Luna Innovations Appoints Scott Graeff to New Role as Chief Commercialization Officer; Dale Messick Appointed Chief Financial O
24 Julho 2006 - 7:30PM
PR Newswire (US)
ROANOKE, Va., July 24 /PRNewswire-FirstCall/ -- Luna Innovations
(NASDAQ:LUNA) today announced senior management changes that
President and CEO Kent Murphy said are intended to allow the
company to put the proceeds from its June 2006 initial public
offering (IPO) to use "as strategically as possible." (Logo:
http://www.newscom.com/cgi-bin/prnh/20060627/LUNALOGO ) He added
that Scott Graeff, who has been the company's Chief Financial
Officer (CFO) and Executive Vice President (EVP), Corporate
Development, has assumed the new position of Chief
Commercialization Officer, and Dale Messick, former Chief Financial
Officer of Worldspan, a multi-national company with revenues in
excess of $900 million, has joined the company as CFO. The
appointment of a new CFO was anticipated in the Company's IPO
prospectus. Management changes are effective as of August 1, 2006.
Murphy said: "In its most basic terms, our business is a process of
discovering innovative technologies that we believe will transform
the way things are done, developing those technologies with funding
provided by partners such as government agencies and other
businesses, deciding whether to invest Luna's own funds to
commercialize the technology, and then taking whatever business
step makes sense once the technology has commercial value. The
personnel appointments we are announcing today will allow Scott
Graeff to focus on the critical decision of whether or not to
invest Luna's own money in new technologies and then overseeing the
evolution of promising technologies into new products. Dale Messick
provides us with a seasoned CFO who will focus full-time on Luna's
financial administration." As CFO at Worldspan, which provides
transaction processing and information technology services to the
global travel industry, Messick managed a staff of 160 throughout
the United States, Mexico, and Europe. He was responsible for
accounting, financial reporting, budgeting, financial planning and
analysis, and internal audit operations. During his tenure, he
developed and executed business plans and strategies that focused
the company on profitable growth and cash generation. At Luna, he
will serve as the company's principal accounting and financial
officer and have primary responsibility for overseeing Luna's
accounting, finance and investor relations functions. Graeff joined
Luna Innovations in 2005 from Gryphon Capital, LLC, where he
managed several venture capital funds. As CFO and EVP, Corporate
Development of Luna Innovations, he was responsible for all aspects
of financial management and investor relations, and was
instrumental in securing Luna Innovations' first outside financing
from Carilion Health System in 2005 and the successful completion
of the company's recent IPO. He has also been the CFO of a software
technology company that was sold to a Fortune 500 Company. Murphy
further commented that, "Since the infusion of capital from our
IPO, Luna has had a surge of energy and enthusiasm that has
produced an abundance of high-quality internal business
opportunities. These ideas mandate a very deliberate investment
decision on our part. Scott's knowledge of Luna and keen
sensitivity to our unique culture, combined with his financial
management, strategic planning and capital markets experience, make
him ideally suited for the new Chief Commercialization Officer
position." About Luna Innovations Luna Innovations Incorporated
researches, develops and commercializes innovative technologies in
molecular technology and sensing solutions. Luna accelerates the
process of bringing new and innovative products to market by
focusing on technologies that can fulfill identified market needs
and then takes these technologies from the applied research stage
through commercialization. Since its inception, Luna has
successfully developed products for the energy, telecommunications,
life sciences and defense industries. Headquartered in Roanoke,
Virginia, the company has research, development and manufacturing
facilities in Blacksburg, Charlottesville, Hampton, and Danville,
Virginia, and a sales office in McLean, Virginia. Additional
information can be found at http://www.lunainnovations.com/.
FORWARD LOOKING STATEMENTS This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify those so-called "forward-looking statements" by words such
as "intends," "will," "plans," "anticipates," "believes," or
"continue," or the negative of those words and other comparable
words. Luna Innovations wishes to take advantage of the "safe
harbor" provided for by the Private Securities Litigation Reform
Act of 1995 and you are cautioned that actual events or results may
differ materially from the expectations expressed in such forward-
looking statements as a result of various factors, including risks
and uncertainties, many of which are beyond Luna's control. Luna
cannot guarantee future results, levels of activity, performance,
or achievements. Factors that could cause actual results to differ
materially from the expectations expressed in such forward-looking
statements include, but are not limited to: (1) we may be unable to
manage our growth effectively, (2) we may experience continuing
losses, (3) we may not be successful in identifying market needs
for new products, (4) we will continue to rely on contract
research, including government grants and contracts available only
to small businesses, for a significant portion of our revenue, (5)
we may become ineligible for small business government grants and
contracts in the future, (6) we face substantial competition in our
markets, (7) our proprietary rights may be insufficient to protect
our technologies, (8) third parties may claim that we infringe
their intellectual property rights, (9) as a provider of contract
research for the U.S. government, we may be subject to federal
audits and investigations, (10) our ability to develop and market
certain of our products may be delayed by FDA regulatory
requirements, (11) we have limited manufacturing experience and may
experience unanticipated manufacturing or supply problems, (12)
changes in customer demands for our existing and new products, the
timing, cancellation or delay of customer orders and shipments,
(13) the impact of the slowdown in the overall economy, and (14)
uncertainty of the current global political environment and the
potential for terrorist attacks. Additional factors that may affect
the future results of Luna are set forth in its Registration
Statement on Form S-1 and other filings with the Securities and
Exchange Commission ("SEC"), which are available at
http://www.sec.gov/, the SEC's website, and at Luna's website,
which is http://www.lunainnovations.com/. These factors are updated
from time to time through the filing of periodic reports and
registration statements with the SEC.
http://www.newscom.com/cgi-bin/prnh/20060627/LUNALOGO
http://photoarchive.ap.org/ DATASOURCE: Luna Innovations CONTACT:
Media: Mildred Cooper of Luna Innovations, +1-540-557-7561, , or
Investors: Sally Beerbower of Qorvis Communications,
+1-703-744-7800, , for Luna Innovations Web site:
http://www.lunainnovations.com/
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