VANCOUVER, British Columbia, October 4, 2018 /PRNewswire/ --
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Zecotek Photonics Inc. ("Zecotek" or the "Company") (TSX-V: W1I) (ZMS: W1I) (Frankfurt: W1I), a developer of leading-edge photonics technologies for healthcare, industrial and scientific markets, is pleased to announce its has now closed on the previously announced divisional equity financing of $2 million. The financing, announced on July 18, 2018, was completed by selling a 2% equity interest in the Company's wholly owned subsidiary, Zecotek Imaging Systems Pte. Ltd. to an industrial business group based in China for net proceeds of $2 million.
"The funds raised in this divisional equity financing will be used to continue the manufacturing of the new generation series of solid-state micro-pixel avalanche photo diodes and transistors (MAPD/T)," said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc. "We have partnered with the Malaysian Institute of Microelectronics Systems and are moving to full production and commercialization. Medical imaging, high energy physics and other industrial applications, such as agriculture, genomics and LIDAR for autonomous cars, recognize the significant performance advantages of our MAPD/T. We are working with experts on a revised strategy to better reflect the values built at the subsidiaries level in our existing markets and industries. We will leverage the competitive advantages of our sensing and scanning technologies to establish new standards and benchmarks for product quality control essential to the industries associated to the newest Canadian market trends."
The divisional financing was based on the appraised pre-commercialized value of Zecotek Imaging Systems of approximately $100 million. Recent M&A activity in the photo detector manufacturing marketplace is a clear indication of the increasing market interest and valuations of new generation solid-state micro-pixel avalanche photo diodes technologies. More and more organizations are adopting solid-state photo diodes and transistors and are increasingly moving away from photomultiplier tubes.
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: http://www.mimos.my .
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, 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 http://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.
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