SINGAPORE, March 23, 2016 /CNW/ - Zecotek Photonics Inc.
(TSX-V: ZMS; Frankfurt:
W1I.F, OTCPK: ZMSPF), a developer of
leading-edge photonics technologies for industrial, healthcare and
scientific markets, is pleased to announce that a major medical OEM
based in China has selected
Zecotek's patented lutetium fine silicate (LFS) scintillation
crystals for a new line of high resolution positron emission
tomography (PET) medical imaging devices. It is anticipated that
the first high resolution PET medical imaging device using
Zecotek's LFS crystals will be installed in a Shanghai hospital in July 2016.
"Having our patented LFS scintillation crystals selected as a
standard for positron emission tomography by a major OEM is a
significant milestone for our team and our Company," said Dr.
A.F. Zerrouk, Chairman, President,
and CEO of Zecotek Photonics Inc. "We have been working toward such
an accomplishment since the inception of the Company and we are
proud to have one of the top two OEMs in China officially adopt our crystals. With our
crystal manufacturing partner based in Beijing and Chinese patents granted for LFS
crystals, the LFS is the logical choice for the Chinese PET
industry. All logistics are in place to complete the delivery of
the crystals, and we are looking forward to forming a long term
supply agreement and mutually beneficial partnership."
Zecotek Imaging Systems has signed a memorandum of understanding
(MOU) with the medical OEM to purchase Lutetium Fine Silicate (LFS)
scintillation crystals. The MOU contains a trigger leading to a
contractual agreement. The trigger is subject to the successful
delivery of the LFS crystals for the first PET scanner by the end
of April 2016 and the dispatch of
this first LFS based PET scanner to a clinic in Shanghai by early summer. Based on successful
execution of the contract the OEM is projecting the installation of
200 LFS based PET scanners in hospitals and clinics across
China over the next five years.
For competitive reasons, the OEM has requested to remain anonymous
until the contract is in effect.
Zecotek's LFS crystal enhancement program has shown substantial
improvement resulting in a new version of the crystal: LFS-8.
The LFS-8 is two times faster than the current LFS-3. OEMs
using Zecotek's LFS-3 will be given priority to progress to LFS-8
for higher image resolution. Zecotek Imaging team is working
closely with other major OEMs for the timely adoption of the LFS
crystals and other key components.
As one of the world's fastest growing markets, China's medical scanning device industry
represents a significant opportunity for Zecotek. China has experienced rapid economic growth, a
growing middle class and an aging population, which have placed
pressure on the Chinese government to increase investment in
medical diagnostic equipment. Each PET scanning device is made up
of scintillation crystals, photo detectors and a read out system
and costs approximately $1,000,000 to
manufacture. Scintillation crystals represent approximately
45 percent of the total production cost of a PET medical scanner.
It is anticipate that Zecotek's other key components, solid-state
MAPD/T photo detectors and the associated electronics, will be
ready for full production by end of third quarter 2016, making up
the other 35% of the cost of a PET scanner.
Zecotek's patented (US patent No. 7,132,060) LFS series of
scintillation crystals cover a wide range of emission wavelengths
which can be tailored to match the spectral sensitivity of various
photo detectors including Zecotek's own solid-state MAPD/T photo
detector arrays. The solid-state MAPD/T photo detectors offer
significant performance-cost advantages over competing
photomultiplier tubes (PMT) and other solid-state, silicon based
photo detectors. Its low manufacturing cost, excellent timing
resolution and photon detection efficiency are key characteristics
for the new configurations of high resolution PET scanners.
The LFS scintillation crystals will be supplied by
the Beijing Opto-Electronics Technology
Company (BOET), a subsidiary of North-China Research
Institute of Electronics-Optics an industry leader in growing,
cutting, polishing and large scale production of scintillation
crystals grown by the Czochralski method. Zecotek's
manufacturing process permits the growth of very large-diameter
boules with uniform properties and without cracking (a problem with
many competing scintillation materials), resulting in high element
output and lower unit costs.
About Zecotek
Zecotek Photonics Inc (TSX-V: ZMS;
Frankfurt: W1I; OTCPK: ZMSPF) is a
photonics technology company developing high-performance
scintillation crystals, photo detectors, positron emission
tomography scanning technologies, 3D auto-stereoscopic displays, 3D
metal printing, and lasers for applications in medical, high-tech
and industrial sectors. Founded in 2004, Zecotek operates
three divisions: Imaging Systems, Optronics Systems and 3D Display
Systems with labs located in Canada, Korea, Russia, Singapore and U.S.A. The management team is focused on
building shareholder value by commercializing over 50 patented and
patent pending novel photonic technologies directly and through
strategic alliances and joint ventures with leading industry
partners including Hamamatsu Photonics (Japan), the European Organization for Nuclear
Research (Switzerland), Beijing
Opto-Electronics Technology Co. Ltd. (China), NuCare Medical Systems (South Korea), the University of Washington (United States), and National NanoFab Center
(South Korea). For more
information visit www.zecotek.com and follow @zecotek on
Twitter.
This press release may contain forward-looking statements
that are based on management's expectations, estimates, projections
and assumptions. These statements are not guarantees of future
performance and involve certain risks and uncertainties, which are
difficult to predict. Therefore, actual future results and trends
may differ materially from what may have been stated.
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SOURCE Zecotek Photonics Inc.