VANCOUVER, Nov. 14, 2018 /CNW/ - 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 provide an update to the strategic review previously announce on September 24, 2018. The Company have executed a restructuring of its divisions to create two independent operating divisions Zecotek Imaging China Ltd. and Zecotek Autotronics Ltd.
The two entities will be each assigned a Chief Executive Officer, Chief Financial Officer and Chief Technology Officer and a board of directors. Mr. Zelong He and Mr. Richard Chen have been appointed as Chief Financial Officer of Zecotek Imaging Ltd. and Zecotek Autotronics Ltd. respectively. Both gentlemen are qualified in corporate finance and accounting with strong investor relations capabilities and experience in the public markets. They have played a central role in the recent divisional financings and have extensive knowledge in the Chinese, European and North American public markets.
"I am very confident that the new autonomous divisions and dedicated management teams will have greater focus and be more efficient at translating the large number of opportunities into revenues," said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc. "To strengthen existing shareholder value, we are pursuing financing opportunities at the divisional level with much higher valuations. I believe the new corporate structure is in the best interest of current shareholders and will ensure the longterm success at bringing our portfolio of patented photonic technologies to market in China and around the world."
Zecotek Imaging Systems Pte Ltd. and Zecotek Imaging China Ltd. will be merging into one single company Zecotek Imaging China Ltd. ("ZIC"). ZIC will hold all intellectual property related to imaging, production facilities for crystals, photodetectors, integrated systems and subsystems. A financing at the divisional level has been initiated due to the high valuation to further strengthen existing patents, expand the LFS Crystal manufacturing facilities, and to integrate organ specific PET/MRI modules for neurology and prostate imaging and treatment. ZIC will operate as a fully incorporated China based company, with a large customer base made up of primarily of organizations in China, Japan and Europe.
Zecotek Autotronics Systems Ltd. ("ZAS"), is also initiating a financing round to complete its patented 3D display, specifically designed as an automobile console for telemetry and entertainment at the request of four world leading car manufacturers. The final 3D display product will have applications in the consumer electronics markets. The funds raised will also be used to integrate a LIDAR module for self-driven vehicles and machinery at the request of the same car producers.
The Company also announces Mr. Michael Minder has resigned from the position of Chief Financial Officer to pursue other business interests and Mr. David Toyoda has resigned from the board of directors.
"I would like to thank both Michael and David for their many years of dedication and unwavering support for the company," said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc.
The Company has initiated a search for a new CFO with significant experience in finance, accounting, and Chinese markets to ensure qualified support for the newly appointed Chief Financial Officers at Zecotek Imaging China Ltd. and Zecotek Autotronics Ltd.
The Company also announces the corporate affairs of the Company have been moved from Boughton Law LLP to Morton Law LLP and Mr. Zelong He has been appointed to Zecotek Photonic's board of directors. Mr. He comes with proven corporate finance and accounting qualifications and extensive knowledge of the Chinese markets, investment community and business regulations.
Zecotek's strategic review was initiated to examine potential alternatives to create shareholder value including, but not limited to: a) a restructuring of the Company; b) the sale of assets held by the Company; c) the sale of a division of the Company; d) a strategic partnership with another company; and/or e) strategic equity investments at the divisional level.
Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I; OTCPK: ZMSPF) is a photonics technology company developing high-performance scintillation crystals, solid-state photo detectors, 3D displays and related technologies for applications in medical, high-tech and industrial sectors. Founded in 2004, Zecotek has three operating divisions: Zecotek Imaging China, Zecotek Optronics Systems, and Zecotek Autotronics with labs located in Canada, Korea, Russia, Singapore and U.S.A. It is commercializing over 55 patented and patent pending novel photonic technologies directly and through strategic alliances with the Shanghai EBO Optoelectronics Technology Company (China), Hamamatsu Photonics (Japan), the European Organization for Nuclear Research (Switzerland), 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.
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., Tel: +1 604-783-8291, Email: [email protected]