Lumera Corporation Announces NASDAQ Notice

  
    
  
  
    
      Lumera Corporation (NASDAQ:LMRA) (the "Company"), a leader in the field 
      of photonic communications, today announced that it received a NASDAQ 
      Staff Determination on November 18, 2008, indicating that the Company 
      fails to comply with the minimum stockholders' equity requirements for 
      continued listing, set forth in Marketplace Rule 4450(a)(3) and that its 
      common stock is therefore scheduled to be delisted from The NASDAQ 
      Global Market on November 28, 2008.
    
    
      Marketplace Rule 4450(a)(3) provides that the Company must maintain a 
      minimum stockholders’ equity of $10,000,000 for continued listing on The 
      NASDAQ Global Market. As reported on the Company’s Quarterly Report on 
      Form 10-Q for the quarter ended September 30, 2008, the Company’s 
      stockholders’ equity was $8,718,000. The Company does qualify for a 
      continued listing on the NASDAQ Capital Market at this time.
    
    
      The Company intends to request a hearing before a NASDAQ Listing 
      Qualifications Panel to review the Staff Determination, and to request 
      that consideration of the matter be postponed until after Lumera's 
      upcoming annual meeting, at which its proposed merger with GigOptix will 
      be considered. After that point, the new GigOptix Inc. may propose to 
      have its stock listed on the NASDAQ Global Market, to move to the NASDAQ 
      Capital Market or to agree that its stock will be delisted, in which 
      case it would be traded on the OTCBB. Although the Company is requesting 
      a hearing before a NASDAQ Listing Qualifications Panel, there can be no 
      assurance the Panel will grant the Company's request for continued 
      listing.
    
    
      About Lumera
    
    
      Lumera is a leader in photonic communications. The company designs 
      electro-optic components based on proprietary polymer compounds for the 
      telecommunications and computing industries. For more information, 
      please visit www.lumera.com.
    
    
      On October 27, 2008, the Securities and Exchange Commission declared 
      effective a registration statement on Form S-4 filed by GigOptix, Inc., 
      which contains a proxy statement/prospectus of Lumera regarding the 
      proposed merger transaction between GigOptix and Lumera, as well as 
      other relevant documents concerning the transaction. WE URGE INVESTORS 
      AND SECURITY HOLDERS OF LUMERA TO READ THE REGISTRATION STATEMENT AND 
      PROXY STATEMENT/PROSPECTUS AND THE OTHER RELEVANT DOCUMENTS BECAUSE THEY 
      CONTAIN IMPORTANT INFORMATION ABOUT GIGOPTIX, INC., LUMERA, GIGOPTIX LLC 
      AND THE PROPOSED TRANSACTION. A definitive proxy statement/prospectus 
      was mailed to Lumera’s stockholders on or about October 28, 2008 seeking 
      their approval of the merger agreement and related matters. Investors 
      and security holders may obtain a free copy of the registration 
      statement and proxy statement/prospectus and other documents filed by 
      Lumera with the SEC at the SEC’s web site at www.sec.gov. 
      Free copies of Lumera’s SEC filings are available on Lumera’s web site 
      at www.lumera.com 
      and also may be obtained without charge by directing a request to Lumera 
      Corporation, 19910 North Creek Parkway, Bothell, WA 98011-3008, 
      Attention: Investor Relations or by telephoning us at [phone].
    
    
      Lumera and its directors and executive officers may be deemed, under SEC 
      rules, to be participants in the solicitation of proxies from Lumera’s 
      stockholders with respect to the proposed transaction. Information 
      regarding Lumera’s directors and executive officers is included in its 
      annual report on Form 10-K filed with the SEC on March 17, 2008, as 
      amended by Form 10-K/A filed with the SEC on March 27, 2008. More 
      detailed information regarding the identity of potential participants 
      and their direct or indirect interests in the transaction, by securities 
      holdings or otherwise, will be set forth in the registration.
    
    
      This communication shall not constitute an offer to sell or the 
      solicitation of an offer to sell or the solicitation of an offer to buy 
      any securities, nor shall there be any sale of securities in any 
      jurisdiction in which such offer, solicitation or sale would be unlawful 
      prior to registration or qualification under the securities laws of any 
      such jurisdiction. No offer of securities shall be made except by means 
      of a prospectus meeting the requirements of Section 10 of the Securities 
      Act of 1933, as amended.
    
    
      Forward-Looking Statements
    
    
      Certain statements in this document may contain forward-looking 
      information regarding Lumera and the combined company after the 
      completion of the transactions that are intended to be covered by the 
      safe harbor for "forward-looking statements" provided by the Private 
      Securities Litigation Reform Act of 1995. These statements include, but 
      are not limited to, the benefits of the business combination transaction 
      involving Lumera and GigOptix, LLC including future financial and 
      operating results, the combined company's plans, objectives, 
      expectations and intentions and other statements that are not historical 
      facts. Such statements are based upon the current beliefs and 
      expectations of the management of Lumera and GigOptix, LLC and are 
      subject to significant risks and uncertainties. Actual results may 
      differ from those set forth in the forward-looking statements. You 
      should not place undue reliance on forward-looking statements, which 
      speak only as of the date of this document. Except for any obligation to 
      disclose material information under the Federal securities laws, Lumera 
      undertakes no obligation to release publicly any revisions to any 
      forward-looking statements to reflect events or circumstances after the 
      date of this document.
    
    
      SOURCE: Lumera Corporation