VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - Zecotek Photonics Inc. (TSX VENTURE:ZMS)(FRANKFURT:W1I), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced that it proposes to amend the terms of 781,500 warrants issued to subscribers of a private placement which closed September 6, 2007. The Company proposes to re-price the exercise price of the subscriber warrants to $0.75 per common share from the initial exercise price of $2.00, and to extend the expiry date for these warrants by twelve months from March 6, 2009 to March 6, 2010.
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 amendments are subject to required regulatory approval.
Zecotek Photonics Inc. (TSX VENTURE:ZMS)(FRANKFURT:W1I) is a photonics technology company developing leading-edge products: crystals, photo detectors, lasers, imaging and 3D display technologies, for medical, biotech, industrial, nanotech and atomic/molecular science applications. Founded in 2003, the company has three distinct operating divisions: Laser Systems, Imaging Systems and 3D Display Systems and labs located in Canada, the United States, Singapore, Malaysia 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 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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Zecotek Photonics Inc.
Susana Mendez Alcala
Product and Technical Information
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