Zecotek Photonics Proposes To Amend Warrants
Singapore, January 21, 2013 - 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 an aggregate of 6,136,500 warrants issued to subscribers of a private placement which closed in two tranches on February 8, 2011 and February 17, 2011. The Company proposes to re-price the exercise price of the subscriber warrants to $0.55 per common share from the initial exercise price of $0.70, and extend the expiry dates for 4,450,000 warrants from February 8, 2013 to February 8, 2015 and for 1,686,500 warrants from February 17, 2013 to February 17, 2015.
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 $1.00 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 amendment has been approved by the TSX Venture Exchange.
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About Zecotek
Zecotek Photonics Inc (TSX-V: ZMS; Frankfurt: W1I) is a photonics technology company developing high-performance scintillation crystals, photo detectors, positron emission tomography scanner technologies, 3D auto-stereoscopic displays, fiber lasers and waveguide micro lasers for applications in medical, high-tech and industrial sectors. Founded in 2004, Zecotek operates three divisional companies: Zecotek Imaging (medical, industrial and research), Zecotek Lasers (industrial and research) and Zecotek 3D (monitors for multimedia, entertainment, industrial and medical). The Company has labs located in Canada, Singapore and Russia, with affiliated R&D and production facilities in USA, China, and South Korea. Zecotek commercializes its novel, patented and patent-pending photonic technologies directly and through strategic alliances with multinational OEMs, distributors and other industry leaders. For more information, 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.
For Additional Information Please Contact:
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Zecotek Photonics Inc. Michael Minder T: (604) 783-8291 [email protected] |
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