Lumera Corp. of Bothell has received a $950,000 contract extension from the federal government to continue developing devices that speed up data transmissions through fiber-optic networks. The subsidiary of Microvision Inc. has now received about $3.5 million from an unnamed U.S. government agency for its work on advanced optical modulators, which use organic molecules called polymers. The third stage of the government contract is expected to be completed within a year, said Tom Mino, Lumera’s chief executive officer. He added there could be commercial applications for the optical modulators. Microvision’s stock ended Tuesday at $7.53 a share, up 8 cents.
Mickey Mouse and Goofy, Bambi and Thumper will soon be on the mail. The Postal Service unveiled a set of stamp designs Tuesday featuring Disney characters. Also included are Donald Duck, Jiminy Cricket, Simba and Pinocchio. The 37-cent self-adhesive stamps will be issued next summer.
Two former Westar Energy Inc. executives pleaded innocent Tuesday to a 40-count indictment accusing them of trying to loot the state’s largest electric company while its stock sank and its debt soared. Lawyers for David Wittig, Westar’s former chief executive, and Douglas Lake, its former executive vice president and chief strategic officer, also thwarted a prosecution effort to force them to account for money raised from the recent sale of any personal assets.
After admitting Parmalat was drained of hundreds of millions of dollars, the dairy company’s founder was ordered jailed pending trial Tuesday in what U.S. regulators called one of the “most brazen corporate financial frauds in history.” In a written ruling, Judge Guido Salvini cited the “concrete risk” that Calisto Tanzi might try to tamper with evidence or flee if he were freed, and called Tanzi’s claim to have had no knowledge of any falsification of Parmalat documents “improbable.” The ruling came after Tanzi spent another day under questioning from prosecutors trying to shed light on the financial crisis that put the milk and juice giant into bankruptcy protection. Prosecutors say as much as $1 billion may have been misappropriated.
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