ProPhotonix Limited PPX Awarded IDA Grant for Capital Expansion (1619B)
January 08 2018 - 2:00AM
UK Regulatory
TIDMPPIX
RNS Number : 1619B
ProPhotonix Limited
08 January 2018
January 8, 2018
ProPhotonix Limited
("ProPhotonix" or "the Company")
ProPhotonix awarded IDA grant for capital expansion program
Investment in UV LED infrastructure to accelerate product line
growth
ProPhotonix Limited (London Stock Exchange - AIM: PPIX and PPIR,
OTC: STKR), a high technology designer and manufacturer of LED
illumination systems and laser diode modules, with operations in
Ireland and the United Kingdom, is pleased to announce that it has
been awarded a major capital grant to fund an advanced dedicated UV
LED curing systems manufacturing line in its Cork facility.
The substantial grant is being funded by the Irish Development
Authority Ireland ("IDA") through its Business Asset Program, which
supports the growth of new manufacturing capability and capacity in
Ireland.
Customer interest in the COBRA Cure(TM) FX series of UV LED
curing systems has exceeded the Company's expectations. In order to
support the expected future volume of shipments, ProPhotonix is
developing a new state-of-the-art UV LED lamp production line,
which will form part of this IDA backed capital expenditure
program.
Tim Losik, Chief Executive Officer of the Company, stated:
"The Company has invested heavily in developing our UV LED
curing products, resulting in a series of product range extensions
over the last two years. Due to significant customer interest in
these products, we continue to invest in UV LED product development
and in specialist manufacturing capability in Ireland and in our
laser business in the United Kingdom.
The Company plans a total capital expenditure in 2018 of
approximately US$500,000 with further increases in capital spending
expected in future years to support anticipated market demand from
the maturing markets for our products."
Enquiries: ir@prophotonix.com
ProPhotonix Limited
Tim Losik, President and Tel: +1 603 893 8778)
CEO
Cantor Fitzgerald Europe
(Nominated Adviser and Broker) Tel: +44 (0)207 894 7000
Andrew Craig
Richard Salmond
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, is a
high technology designer and manufacturer of LED illumination
systems and laser diode modules for industry leading OEMs and
medical equipment companies. In addition, the Company distributes
premium diodes for Ushio (formerly OCLARO), Osram, QSI, Panasonic,
and Sony. The Company serves a wide range of markets including the
machine vision, industrial inspection, security, and medical
markets. ProPhotonix has offices and subsidiaries in the U.S.,
Ireland, U.K., and Europe. For more information about ProPhotonix
and its innovative products, visit the Company's web site at
www.prophotonix.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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