Luna Innovations Adds Three New Independent Directors
Jonathan Cool, Warner Dalhouse & John Williamson to Join Board
ROANOKE, Va., Jan 11, 2010– Luna Innovations Incorporated (NASDAQ:LUNA) is adding three independent directors to its Board of Directors. These additions bring Luna back into compliance with the NASDAQ listing qualifications requirement that a company must have a minimum of three independent directors. The election of these new directors will be effective upon Luna’s emergence from Chapter 11 reorganization.
Jonathan Cool has been Managing Director at the Emerging Economies Health Care Fund and a General Partner at Foundation Medical Partners, a venture fund affiliated with the Cleveland Clinic. Prior to this, Cool held senior management positions in several device, diagnostic and biopharmaceutical companies including Human Genome Sciences, Molecular Devices and BioDTX and has served as a board member at multiple companies including CardioNet, Immunicon, Zetek and iCache.
Warner Dalhouse is retired Chairman of the Board of Dominion Bankshares Corporation. He was formerly Chairman and Chief Executive Officer of First Union National Bank of Virginia. He currently serves as director of Carilion Clinic, the Taubman Museum of Art and the Virginia Tech Carilion School of Medicine.
John Williamson, III is Chairman and Chief Executive Officer of RGC Resources, Inc. (NASDAQ:RGCO). He is a member of the Board of Directors of Botetourt Bankshares, Inc. and Optical Cable Corporation.
“Luna is very excited to announce the addition of these three new directors,” said Kent Murphy, Luna’s President and CEO. “These individuals all add different experiences and expertise that will benefit Luna as the Company continues to grow and meet the challenges of the future. We look forward to working closely with them and benefitting from their collective insights and experience.”
The NASDAQ Listing Qualifications Panel granted Luna’s request for continued listing on The NASDAQ Capital Market pursuant to an extension through January 13, 2010. The Panel’s decision requires the Company to demonstrate compliance with all applicable requirements for initial listing on The NASDAQ Capital Market upon its emergence from Chapter 11 reorganization. The requirement of three independent directors has been satisfied with the addition of these new board members, bringing the Company’s number of independent board members to a total of five. In addition to the above changes, as it exits Chapter 11 reorganization, the Board has determined to adopt an emerging best practice in corporate governance by having an independent director assume the role of Chairman of the Board. This change also serves to bring Luna into compliance with a new SEC disclosure requirement going into effect in 2010. Richard Roedel, who is currently serving as Lead Independent Director and has served on the Company’s Board of Directors since 2005, will assume the role of Chairman effective immediately.
As previously announced, Luna will host a conference call with investors at 1:30 p.m. (EST) today to discuss this and other announcements upon the company’s emergence from bankruptcy. The investor conference call will be available via live webcast on the Luna Innovations’ website at http://www.lunainnovations.com under the tab “Investor Relations.” To participate by telephone, the domestic dial-in number is 1.800.299.7928 and the international dial-in number is 1.617.614.3926. The participant access code is 97312544. Investors are advised to dial in at least five minutes prior to the call to register. The webcast will be archived on the company’s website under “Webcasts and Presentations” for 30 days following the conference call.
About Luna Innovations:
Luna Innovations Incorporated (http://www.lunainnovations.com) is focused on sensing and instrumentation, and pharmaceutical nanomedicines. 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, Virginia.
Forward Looking Statements:
This release includes information that constitutes “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements regarding, but not limited to whether or not the Company will emerge from Chapter 11 reorganization or stay listed on The NASDAQ Capital Market. Statements that describe the Company’s business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including the failure of the Company to emerge from Chapter 11 reorganization due to, for example, the bankruptcy court to approve the Company’s plan or reorganization or otherwise to meet the conditions precedent to its settlement with Hansen Medical, Inc., and the failure of the Company to meet the applicable Nasdaq listing standards, and including 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 website at http://www.sec.gov, and at the company’s website at http://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.
Luna Innovations Incorporated
Dale Messick, CFO