MOUNTAIN VIEW, California. - September 11, 2008 - Modulight USA, Inc., San Jose, CA, and Modulight, Inc. Tampere, Finland, is pleased to announce today the receiving of Frost & Sullivan's 2008 North American Laser Diode Emerging Company of the Year Award for its outstanding product development strategy and impressive revenue growth. Modulight has been recognized for its customer service initiatives and service type approach, coupled with its key focus on application level offering.

According to Raman Monga, Industry Manager of Frost & Sullivan, "Modulight's technology development is based on a percipient understanding of evolving market dynamics and customer needs. Its high revenue growth is resultant of their ability to retain existing customers and add new customers, which is credited to their laudable customer service initiatives." (Modulight at Frost & Sullivan Hall of Fame website).

According to Frost & Sullivan, the Award for Emerging Company of the Year is presented each year to the company that has emerged as a significant participant within its industry. The company is perceived to have exhibited outstanding management, superior market growth, exceptional customer service and the ability to combine technology and successful strategic initiatives. This company has the exceptional know-how to take advantage of market changes through the execution of innovative strategies within the existing competitive landscape.

"We are very honoured to be awarded for the second time by such a top-tier market research and consulting firm like Frost & Sullivan. This is a clear sign that Modulight efforts are recognized and appreciated by customers as well as market experts. It is a confirmation of the successful strategy execution over the past six years. On this occasion we would like to thank our customers for the fruitful, long-term partnerships we have built over the years. We would also like to acknowledge the contribution of the competition which has helped us keep on running and joining them and the customers for working towards the mutual goal of total industry growth", says Dr. Petteri Uusimaa, President & CEO of Modulight.

About Modulight, Inc.
Modulight, Inc. provides value-adding solutions to optical applications for industrial, communication, medical, space, and defense industries. Modulight products include various types of lasers from visible to infrared wavelengths with output power levels from milliwats to over hundreds of watts. Modulight provides also laser solutions from design and manufacturing of laser diodes to OEM-based optical sub-systems and turn-key laser systems. Modulight owns and operates a semiconductor fab in Tampere, Finland and has fully owned subsidiary Modulight USA located in San Jose, California. For more information about Modulight products visit Modulight website.

About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents. For more information about Frost & Sullivan's Growth Partnerships, visit Frost & Sullivan website.

For further information, please contact:

Modulight, Inc.                        
Anca Guina
Manager, Product Promotion
marketing@modulight.com

Modulight, Inc.
+358 20 743 9000
+358 20 743 9009

Modulight USA, Inc.
(408) 573 6291
(925) 871 3591

Frost & Sullivan
Jake Wengroff
Director, Corporate Communications, North America
Tel: +210 247 3806
Fax: +210 348 1003
jake.wengroff@frost.com