily from the lab to the manufacturing floor. When used in conjunction with an external tunable laser, the OVA ELp quickly and accurately measures critical component performance indicators such as insertion loss (IL), polarization dependent loss (PDL), polarization mode dispersion (PMD), second order PMD, Jones matrix elements, TE/TM-Loss, and time domain or filter impulse information. The OVA ELp provides investment protection with an upgrade path that allows for the addition of test and measurement options based upon user need, such as chromatic dispersion (CD), group delay (GD), and phase.

"Pressure continues to mount on component vendors to perform thorough and rapid component characterization including polarization effects such as PDL and PMD," comments Dr. Brian Soller, Vice President and General Manager of Luna Technologies. "Vendors can find themselves struggling to scale their measurement capacity to keep up with added volume and the variety of new testing requirements including PMD. The introduction of the OVA ELp gives our customers an economical starting point with an upgrade path to a full Vector Analyzer."

The OVA ELp is available immediately, with four to six weeks typical for delivery, at the base price of $45,000.

Luna will be demonstrating the Optical Vector Analyzer and the Optical Backscatter Reflectometer product platform at the European Conference on Optical Communication (ECOC) which begins September 17, 2007, in Berlin, Germany in stand #14008. For more information, visit Luna Technologies online at http://www.lunatechnologies.com.

About Luna Technologies:

Luna Technologies, a division of Luna Innovations Incorporated (NASDAQ:LUNA) located in Blacksburg, Virginia, manufactures and markets test and measurement equipment and integrated sensing solutions. Luna Technologies' products are used for process and control monitoring in telecommunications, manufacturing, power generation and distribution, down-hole oil and gas production, aerospace, and defense applications. Its products have won numerous awards and are sold and distributed throughout North America, Europe, the Middle East and Asia.

Forward Looking Statements:

This release includes information that constitutes "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding the OVA ELp. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties set forth in the company's periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC's website at http://www.sec.gov, and at the company's website at http://www.lunainnovations.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.