Lightwave Logic Announces Technology Application Development Agreement With Celestech, Inc.

Initial Revenue from Agreement Expected to Commence in Q3 2010

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Jun 10, 2010, 08:30 ET

NEWARK, Del., June 10 /PRNewswire-FirstCall/ -- Lightwave Logic, Inc. (OTC Bulletin Board: LWLG) a technology company focused on the development of the 'Next Generation Electro-Optic Polymer Material Platform' for applications in high speed fiber-optic data communications and optical computing, announced a technology application development subcontract agreement with Celestech, Inc., a technology development and engineering firm.

Under terms of the agreement, Lightwave will provide development-engineering support to Celestech in exchange for a cash fee based upon a direct hourly rate. Initially the support will focus on the concept, analysis, modeling and optical and system engineering steps to integrate Lightwave Logic's 'Next Generation Electro-Optic Material Platform' into an optical computing application.

"Celestech has a history of developing creative and unique approaches to the application of new technologies, and have a truly innovative concept in the area of optical computing," said Terry Turpin of Lightwave Logic. "Lightwave Logic is excited to work closely with them through the analysis, modeling and engineering steps that are critical in developing a distinctive solution."

Rusty Topping, Executive Vice President and General Manager of Celestech, observed that, "Our partnership with Lightwave Logic gives us access to key optical domain expertise. We are excited about the synergies of our two teams and look forward to leveraging technologies based upon Lightwave's expertise that will provide enhanced capabilities."

"This agreement represents an important milestone for our company as we transition into a commercial enterprise. We are excited to work with Celestech and look forward to finalizing business arrangements with other potential partners. The ultimate goal for our company is to realize maximum value of our unique 'Next Generation Electro-Optic Material Platform' across all applicable verticals," said Jim Marcelli, CEO of Lightwave Logic.

About Celestech, Inc.

Celestech is a rapidly growing technology development and engineering firm that provides state-of-the-art innovations in computing, communications, analytics, and signal processing. In addition, the company conducts advanced technology research and develops innovative enabling capabilities that make use of evolving and newly emerging technologies. They provide turn-key projects, engineering services, and embedded value added products for government and commercial organizations. For more information visit their web site at www.celestech.com.

"Powered by Lightwave Logic"

Lightwave Logic, Inc. is a development stage company that is producing prototype electro-optic demonstration devices and is moving toward commercialization of its high-activity, high-stability organic polymers for applications in electro-optical device markets. Electro-optical devices convert data from electric signals into optical signals for use in high-speed fiber-optic telecommunications systems and optical computers. Please visit the Company's website, www.lightwavelogic.com, for more information.

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, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.

SOURCE Lightwave Logic, Inc.