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SINGAPORE, March 27, 2015 /CNW/ - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I), (the "Company") proposes to extend (the "Warrant Extension") by 6 months the term of outstanding share purchase warrants (the "Warrants") exercisable at a price of $0.50 per common share for: 1,264,443 common shares of the Company, issued pursuant to a private placement which closed on April 10, 2013, and 450,056 common shares of the Company, issued pursuant to a private placement which closed on June 7, 2013. The proposed expiry date will be extended to October 10, 2015 and December 7, 2015 for the first and second tranche respectively.
All of the Warrants were originally exercisable for two years from the date of issuance, subject to acceleration, such that if the closing price of the common shares of the Company on the TSX Venture Exchange (the "Exchange") is equal to or greater than $1.00 for a period of 10 consecutive trading days (the "Trading Target"), the Warrants will expire on the date that is 30 days after the date the Trading Target is met. The Warrant Extension is subject to Exchange acceptance. All other terms of the Warrants will remain unchanged.
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, 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 and joint ventures with leading industry partners including Hamamatsu Photonics (Japan), the European Organization for Nuclear Research (Switzerland), Beijing Opto-Electronics Technology Co. Ltd. (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, follow @zecotek on Twitter and "like" us in Facebook at www.facebook.com/zecotek.
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 www.zecotek.com.
SOURCE Zecotek Photonics Inc.
For further information: Zecotek Photonics Inc., Michael Minder, T: (604) 783-8291, [email protected]