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Zecotek Receives Funds From Government of Singapore
August 18, 2008
Zecotek Receives Payment From the Government of Singapore Economic Development Board
Vancouver, BC, August 18, 2008 - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I) today announced it has received the first grant payment under the previously announced Government of Singapore Economic Development Board’s (EDB) Research Incentive Scheme for Companies. The payment covers a re-imbursement of a portion of operational expenses in research and development, including salaries, equipment, materials, professional and consulting services and staff training, for Zecotek’s Singapore based product development and commercialization programs for the period January 2007 to July 2008. Under the terms of the agreement, grant details remain confidential. “In 2006, we moved our company operations to Singapore, with the full encouragement and invitation of EDB, to leverage Singapore’s R&D; efficiencies and support mechanisms and its strong, high-technology manufacturing base,�? said Dr. A. F. Zerrouk, Chairman, President and CEO of Zecotek. “The EDB team has demonstrated their continuing and enthusiastic support to our efforts, and we are extremely pleased with the outcome of the grant process. We look forward to continuing to work with the EDB team as we complete our PET/MRI program and bring new laser and crystal products through development and into manufacturing.�? Zecotek has consistently met or exceeded key critical milestones required under the grant scheme which included: developing a production prototype of the 3D display, establishing production of RFO vanadate crystals, completion of the development of the Green Fiber Laser, the MAPD solid-state photo detector, the PET/MRI project and several new types of solid state and fiber lasers. About the Economic Development Board (EDB) About 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. For product and technical information please contact: For investor information please contact: The TSX Venture Exchange has not reviewed and does not accept 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. |