VANCOUVER, Nov. 14, 2018 /CNW/ - Zecotek Photonics
Inc. ("Zecotek" or the "Company") (TSX-V: ZMS,
Frankfurt: W1I, OTCPK: ZMSPF),
a developer of leading-edge photonics technologies for healthcare,
industrial and scientific markets, is pleased to provide an update
to the strategic review previously announce on September 24, 2018. The Company have executed a
restructuring of its divisions to create two independent operating
divisions Zecotek Imaging China Ltd. and Zecotek Autotronics
Ltd.
The two entities will be each assigned a Chief Executive
Officer, Chief Financial Officer and Chief Technology Officer and a
board of directors. Mr. Zelong He
and Mr. Richard Chen have been
appointed as Chief Financial Officer of Zecotek Imaging Ltd. and
Zecotek Autotronics Ltd. respectively. Both gentlemen are qualified
in corporate finance and accounting with strong investor relations
capabilities and experience in the public markets. They have played
a central role in the recent divisional financings and have
extensive knowledge in the Chinese, European and North American
public markets.
"I am very confident that the new autonomous divisions and
dedicated management teams will have greater focus and be more
efficient at translating the large number of opportunities into
revenues," said Dr. A.F. Zerrouk, Chairman, President, and CEO of
Zecotek Photonics Inc. "To strengthen existing shareholder value,
we are pursuing financing opportunities at the divisional level
with much higher valuations. I believe the new corporate structure
is in the best interest of current shareholders and will ensure the
longterm success at bringing our portfolio of patented photonic
technologies to market in China
and around the world."
Zecotek Imaging Systems Pte Ltd. and Zecotek Imaging China Ltd.
will be merging into one single company Zecotek Imaging China Ltd.
("ZIC"). ZIC will hold all intellectual property related to
imaging, production facilities for crystals, photodetectors,
integrated systems and subsystems. A financing at the divisional
level has been initiated due to the high valuation to further
strengthen existing patents, expand the LFS Crystal manufacturing
facilities, and to integrate organ specific PET/MRI modules for
neurology and prostate imaging and treatment. ZIC will operate
as a fully incorporated China
based company, with a large customer base made up of primarily of
organizations in China,
Japan and Europe.
Zecotek Autotronics Systems Ltd. ("ZAS"), is also initiating a
financing round to complete its patented 3D display, specifically
designed as an automobile console for telemetry and entertainment
at the request of four world leading car manufacturers. The final
3D display product will have applications in the consumer
electronics markets. The funds raised will also be used to
integrate a LIDAR module for self-driven vehicles and machinery at
the request of the same car producers.
The Company also announces Mr. Michael
Minder has resigned from the position of Chief Financial
Officer to pursue other business interests and Mr. David Toyoda has resigned from the board of
directors.
"I would like to thank both Michael and David for their many
years of dedication and unwavering support for the
company," said Dr. A.F. Zerrouk, Chairman, President, and
CEO of Zecotek Photonics Inc.
The Company has initiated a search for a new CFO with
significant experience in finance, accounting, and Chinese markets
to ensure qualified support for the newly appointed Chief Financial
Officers at Zecotek Imaging China Ltd. and Zecotek Autotronics
Ltd.
The Company also announces the corporate affairs of the Company
have been moved from Boughton Law LLP to Morton Law LLP and Mr.
Zelong He has been appointed to
Zecotek Photonic's board of directors. Mr. He comes with proven
corporate finance and accounting qualifications and extensive
knowledge of the Chinese markets, investment community and business
regulations.
Zecotek's strategic review was initiated to examine potential
alternatives to create shareholder value including, but not limited
to: a) a restructuring of the Company; b) the sale of assets held
by the Company; c) the sale of a division of the Company; d) a
strategic partnership with another company; and/or e) strategic
equity investments at the divisional level.
About Zecotek
Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I; OTCPK: ZMSPF) is a photonics
technology company developing high-performance scintillation
crystals, solid-state photo detectors, 3D displays and related
technologies for applications in medical, high-tech and industrial
sectors. Founded in 2004, Zecotek has three operating divisions:
Zecotek Imaging China, Zecotek Optronics Systems, and Zecotek
Autotronics with labs located in Canada, Korea, Russia, Singapore and U.S.A. It is commercializing over 55 patented
and patent pending novel photonic technologies directly and through
strategic alliances with the Shanghai EBO Optoelectronics
Technology Company (China),
Hamamatsu Photonics (Japan), the
European Organization for Nuclear Research (Switzerland), 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.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the content of this news release. If you would like to
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website at www.zecotek.com
SOURCE Zecotek Photonics Inc.