Luna Innovations Adds Three New Independent Directors
11 Janeiro 2010 - 4:09PM
Business Wire
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 (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.
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