5 November 2002 -- HighWave Optical Technologies, Lannion, France, has announced revenues down 88% for the second quarter fiscal year 2003.

Revenues in the second quarter 2002/2003 were EUR330,000, a decrease of 88% from revenues of EUR2.8m in Q2 2002, and a sequential decrease of 83% from revenues of EUR2m reported in the first quarter of 2003.

"We have seen a very strong down turn in demand this quarter," commented Eric Delevaque, President & Chief Executive Officer. "Our customers are delaying their purchasing decisions and are only buying when their own customers, the service providers, install their networks.

"However, we are confident in the privileged relationship we have built with our customers and we continue to strengthen, both internally and externally, our strategic position in the industry."

The Company will be announcing the full financial results for the six months ended September 30th , 2002 on November 14th 2002.

More information is available at www.highwave-tech.com