GigOptix, Inc. Launches with the Completion of the Lumera Corporation and GigOptix LLC Merger

  
    
  
  
    
      Lumera Corporation (NASDAQ:LMRA) and privately owned GigOptix LLC, today 
      announced the completion of their planned merger transaction, which is 
      effective today. The combined company will conduct business as GigOptix, 
      Inc. (GigOptix), and its common stock will trade beginning tomorrow, 
      December 10, on the OTC Bulletin Board, which is not a national 
      securities exchange, under the symbol GGOX.
    
    
      Under the terms of the merger agreement, GigOptix LLC securityholders 
      are receiving approximately 0.1375 shares of GigOptix, Inc. common stock 
      for each GigOptix LLC membership unit, and Lumera Corporation 
      stockholders are receiving 0.125 shares of GigOptix, Inc. common stock 
      for each share of Lumera Corporation common stock. Lumera Corporation 
      stockholders holding stock certificates will soon receive share exchange 
      instructions.
    
    
      The Lumera closing bid on December 9, 2008 was $1.72, as adjusted to 
      reflect a 1 for 8 reverse stock split.
    
    
      The combination, which was announced on March 
      27, 2008, was approved by the GigOptix securityholders on March 26, 
      2008 and by Lumera Corporation stockholders at a meeting held on 
      December 4, 2008.
    
    
      Company Leadership and Headquarters
    
    
      Dr. Avi Katz will serve as Chief Executive Officer and Chairman of the 
      Board of GigOptix. Peter Biere will serve as Chief Financial Officer, 
      Andrea Betti-Berutto will serve as Chief Technology Officer, Julie 
      Tipton will serve as Vice President of Marketing, Dr. Raluca Dinu will 
      serve as Vice President of Advanced Engineering, Vivek Rajgarhia will 
      serve as Vice President of Global Sales, Marc Correa will serve as Vice 
      President of Global Operations and Dr. Jörg Wieland will serve as Vice 
      President and General Manager of GigOptix-Helix AG.
    
    
      C. James Judson and Dr. Joseph Vallner, formerly Lumera Corporation 
      board members will be on the board of GigOptix. Kimberly D.C. Trapp, 
      formerly a board member of both GigOptix LLC and Lumera, will be on the 
      board of GigOptix Inc. Other board members will include Stephen C. 
      Johnson, a former GigOptix LLC board member, Neil J. Miotto and Douglas 
      L. Swenson.
    
    
      GigOptix will be headquartered in Palo Alto, CA and will maintain 
      operations in Bothell, WA and Zurich, Switzerland.
    
    
      About GigOptix
    
    
      GigOptix is a leading fabless semiconductor manufacturer of electronic 
      engines for the optically connected digital world. GigOptix offers a 
      broad portfolio of high speed electronic devices including polymer 
      electro-optic modulators, modulator drivers, laser drivers and TIAs for 
      telecom, datacom, Infiniband and consumer optical systems, covering 
      serial and parallel laser technologies from 1G-100Gbps. For more 
      information, please visit www.GigOptix.com.
    
    
      Forward-Looking Statements
    
    
      Except for the historical and current factual information contained 
      herein, this release contains “forward-looking statements” within the 
      meaning of Section 27A of the Securities Act of 1933 and Section 21E of 
      the Securities Exchange Act of 1934. All statements by GigOptix 
      regarding its expected financial position, revenues, cash flow and other 
      operating results, business strategy, financing plans, forecasted trends 
      related to the markets in which it operates, and similar matters are 
      forward-looking statements. GigOptix’s actual results could be 
      materially different from its expectations because of various risks. 
      These risks, some of which are discussed under the caption “Risk 
      Factors” in the company’s registration statement on Form S-4 on file 
      with the SEC, include overcapacity in the telecommunications and 
      networking markets, competition resulting from consolidation within 
      network equipment and telecommunications equipment companies, the 
      company’s dependence on new product development, rapid technological and 
      market change, the ability of the company to raise additional capital, 
      and various other factors beyond the company’s control. Other important 
      risk factors that could cause GigOptix's actual results to differ from 
      those contained or implied in its forward-looking statements include the 
      company’s possible failure to realize the cost savings, operating 
      efficiencies and new revenue opportunities expected to result from the 
      merger of Lumera Corporation and GigOptix LLC. Except for any obligation 
      to disclose material information under the Federal securities laws, 
      GigOptix undertakes no obligation to release publicly any revisions to 
      any forward-looking statements to reflect events or circumstances after 
      the date of this document.