SINGAPORE, Sept. 26, 2014 /CNW/ - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I.F), as a result of a continuous disclosure review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify its disclosure relating to the previously announced sale of US$ 2 million of patented LFS scintillation crystals to Hamamatsu Photonics.
Further to the disclosure included in the quarterly management discussion and analysis regarding the previously announced sale of US$ 2 million of patented LFS scintillation crystals to Hamamatsu Photonics, the Company is providing an explanation for the delay in completing the full order.
Hamamatsu made the original order after reaching out to major end users of scintillation crystals, with whom it has had long term supply relationships for its detectors and other imaging components. The main users of scintillation crystals are PET scanning device original equipment manufacturers (OEM), and high energy physics centres such as CERN. Due to engineering design upgrades and internal integration processes at the OEMs the orders for the scintillation crystals have been delayed.
Zecotek and Hamamatsu are working closely with the OEMs, and their scientific teams to expedite the integration process. Zecotek has started delivering preliminary amounts of scintillation crystals to Hamamatsu which are being used in various end user`s new designs.
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, and lasers for applications in medical, high-tech and industrial sectors. Founded in 2004, Zecotek operates three divisions: Imaging Systems, Laser 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 such as Hamamatsu Photonics (Japan), the European Organization for Nuclear Research (Switzerland), Beijing Opto-Electronics Technology Co. Ltd. (China), NuCare Medical Systems (South Korea), and National NanoFab Center (South Korea). For more information visit www.zecotek.com, 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.
For further information:
Zecotek Photonics Inc.
Unit 1120 - 21331 Gordon Way
Richmond, BC V6W 1J9
T: (604) 783-8291