MONTREAL, Jan. 13 -- Lumenon Innovative Lightwave Technology Inc.'s wholly owned Canadian operating subsidiary, LILT Canada Inc. (LILT), has filed for bankruptcy with the Superior Court of Quebec. All of Lumenon's operations and activities are performed through LILT.
The order provides for an initial stay of 30 days, which could be extended by the court. During this period, Lumenon said LILT will continue its current operations and to develop its products.
Gary Moskovitz, Lumenon's President and CEO, said, "The deterioration and the continuing uncertainty in the telecommunications sector has made it extremely difficult to obtain adequate financing to allow Lumenon to continue its operations. We believe this step is in the best interest of all our stakeholders."
Lumenon is a photonic materials science and process technology company that designs, develops and builds optical components and integrated optical devices in the form of packaged compact hybrid glass and polymer circuits on silicon chips.
For more information, visit: www.lumenon.com