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)
The EDB is the government’s primary agency that plans and executes strategies to make Singapore a compelling global hub for business and investment across manufacturing and internationally traded services. EDB works with other agencies to develop the human, intellectual, financial and cultural capital to help multinational and Singapore-based companies upgrade to higher value-creating operations and to thrive in a vibrant, self-sustaining enterprise ecosystem, a total environment for enterprises of all sizes. For more information please visit the Economic Development Board Website at www.edb.gov.sg.
Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I), is a photonics technology company developing high-performance crystals, photo detectors, lasers, optical imaging and 3D display technologies for commercial applications in the medical diagnostics and high-tech industries. Founded in 2003, the company operates three distinct divisions: imaging, lasers and 3D display, with labs located in Canada, USA, Singapore and Russia. Zecotek commercializes its novel, patented and patent-pending photonic technologies directly and through strategic alliances and joint ventures with multinational OEMs, distributors and other industry leaders. For more information, please visit Zecotek Photonics.
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:
Zecotek Photonics Inc.
SUSANA MENDEZ ALCALA
T: (604) 827-5232
For investor information please contact:
Caliber Capital Partners
T: (778) 327-6678
E: [email protected]
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