Not for distribution in the U.S. or to U.S. newswire services.
ZECOTEK PHOTONICS ANNOUNCES TERMINATION OF LETTER AGREEMENT WITH EQUINEX NORTH AMERICA CORP.
December 2, 2020 – Vancouver, British Columbia – Zecotek Photonics Inc. (TSX-V: ZMS) (“Zecotek” or the “Company”). Further to its news release dated October 14, 2020, the Company announces that the non-binding letter agreement dated October 9, 2020 with Equinex North America Corporation has been terminated. The Company is reviewing other potential acquisition targets and will provide an update in this regard if appropriate documentation respecting a transaction is executed. As noted in its news release dated November 26, 2020, the Company has completed the sale of its operating subsidiaries, which it considers to be an important step in its restructuring, as this will improve the Company’s financial position and make it easier to negotiate any future acquisition.
The Company also announces that it was not able to file its audited Annual Financial Statements for the year ended July 31, 2020 and related Management Discussion & Analysis by the prescribed deadline of November 30, 2020. The Company is taking steps to have its annual audit completed and will provide an update in the near future. In the interim, the Company anticipates that it will be placed on the defaulting issuer list by the applicable regulatory authorities and that a cease trade order respecting the Company’s securities will be imposed.
Trading in the Company’s securities is currently halted by the TSX Venture Exchange in connection
with a previously announced transaction.
On Behalf of the Board of Zecotek Photonics Inc.
Chairman of the Special Committee and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer of securities for sale in the United States The securities referenced in this press release have not and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.
This news release may contain forward looking statements regarding future acquisitions. There is no guarantee any such transaction will be negotiated or completed. The completion of any such transaction will be subject to numerous known and unknown risks and uncertainties, including due diligence, completion of financing and shareholder and regulatory approval of the transaction where applicable. The Company will provide updates on these forward looking statements as required by applicable
securities laws and the policies of the TSX Venture Exchange.