An intermediate is formed during the oxidation that has a high energy
four membered ring. The breakdown of this intermediate passes energy to
a dye molecule, placing the dye molecule in an excited electronic state.
The dye molecule fluoresces, returning to its ground state, thus producing
the light from the lightstick.
If the dye molecule can be placed in its excited state through some
other means, such as laser excitation the lightstick will produce the same
light.