ZECOTEK PHOTONICS INC. REPORTS RESULTS FROM SPECIAL MEETING
October 21, 2020 – Vancouver, British Columbia – Zecotek Photonics Inc. (TSX-V: ZMS) (“Zecotek” or the “Company”). At Zecotek Photonics Inc.’s special meeting of shareholders held on Oct. 16, 2020, holders of common shares of the company voted in favour of the special resolution to approve the disposition of all of the issued and outstanding shares of Zecotek Photonics Singapore Pte. Ltd., a wholly owned subsidiary of the company. For more information regarding the Disposition and related transactions, please refer to the Company’s news releases dated July 31, 2020 and October 14, 2020 and the management information circular respecting the Disposition dated September 11, 2020, available under Zecotek’s profile on SEDAR.
At the Meeting, disinterested shareholders also approved the voluntary delisting of the Company’s common shares from the TSX Venture Exchange.
Receipt of shareholder approval for the Disposition is the first step toward the completion of the acquisition of EquineX North America Corporation by Zecotek. Terms of this acquisition are described in the Company’s October 14, 2020 news release. Completion of the Disposition is a condition to closing of the acquisition of EquineX, so the Company is pleased to have obtained the requisite shareholder approval for the Disposition and will now focus on completing the Disposition and satisfying any remaining conditions to completion of the acquisition of EquineX.
Completion of the Disposition and related transactions is subject to a number of conditions, including but not limited to, TSX Venture Exchange or Canadian Securities Exchange acceptance, as applicable, and completion of satisfactory due diligence. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the RTO Information Circular or CSE Listing Statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Zecotek should be considered highly speculative.
On Behalf of the Board of Zecotek Photonics Inc.
Sergei Tsakunov
Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Completion of the transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange or CSE acceptance as applicable, completion of the Financing, completion of the Disposition, completion of satisfactory due diligence and shareholder approval where applicable. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the RTO Information Circular or CSE Listing Statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Zecotek should be considered highly speculative. Neither the TSX-V nor the CSE has passed upon the merits of the proposed transaction and neither has approved nor disapproved the contents of this news release.
This news release does not constitute an offer of securities for sale in the United States The securities referenced in this news release have not and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.
This news release contains a number of forward looking statements regarding the Transaction and the
Disposition of ZPS. There is no guarantee that the Transaction and/or the Disposition of ZPS will complete. The completion of the Transaction and the Disposition of ZPS are subject to numerous known and unknown risks and uncertainties, including due diligence, completion of the Financing and shareholder and TSXV/CSE approval of the Disposition where applicable. The Company will provide updates on these forward looking statements as required by applicable securities laws and the policies of the TSX Venture Exchange.