BURNABY, BC, March 28 /CNW/ - Photon Control Inc. ("Photon") (TSX-V:
PHO), announces that it has signed an exclusive distribution agreement with
Russian company Innotech Ltd. ("Innotech") on distribution of Photon's optical
flow meters (OFM) in Russia. Russia introduced a new state standard on
measuring flare gas emissions in 2005, however, previous gas flow meters
(thermal mass, ultrasonic, or mechanical) have had difficulty measuring flare
emission. Innotech analyzed Photon's technology and concluded that OFM would
be the best available solution to comply with the regulation.
"We discovered OFM from Photon's website while looking for flare metering
technologies," says Andrey Gorevoy, CEO of Innotech. "We are very pleased of
the fast and professional response from Photon and we received great interest
from instrumentation specialists during a first demonstration of OFM at flare
seminar in Russia this month. I am confident this technology has tremendous
potential for Russian oil and gas market. Innotech is specialized in
implementation of new process control equipment into Russian industry, the
company distributes ultrasonic flow meters from Katronic Technologies (UK) and
process control equipment from Thermo Electron Corp (USA). Innotech is also
interested in other Photon's innovations such as optical stem flow meters."
"Photon regrouped its sales and marketing effort on oil and gas products
focusing mainly on direct supply to most active and promising companies,"
explains Ivan Melnyk, COO of Photon Control. "Agreement with Innotech is one
of our steps toward global commercialization of advanced Photon's
technologies. Everybody witnesses growing warnings about climate changes and
the European continent is reacting promptly on restricting pollution and
controlling emission. Our trial with Statoil in Norway continues successfully
and Photon is approached by other prominent international firms for
measurement of flare emissions on continental shelf and off-shore
About Photon Control Inc. www.photon-control.com
Photon Control Inc. develops and manufactures optoelectronic products for
measurement and control. All Photon's products have competitive advantages in
both performance and cost. Markets for Photon's products include semiconductor
capital equipment, oil and gas, power industry, life sciences and research.
Forward-Looking Statements: This news release contains forward looking
statements, including statements regarding the business and anticipated
financial performance of the Company, which involve risks and uncertainties.
These risks and uncertainties may cause the Company's actual results to differ
materially from those contemplated by the forward-looking statements. Factors
that might cause or contribute to such differences include, among others,
competitive pressures, competing technologies and the market acceptance of the
Company's photonic-based products as a replacement to existing technologies
and products. Readers are encouraged to consider the other risks and
uncertainties discussed in and additional information contained in the
Company's required financial statements and filings filed on SEDAR at
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents herein.
For further information:
For further information: Lauren Nickel, Investor Relations, (604)