VANCOUVER, March 15, 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 announce that it has signed a marketing and distribution agreement with the Shanghai Fortune Techgroup Co. Ltd., a China-based authorized distributor of integrated circuits and related optoelectronic products, to generate sales of its patented LFS crystals to customers in China.
"The Shanghai Fortune Techgroup is a well-established distributor of photonic technologies with customers in China and around the world, and we are very pleased that they will now include our patented LFS scintillation crystals on their product list," said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc. "The partnership with the Fortune Techgroup was prompted by the recent equity investment into Zecotek Imaging China by a local investor, and it complements the existing relationship we have with the Shanghai EBO Optoelectronics Company. Zecotek will be able to leverage their broad networks and experienced sales teams both in and out of China. Furthermore, due to the size and the financial strength of the Fortune Techgroup, Zecotek will also be able to take advantage of more favorable payment terms which will improve cash flow and minimize customer payment risks. With better payment terms offered through distributers, crystal production and handling will be more finely tuned with improved efficiencies. We look forward to initiating production at our new facility and working closely with the Fortune Techgroup to sell our crystals."
Shanghai Fortune Techgroup Co. Ltd. is publicly traded on the Shenzhen Stock Exchange (300493.SZ) with a market cap of approximately $700 million and annual sales of $300 million (2016) from the distribution of a wide range of technical products and support services including integrated circuit application solutions to global customers. There is a natural synergy with Zecotek's LFS crystals and the other optoelectronic products currently distributed by Fortune Techgroup. Fortune group will aggressively market the LFS crystals through its broad sales networks in China and around the globe.
About the Shanghai Fortune Techgroup
Shanghai Fortune Techgroup Co., Ltd., founded in 2000, is the leading provider of semiconductor chips and solutions for telecommunication industry in China. Headquartered in Caohejing Hi-Tech Park, Xuhui District of Shanghai, it has research and development institutions and branches/subsidiaries in Beijing, Shenzhen, Hong Kong and Taiwan.
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), Beijing Optoelectronics 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 http://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 http://www.zecotek.com
SOURCE Zecotek Photonics Inc
For further information: Zecotek Photonics Inc., Michael Minder, T: +1-604-783-8291, [email protected]