Corning Announces Investment in Versalume LLC
June 28 2016 - 8:30AM
New company established to accelerate the adoption of
Corning's fiber lighting technology
CORNING, N.Y., June 28, 2016
- Corning Incorporated (NYSE: GLW) today announced its
investment in Versalume LLC, a new company headquartered in
California's Silicon Valley. Versalume will focus on developing
smart, integrated products and solutions based on CorningĀ®
FibranceĀ® Light-Diffusing Fiber. Fibrance is an innovative optical
fiber created by Corning from a unique glass composition for
maximum flexibility - it can be bent, curved and wrapped around
almost anything, while maintaining bright, beautiful, and uniform
light.
Versalume will lead all commercial development
efforts for Fibrance, serve as its exclusive distributor, and also
offer integrated technology solutions. Corning will leverage its
long history and expertise in glass and materials science to
manufacture Fibrance. Corning representatives also will serve on
Versalume's board of directors.
"Fibrance dramatically expands the toolbox for
where and how light is delivered, and Versalume will make it easy
for designers to capture its potential. We look forward to
witnessing the creativity and impact of the developing Fibrance
ecosystem," said Paul Then, director of early stage business
development at Corning. "Fibrance combines Corning's strengths in
glass, optical physics, and fiber manufacturing, but its benefits
extend beyond Corning's current market focus. Versalume will enable
Fibrance technology to quickly get into the hands of designers and
customers in applications that span the consumer, architectural,
automotive, and medical industries seeking to solve difficult
lighting challenges."
Mario Paniccia, a Silicon Valley executive and
entrepreneur, has been named Versalume's chief executive officer.
As Versalume's founding leader, Paniccia brings his experience in
the photonics and electronics industries, as well as his broad
connections in Silicon Valley to Versalume.
"I am excited for the opportunity to lead
Versalume," Paniccia said. "We are already creating products that
use Fibrance Light-Diffusing Fiber and developing new commercial
opportunities with some of the best industrial designers,
innovators, and thought leaders in Silicon Valley and throughout
the rest of the world."
For more information, please visit Versalume at
www.versalume.com and Corning at www.corning.com.
Forward-Looking and Cautionary
Statements
This press release contains "forward-looking statements" (within
the meaning of the Private Securities Litigation Reform Act of
1995), which are based on current expectations and assumptions
about Corning's financial results and business operations, that
involve substantial risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties
include: the effect of global political, economic and business
conditions; conditions in the financial and credit
markets; currency fluctuations; tax rates; product demand
and industry capacity; competition; reliance on a concentrated
customer base; manufacturing efficiencies; cost reductions;
availability of critical components and materials; new product
commercialization; pricing fluctuations and changes in
the mix of sales between premium and non-premium products; new
plant start-up or restructuring costs; possible
disruption in commercial activities due to terrorist activity,
armed conflict, political or financial instability, natural
disasters, adverse weather conditions, or major health concerns;
adequacy of insurance; equity company activities; acquisition and
divestiture activities; the level of excess or obsolete inventory;
the rate of technology change; the ability to enforce patents;
product and components performance issues; retention of key
personnel; stock price fluctuations; and adverse litigation or
regulatory developments. These and other risk factors
are detailed in Corning's filings with the Securities and
Exchange Commission. Forward-looking statements speak only as
of the day that they are made, and Corning undertakes no obligation
to update them in light of new information or future events.
Digital Media
Disclosure
In accordance with guidance provided by the SEC regarding the use
of company websites and social media channels to disclose material
information, Corning Incorporated ("Corning") wishes to notify
investors, media, and other interested parties that it intends to
use its website
(http://www.corning.com/worldwide/en/about-us/news-events.html) to
publish important information about the company, including
information that may be deemed material to investors. The list of
websites and social media channels that the company uses may be
updated on Corning's media and website from time to time. Corning
encourages investors, media, and other interested parties to review
the information Corning may publish through its website and social
media channels as described above, in addition to the company's SEC
filings, press releases, conference calls, and webcasts.
About Corning
Incorporated
Corning (www.corning.com) is one of the world's leading innovators
in materials science. For more than 160 years, Corning has applied
its unparalleled expertise in specialty glass, ceramics, and
optical physics to develop products that have created new
industries and transformed people's lives. Corning succeeds through
sustained investment in R&D, a unique combination of material
and process innovation, and close collaboration with customers to
solve tough technology challenges. Corning's businesses and markets
are constantly evolving. Today, Corning's products enable diverse
industries such as consumer electronics, telecommunications,
transportation, and life sciences. They include damage-resistant
cover glass for smartphones and tablets; precision glass for
advanced displays; optical fiber, wireless technologies, and
connectivity solutions for high-speed communications networks;
trusted products that accelerate drug discovery and manufacturing;
and emissions-control products for cars, trucks, and off-road
vehicles.
Media Relations
Contact:
Joseph
Dunning
(607)
974-5006
dunningjm@corning.com
Investor Relations Contact:
Ann H.S. Nicholson
(607) 974-6716
nicholsoas@corning.com
View Images: Fibrance is
an innovative optical fiber created by Corning
Fibrance can be bent, curved and wrapped around almost anything
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This
announcement is distributed by NASDAQ OMX Corporate Solutions on
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Corning Incorporated via Globenewswire
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