VANCOUVER, Sept. 24, 2018
/CNW/ - Zecotek Photonics Inc. ("Zecotek" or the "Company")
(TSX-V: ZMS) (Frankfurt: W1I) (OTCPK: ZMSPF), a developer of
leading-edge photonics technologies for healthcare, industrial and
scientific markets, is pleased to announce that it has shipped an
additional US$250,000 worth of its
patented LFS scintillation crystals from recently announced orders.
This shipment of LFS crystals and the US$225,000 shipment announced on September 11, 2018 are for a new line of positron
emission tomography (PET) medical scanners.
The Company also announces that the board of directors and the
senior management team have initiated a strategic review focused on
maximizing shareholder value. Management believes that current
market conditions surrounding the Company's listed securities do
not adequately reflect the recent investment backed valuations of
its subsidiaries, nor do they reflect the associated underlying
value of their respective portfolio of patented and patent pending
technologies and products.
"Management recognizes that Zecotek is significantly undervalued
by the public markets and has announced a strategic review to
optimize the structure of Company and to maximize shareholder
value," said Dr. A.F. Zerrouk, Chairman, President, and CEO of
Zecotek Photonics Inc. "We are making tangible progress on all
front of our business including the shipment of an additional
US$250,000 of our patented LFS
scintillation crystals for a new line generation positron emission
tomography medical scanners and shipments will increase as the new
facility in Shanghai ramps up
crystal production. The long wait to close the gap between the
Company's advanced technologies and industry's adoption time has
impacted shareholder sentiment. This gap is now closed and industry
has caught up with our technologies. We will continue with our
progress towards becoming a leading supplier of state-of-the-art
technologies and look forward to taking on larger markets as our
manufacturing capacity increases."
The strategic review shall examine a variety of potential
alternatives that may add shareholder value including, but not
limited to: a) a restructuring of the Company; b) the sale of
assets held by the Company; c) the sale of a division of the
Company; d) a strategic partnership with another company; and/or e)
strategic equity investments at the divisional level. The Company
has no plans of completing an equity offering in the foreseeable
future and is in no need of doing so.
The Company does not intend to set a definite schedule to
complete its evaluation or process and cautions that there are no
assurances or guarantees that the process will result in a
transaction or, if a transaction is undertaken, the terms or timing
of such a transaction.
Management and the Board of Directors are committed to acting in
the best interests of the Company and its shareholders and believe
the strategic review is in the best interests of the Company and
its shareholders.
Zecotek Imaging China, a subsidiary of Zecotek Imaging Systems
(Singapore), is commercializing
patented LFS scintillation crystals through its new production
facility in Shanghai, China.
Zecotek Imaging China is poised to become a leader in
large-scale production, cutting and polishing of scintillation
crystals grown by the Czochralski method in China. Using
a proprietary manufacturing process, very large-diameter boules
with uniform properties and without cracks are produced resulting
in high element output with lower unit costs.
The ISO certified LFS Crystal Production Facility has sufficient
capacity to meet the delivery schedule of our Tier 1 clients and
will be expanded to meet growing demand in late 2018 and early
2019.
The LFS series of scintillation crystals are known to be
uniquely qualified for components in PET medical scanners. LFS
crystals have the fastest decay parameter in their category, the
best energy resolution and competitive pricing, which are key
attributes for the new configurations of high resolution Time Of
Flight PET scanners. PET OEMs have conducted comparative tests with
other many other scintillation materials and recognize Zecotek's
LFS crystals to be superior for specific designs of PET medical
scanners.
Cutting, polishing and array assembly will also be done at the
production facility in Shanghai.
Zecotek has developed a proprietary automated manufacturing process
that uses robotics to assemble the LFS crystal arrays. The
automated process will translate into faster manufacturing of
arrays and improve the performance of the arrays with repeatable
uniformity and much greater accuracy.
Zecotek's LFS series of scintillation crystals are protected in
China and jurisdictions around
globe by a worldwide patent (including US patent No. 7,132,060).
The 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.
Zecotek is focused on of becoming a leading supplier of
scintillation crystals and other key photonic components in
China and around the world.
About Zecotek
Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I; OTCPK: ZMSPF) is a photonics
technology company developing high-performance scintillation
crystals, solid-state photo detectors, 3D displays and related
technologies for applications in medical, high-tech and industrial
sectors. Founded in 2004, Zecotek has three operating divisions:
Zecotek Imaging Systems, Zecotek Optronics Systems, and Zecotek
Autotronics with labs located in Canada, Korea, Russia, Singapore and U.S.A. It is commercializing over 55 patented
and patent pending novel photonic technologies directly and through
strategic alliances with the Shanghai EBO Optoelectronics
Technology Company (China),
Hamamatsu Photonics (Japan), the
European Organization for Nuclear Research (Switzerland), 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.
For Additional Information Please Contact:
Zecotek Photonics Inc.
Michael Minder
T:+(604)-783-8291
ir@zecotek.com
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the content of this news release. If you would like to
receive news from Zecotek in the future, please visit the corporate
website at www.zecotek.com
SOURCE Zecotek Photonics Inc
