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For immediate release: July 16, 2018
Zecotek Announces $2 Million Divisional Equity Financing Based on $100 Million Valuation
Vancouver, July 16, 2018 - Zecotek Photonics Inc. (“Zecotek” or the “Company”) (TSX-V: ZMS; Frankfurt: W1I), a developer of leading-edge photonics technologies for healthcare, industrial and scientific markets, is pleased to announce that the same group which made the $5 million investment in Zecotek Imaging China, announced in January 2018, has invested an additional $2 million to acquire another 2% interest in the Company’s wholly owned subsidiary, Zecotek Imaging Systems Pte. Ltd. The divisional financing was based solely on the appraised pre-commercialized value of approximately $100 million.
“With recent M&A activity in the photo detector manufacturing marketplace, we have observed a significant increase of interest in our patented high dynamic range photo-detectors,” said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc. “The funds raised in this divisional equity financing will be used to initiate the manufacturing of the new generation series of solid-state micro-pixel avalanche photo diodes and transistors (MAPD/T) by our associates at the Malaysian Institute of Microelectronics Systems. We are moving to full production and commercialization to meet the increasing demand for medical imaging, high energy physics and other industrial applications, such as LIDAR and autonomous cars, and leverage the significant performance advantages of our MAPD/T.”
Zecotek’s patented MAPD/T offers significant performance-cost advantages over competing photomultiplier tubes (PMT) and other solid-state, silicon based photo detectors known as SiPM. The new generation MAPD/T have low manufacturing cost, excellent timing resolution and photon detection efficiency - key characteristics for the new configurations of high resolution PET medical scanners. Solid-state MAPD/T also offer superior recovery time, unique radiation hardness and display of the highest possible linearity making them prime components for the improved detector designs required in high energy experiments at the Chinese Institute of High Energy Physics (IHEP) and CERN. Zecotek’s pioneering MAPD technology can also be used to manufacture two-dimensional arrays of solid-state photo detectors, which allows for the manufacture and implementation of both very large-area detectors and compact position-sensitive arrays.
About Malaysian Institute of Microelectronic Systems
MIMOS is Malaysia’s premier Applied Research and Development Centre in Information and Communications Technology, Industrial Electronics Technology and Nano-Semiconductor Technology. As a strategic agency under the Ministry of Science, Technology and Innovation (MOSTI), MIMOS contributes to raising Malaysia’s competitiveness by pioneering market creation for Malaysian technopreneurs through patentable technology platforms, products and solutions. Over the past 12 years, MIMOS has filed more than 2,000 Intellectual Properties in various technology domains and across key socio-economic areas. Serving a central role in Malaysia’s transformation journey and ICT Vision, MIMOS endeavors to create a culture of innovation by nurturing relationships with internal and external stakeholders, in the spirit of smart partnerships and inclusive growth models and strategies. For more information visit: www.mimos.my.
Zecotek Photonics Inc (TSX-V: ZMS; Frankfurt: W1I; OTCPK: ZMSPF) is a photonics technology company developing high-performance scintillation crystals, photo detectors, positron emission tomography scanning technologies, 3D auto-stereoscopic displays, 3D metal printing, and lasers for applications in medical, high-tech and industrial sectors. Founded in 2004, Zecotek operates three divisions: Imaging Systems, Optronics 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 with Hamamatsu Photonics (Japan), the European Organization for Nuclear Research (Switzerland), Shanghai EBO Optoelectronics Technology Co. (China), NuCare Medical Systems (South Korea), the University of Washington (United States), and National NanoFab Center (South Korea). For more information visit www.zecotek.com and follow @zecotek on Twitter.
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:
Zecotek Photonics Inc.
T: (604) 783-8291
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