Zecotek Photonics Proposes To Reprice Warrants
Singapore, September 23, 2011 – Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I.F), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced that it proposes to amend the terms of 5,925,000warrants issued to subscribers of a private placement which closed October 23, 2009. The Company proposes to reprice the exercise price of the subscriber warrants to $0.65 per common share from the initial exercise price of $1.00, and extend the expiry from October 23, 2011 to April 23, 2012.
The amended warrants will contain an acceleration provision, such that, if, for a period of ten consecutive trading days (the “Premium Trading Days”), the closing price of the Company’s shares is $0.80 per share or higher, the warrant exercise period will be shortened to a period of 30 days. This 30-day period will commence seven calendar days after the tenth Premium Trading Day.
The proposed amendments are subject to required regulatory approvals.
Zecotek also announced the granting of 2,255,000 stock options to directors, employees and consultants for their contributions to the Company. The exercise price is set at $0.65 and will expire in five years. The stock options are subject to regulatory approval.
Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I) is a photonics technology company developing high-performance crystals, photo detectors, medical lasers, optical imaging and 3D display technologies for commercial applications in the medical diagnostics and high-tech industry. Founded in 2003, the company has three distinct operating divisions: medical imaging, medical lasers and 3D display and labs located in Canada, Singapore and Russia. Zecotek commercializes its novel, patented and patent-pending bio-photonic technologies directly and through strategic alliances and joint ventures with multinational OEMs, distributors and other industry leaders. For more information, please visit www.zecotek.com.
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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