VANCOUVER, British Columbia, April 05, 2018 (GLOBE NEWSWIRE) -- 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 its new subsidiary, Zecotek Imaging China Ltd., has completed the necessary regulatory steps and has establish an office in the Shanghai Technology Zone. The $5 million raised by selling an equity stake in the company based on a $75 million valuation, previously announced on January 31, 2018, has now been released to the new company and is available for deployment.
“We are very pleased to announce the official opening of our new office for Zecotek Imaging China,” said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc. “We will now move forward to install our own production facilities for our patented LFS scintillation crystals. It is very important for our Company to gain control over the cost of production to ensure consistency with our customers and supply reliability. The initial focus of the new production facility will be the Chinese and European medical scanning markets.”
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. By using the Czochralski method to manufacture LFS scintillation crystals, Zecotek can grow very large-diameter boules with uniform properties and without cracking (a problem with many competing scintillation materials). Larger, higher quality boules, produce more single elements resulting in greater output with 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 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 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