New Management Team to Expedite Product
Commercialization, Pursue New Applications for Proprietary Polymer
Materials, and Seize Growth Opportunities Presented by AI
ENGLEWOOD, Colo., Dec. 11,
2024 /PRNewswire/ -- Lightwave Logic, Inc.
(NASDAQ: LWLG) announced today that it is strengthening the
Company's management team to reinforce its competitive position and
accelerate product and commercial strategic initiatives. The
Company remains focused on creating value for all stakeholders by
capitalizing on high-growth opportunities across the AI and
datacenter networking sector, expediting commercialization for its
proprietary electro-optic materials, and opening new markets and
applications for its advanced polymer-based solutions.
To provide leadership for this new stage of the company's
growth, the Board of Directors of Lightwave Logic has named optical
communications industry veteran Yves
LeMaitre as Chief Executive Officer and former CEO and
Chairman Thomas E. Zelibor as
President of the Company. The Board has appointed Ronald Bucchi, current lead independent
director, as its new non-executive independent Chairman.
James S. Marcelli serves as Chief
Financial Officer and Chief Operating Officer. Dr. Michael Lebby has retired as Chairman and Chief
Executive Officer of Lightwave Logic, effective December 10, 2024.
Ron Bucchi, Chairman of the
Board, said: "We are committed to taking the necessary steps for
our business to continue to evolve and grow. The Board is grateful
for all Michael Lebby has
accomplished in positioning Lightwave Logic's best-in-class organic
polymer materials at the forefront of next generation photonics and
high-speed interconnects. As we advance our commercialization
efforts to achieve the Company's operational and financial goals
and increase shareholder value, the Board and Michael agreed that
the time is right for new leadership with the experience and
business acumen commensurate with this new phase of our company. We
appreciate Michael's support to facilitate an orderly transition in
the coming months and wish him success in his future
endeavors."
Mr. Bucchi added: "We are delighted that Yves LeMaitre is joining and Tom Zelibor is rejoining the management team,
with the focus, rigor, and excellence they bring to their roles.
Yves is a member of the Board, and a well-regarded business and
optical communications executive with extensive global technology
and customer experience. He will be instrumental in expanding the
Company's presence into multiple verticals and establishing the
necessary commercial and strategic partnerships across a range
of industries.
"As our former CEO and Chairman, Tom knows Lightwave Logic's
teams and shareholder base well. With his proven track record of
operational transformation and excellence, he is the ideal person
to step into this role and drive the changes we need," concluded
Mr. Bucchi.
Mr. LeMaitre said, "I am excited to have the opportunity to lead
this organization at such a time of change and opportunity.
Lightwave Logic is uniquely positioned to become a critical
supplier of solutions for the generative AI market. We believe the
disruptive performance benefits of our materials can enable the
fast and energy-efficient scaling of AI back-end and datacenter
front-end networks. Our team also will continue to prioritize
relationships with Tier One customers for licensing and selling our
polymer modulators."
For Mr. LeMaitre's full bio, please visit
https://www.lightwavelogic.com/leadership/board-of-directors/executive-team/.
Rear Admiral USN (Ret.) Zelibor commented, "I look forward to
being back on-site in Denver with
the team. My priorities will be commercializing our world-class
polymer platform, realigning and streamlining our R&D focus,
and, along with our talented team, managing costs to improve our
competitiveness and financial performance while we make the
operational shifts needed to position our company for long-term
success."
For Rear Admiral USN (Ret.) Zelibor's full bio, please visit
https://www.lightwavelogic.com/leadership/board-of-directors/executive-team/.
The Company intends to provide updates as the management team
establishes themselves in their roles. In addition, Lightwave Logic
has engaged Alpha IR Group, the U.S.-focused investor relations
advisor, which will be supporting communication and information for
shareholders.
About Lightwave Logic, Inc.
Lightwave Logic, Inc.
(NASDAQ: LWLG) www.lightwavelogic.com is a technology platform
company leveraging its proprietary engineered electro-optic (EO)
polymers to transmit data at higher speeds with less power in a
small form factor. The Company's high activity and high stability
organic polymers allow it to create next-generation photonic EO
devices that convert data from electrical signals into
light/optical signals for applications in telecommunications, and
for data transmission potentially used to support generative
AI.
Safe Harbor Statement
The information posted in
this release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
You can identify these statements by use of the words "may,"
"will," "should," "plans," "explores," "expects," "anticipates,"
"continue," "estimate," "project," "intend," and similar
expressions. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or anticipated. These risks and uncertainties
include, but are not limited to, lack of available funding; general
economic and business conditions; competition from third parties;
intellectual property rights of third parties; regulatory
constraints; changes in technology and methods of marketing; delays
in completing various engineering and manufacturing programs;
changes in customer order patterns; changes in product mix; success
in technological advances and delivering technological innovations;
shortages in components; production delays due to performance
quality issues with outsourced components; those events and factors
described by us in Item 1.A "Risk Factors" in our most recent Form
10-K and 10-Q; other risks to which our company is subject; other
factors beyond the company's control.
Contacts:
Ryan Coleman
or Nick Teves
Alpha IR Group for Lightwave Logic
lwlg@alpha-ir.com
312-445-2870
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SOURCE Lightwave Logic, Inc.