Zecotek Receives US$2.5 million Payment for LFS Scintillation Crystals Purchase
Singapore, December 29, 2014 - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I; OTCPK: ZMSPF), a developer of leading-edge photonics technologies for industrial, healthcare and scientific markets, today announced that its subsidiary Zecotek Imaging Systems Pte. Ltd. has received a payment of US $2.5 million for new and previous orders of the Company`s patented LFS crystals and crystal arrays. The total sum includes an initial payment of US$500,000, as part of a long term plan to supply crystal arrays for use in new generation Time of Flight positron emission tomography (PET) scanners, and pre-clinical scanners for pharmaceutical drug development.
“PET medical device OEMs and developers within the imaging industry are recognizing the price point and unique performance and technological advantages of Zecotek`s patented LFS scintillation crystals,” said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc. “The molecular imaging industry is growing at rapid rate, particularly at the pre-clinical level for pharmaceutical drug analysis, and the clinical level with the advent of Time-of-Flight PET modality for higher spatial resolution and more accurate diagnostics. We have started to capitalize on our advanced imaging components and sound strategic partnerships as the market shows readiness for the adoption of new technologies. Commercialization has been a long and challenging journey, but we are nearing the point where we can look forward to full-scale adoption of our technologies and to substantial upside in the New Year.”
Zecotek’s patented (US patent No. 7,132,060) LFS scintillation crystals are known for their high light yields and ultra-fast decay times which allow for faster and higher-resolution operation of medical and industrial imaging devices including PET medical scanners. Zecotek’s line of LFS crystals covers a wide range of emission wavelengths which can be tailored to match the spectral sensitivity of various photo detectors including the solid-state MAPD photo detector arrays.
The LFS scintillation crystals are manufactured under contract by the Beijing Opto-Electronics Technology Company (BOET), a subsidiary of North-China Research Institute of Electronics-Optics and an industry leader in growing, cutting, polishing and large scale production of scintillation crystals grown by the Czochralski method. Zecotek’s manufacturing process permits the growth of large-diameter boules with uniform properties and without cracking (a problem with many competing scintillation materials), resulting in high element output and lower unit costs.
Zecotek Photonics Inc (TSX-V: ZMS; Frankfurt: W1I) is a photonics technology company developing high-performance scintillation crystals, photo detectors, positron emission tomography scanning technologies, 3D auto-stereoscopic displays, and lasers for applications in medical, high-tech and industrial sectors. Founded in 2004, Zecotek operates three divisions: Imaging Systems, Laser Systems and 3D Display Systems with labs located in Canada, Korea, Russia, Singapore and U.S.A. The management team is focused on building shareholder value by commercializing over 50 patented and patent pending novel photonic technologies directly and through strategic alliances and joint ventures with leading industry partners including Hamamatsu Photonics (Japan), the European Organization for Nuclear Research (Switzerland), Beijing Opto-Electronics Technology Co. Ltd. (China), NuCare Medical Systems (South Korea), the University of Washington (United States), and National NanoFab Center (South Korea). For more information visit Zecotek Photonics, follow @zecotek on Twitter and “like” us in Facebook.
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