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VANCOUVER, Oct. 4, 2018
/CNW/ - Zecotek Photonics Inc. ("Zecotek" or the
"Company") (TSX-V: ZMS) (Frankfurt: W1I), a developer
of leading-edge photonics technologies for
healthcare, industrial and scientific markets, is pleased to
announce its has now closed on the previously announced
divisional equity financing of $2
million. The financing, announced on July 18, 2018, was completed by selling a 2%
equity interest in the Company's wholly owned subsidiary,
Zecotek Imaging Systems Pte. Ltd. to an industrial business group
based in China for net proceeds of
$2 million.
"The funds raised in this divisional equity financing will be
used to continue the manufacturing of the new generation series of
solid-state micro-pixel avalanche photo diodes and transistors
(MAPD/T)," said Dr. A.F. Zerrouk, Chairman, President,
and CEO of Zecotek Photonics Inc. "We have partnered with
the Malaysian Institute of Microelectronics Systems and are moving
to full production and commercialization. Medical imaging, high
energy physics and other industrial applications, such as
agriculture, genomics and LIDAR for autonomous cars, recognize the
significant performance advantages of our MAPD/T. We are working
with experts on a revised strategy to better reflect the values
built at the subsidiaries level in our existing markets and
industries. We will leverage the competitive advantages of our
sensing and scanning technologies to establish new standards and
benchmarks for product quality control essential to the industries
associated to the newest Canadian market trends."
The divisional financing was based on the appraised
pre-commercialized value of Zecotek Imaging Systems of
approximately $100 million. Recent
M&A activity in the photo detector manufacturing marketplace is
a clear indication of the increasing market interest and valuations
of new generation solid-state micro-pixel avalanche photo diodes
technologies. More and more organizations are adopting solid-state
photo diodes and transistors and are increasingly moving away from
photomultiplier tubes.
Zecotek's patented MAPD/T offers significant performance-cost
advantages over competing photomultiplier tubes (PMT) and other
solid-state, silicon-based photo detectors known as SiPM. The new
generation MAPD/T have low manufacturing cost, excellent timing
resolution and photon detection efficiency - key characteristics
for the new configurations of high resolution PET medical scanners.
Solid-state MAPD/T also offer superior recovery time, unique
radiation hardness and display of the highest possible linearity
making them prime components for the improved detector designs
required in high energy experiments at the Chinese Institute of
High Energy Physics (IHEP) and CERN. Zecotek's pioneering MAPD
technology can also be used to manufacture two-dimensional arrays
of solid-state photo detectors, which allows for the manufacture
and implementation of both very large-area detectors and compact
position-sensitive arrays.
About Malaysian Institute of Microelectronic
Systems
MIMOS is Malaysia's premier
Applied Research and Development Centre in Information and
Communications Technology, Industrial Electronics Technology and
Nano-Semiconductor Technology. As a strategic agency under the
Ministry of Science, Technology and Innovation (MOSTI), MIMOS
contributes to raising Malaysia's
competitiveness by pioneering market creation for Malaysian
technopreneurs through patentable technology platforms, products
and solutions. Over the past 12 years, MIMOS has filed more than
2,000 Intellectual Properties in various technology domains and
across key socio-economic areas. Serving a central role in
Malaysia's transformation journey
and ICT Vision, MIMOS endeavors to create a culture of innovation
by nurturing relationships with internal and external stakeholders,
in the spirit of smart partnerships and inclusive growth models and
strategies. For more information visit: http://www.mimos.my .
About Zecotek
Zecotek Photonics Inc (TSX-V: ZMS; Frankfurt: W1I) 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 with Hamamatsu Photonics (Japan), the European Organization for Nuclear
Research (Switzerland), Shanghai
EBO Optoelectronics Technology Co. (China), NuCare Medical Systems (South Korea), the University of Washington (United States), and National NanoFab Center
(South Korea). For more
information visit http://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.
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 http://www.zecotek.com
SOURCE Zecotek Photonics Inc.
