Luna Innovations Sets New Strategy for Future


TMCNet:  Luna Innovations Sets New Strategy for Future

[December 15, 2011]


ROANOKE, Va. –(Business Wire)–

Luna Innovations Incorporated (NASDAQ: LUNA) has announced a new
corporate strategy to grow revenue that focuses on serving high-growth
industries with new technology solutions to measure, monitor, protect
and improve critical processes in the medical, defense and composites
industries.

The strategy, recently approved by the company’s Board of Directors,
focuses on three key objectives:

  • Become the leading provider of sensing systems and standard test
    methods for composite materials by offering disruptive technology that
    revolutionizes the industry.
  • Continue to pioneer the way and be the leading supplier of fiber-optic
    shape sensing technology for robotic and minimally invasive surgical
    systems.
  • Be the leading choice for ensuring the integrity of integrated
    circuits used in defense systems.

“Over the past few months, our leadership team and board members have
worked together to conduct a comprehensive analysis of our products,
strengths, market position and market needs,” said My Chung, CEO of Luna
Innovations. “We believe that our technologies, our people and our
research and development, along with our partnerships in numerous
industries, provide us with some very attractive opportunities.”

“Now, following a successful reorganization, we want to provide
investors and other stakeholders with a roadmap to the future that
emphasizes the compelling value proposition for markets we serve,” Chung
added.

One example of a product implementing our strategy is the ODiSI (Optical
Distributed Sensor Interrogator), Luna’s new sensing platform. It
provides fully distributed strain or temperature measurements and
delivers an unprecedented amount of data by using an optical fiber as a
continuous sensor over up to 50 meters of surface. Compared to
traditional sensing methods, such as strain gages, Luna’s technology
provides greater insight into the performance, tolerances and failure
mechanisms of structures and vehicles. The company beliees the
technology will provide exceptional value to the fast-growing composites
manufacturing market, particularly in aerospace and green energy
applications.

Another growth opportunity is in the medical market. Luna currently
maintains product development relationships with two leading players in
robotic medical technology – Intuitive Surgical and Hansen Medical – and
is working with both companies to support the development of high-speed
shape sensing and localization of minimally invasive surgical devices
using fiber-optic technology. The technology is helping to improve
healthcare with advances in medical robotics and minimally invasive
surgery.

“These are just a few examples of technology and markets where we’ve
identified opportunities to increase revenues and market share,” Chung
said. “Together with our continued emphasis on research and development
and new focus on cultivating a high-performance team with the energy of
a start-up company, we have mapped out a future direction that takes
advantage of technology trends and high-growth industries to position
Luna for what we expect will be a strong and promising future.”

About Luna Innovations:

Luna Innovations Incorporated (www.lunainnovations.com)
focuses on sensing and instrumentation. Luna develops and manufactures
new-generation products for the healthcare, telecommunications, energy
and defense markets. The company’s products are used to measure,
monitor, protect and improve critical processes in the markets we serve.
Through its disciplined commercialization business model, Luna has
become a recognized leader in transitioning science to solutions. Luna
is headquartered in Roanoke, Va.

Forward-Looking Statements:

The statements in this release that are not historical facts constitute
“forward-looking statements” made pursuant to the safe harbor provision
of the Private Securities Litigation Reform Act of 1995 that involve
risks and uncertainties. These statements include our expectations
regarding our strategy, technological and product capabilities and
potential markets, as well as the company’s focus on opportunities in
the medical, defense and composites industries. Management cautions the
reader that these forward-looking statements are only predictions and
are subject to a number of both known and unknown risks and
uncertainties, and actual results, performance, and/or achievements of
the company may differ materially from the future results, performance,
and/or achievements expressed or implied by these forward-looking
statements as a result of a number of factors. These factors include,
without limitation, technological and product limitations, potential
lack of, or delays in, market acceptance, and failure of demand for the
company’s products and services to meet expectations, and those 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 (NewsAlert) website at www.sec.gov
and at the company’s website at 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.

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