Luna Innovations Awarded $4 Million in Air Force Nanotechnology Contracts
22 Janeiro 2007 - 11:30AM
Business Wire
Luna Innovations Incorporated (NASDAQ: LUNA) has been awarded $4.0
million in U.S. Air Force contracts for continued research and
development of nanotechnology-enabled products, including a $2.3
million subcontract from General Dynamics Information Technology,
Inc. (GDIT), formerly Anteon Corporation, and a $1.7 million
contract from the U.S. Air Force Office of Scientific Research
(AFOSR). The GDIT contract builds upon $3.3 million of
nanotechnology research funding previously provided to Luna
Innovations by GDIT. Both contracts, previously announced during
the Company�s third quarter 2006 earnings call on November 6, 2006,
will be performed over the next several years. Brian Holloway,
Director of the nanoWorks Group within Luna�s Technology
Development Division commented, �We believe that nanomaterials are
some of the most promising and exciting technologies in development
today. This is a tremendous opportunity to apply the research and
development of new technologies to solve real-world problems. In
addition, these contracts represent a significant step forward in
our growth strategy to expand our portfolio of non Small Business
Innovative Research contracts.� Under the GDIT subcontract, Luna
Innovations will support GDIT�s goal of improving the manufacturing
capability and capacity necessary to provide nanomaterials in
sufficient quantity, and at a sufficiently low cost, to be feasible
for use in real-world systems. A pilot plant, expected to be
completed during this program, is intended to enable accelerated
application of advanced nanostructured material systems. Under the
AFOSR contract, Luna Innovations will work through the Nanophotonic
Component Program (NCP) to support Department of Defense needs
regarding future air combat systems and ground support
optoelectronics. The objective of the NCP is to use nanotechnology
to develop new components such as next-generation solar cells and
lighter-weight electromagnetic interference (EMI) resistant
composites. One of Luna�s primary areas of focus is research and
development of products enhanced by nanomaterials. In 2004, Luna
opened a state-of-the-art 24,000 square foot manufacturing,
research and development facility in Danville, Virginia, to
produce, modify, characterize and purify nanomaterials for
applications such as magnetic resonance imaging (MRI) contrast
agents, electromagnetic interference coatings and next-generation
solar cells. About Luna Innovations Incorporated: Luna Innovations
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 Innovations
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
www.lunainnovations.com. FORWARD LOOKING STATEMENTS This press
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 but not
limited to the following statements: Luna will support GDIT�s goal
of improving the manufacturing capability and capacity necessary to
provide nanomaterials in sufficient quantity, and at a sufficiently
low cost, to be feasible for use in real-world systems; a pilot
plant expected to be completed in the GDIT program will enable
accelerated application of advanced nanostructured material
systems; and Luna will support Department of Defense needs
regarding future air combat systems and ground support
optoelectronics. Statements that describe the Company�s business
strategy, goals, objectives, prospects, opportunities, plans or
intentions are also forward-looking statements. 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 the
Company�s control. Factors that may affect the future results of
Luna Innovations are set forth in its Registration Statement on
Form S-1, its quarterly reports on Form 10-Q and other filings with
the Securities and Exchange Commission (�SEC�), which are available
at the SEC�s website at http://www.sec.gov, and at Luna
Innovations� website at http://www.lunainnovations.com. The
statements made in this press 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 herein after the date of this press
release.
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