SINGAPORE, Oct. 10, 2016 /CNW/ - Zecotek Photonics
Inc. (TSX-V: ZMS; Frankfurt: W1I;
OTCPK: ZMSPF), a developer of leading-edge photonics
technologies for industrial, healthcare and scientific markets,
today provided a corporate update to the recent progress made in
the sales of its patented LFS scintillation crystals and other
photonics technologies. On October 4,
the Company announced that preliminary fiscal 2016 revenue for the
12 months ended July 31, 2016 had
increased 235% to a record $1,513,712. At the same time total orders booked
but not yet delivered at July 31,
2016 were $2,140,850.
"With over $1.5 million of revenue
and over $2.1 million of orders
booked but not yet delivered, by any measure 2016 was an
exceptional year for Zecotek," said Dr. A.F. Zerrouk, Chairman, President, and CEO of
Zecotek Photonics Inc. "Our pipeline is growing with an
expanding list of diverse customers and applications from many
industries. LFS scintillation crystals have proven their
superiority with medical scanning devices and now we see other very
large and growing industries recognizing their advantages. We are
projecting continued growth for sales from all market segments with
a significant boost in sales to medical scanner OEMs."
LFS crystal sales to positron emission tomography (PET) medical
device original equipment manufacturers (OEM) for newly designed
PET scanners generated the majority of revenue and orders booked.
An OEM from China has selected LFS
crystals for a newly designed PET scanning device, and has now
purchased crystals for two PET scanners and is expected to order
crystals for three additional scanners for a total of five scanners
to be installed by the end of 2016. CERN and the University of California, Davis are two other
organizations that have ordered LFS crystals for new PET scanning
designs. The PET program at European Organization for Nuclear
Physics (CERN) requires crystals for its time-of-flight PET scanner
design. The University of California at
Davis is also using LFS crystals for a leading edge approach
to PET scanning which combines PET and magnetic resonance (MR) into
a single PET/MR module.
Zecotek's crystals produce more cost effective and accurate
medical scanning because they have high density, fast decay time,
good energy resolution, low afterglow and superior radiation
hardness. These attributes are also attractive for other
applications such as specialized molecular brain imaging, homeland
security and radiation detection, and silo and large container
measurement. A specialized medical imaging device manufacturer
based in the United States
purchased scintillation crystals for a state-of-the-art molecular
brain imaging device for diagnosis of Alzheimer's disease,
Frontotemporal Dementia, Lewy Body Dementia, Parkinson's disease,
and other neurological and psychiatric disorders. A major OEM
developing radiation monitoring and detection devices for homeland
security is using LFS crystals. Also, an OEM developing a device
used for scanning large cargo areas at land crossings such as
border crossings, airports, and harbours has made two orders of
crystal in the past 8 months.
Based on the successful completion of the memorandum of
understanding with the Chinese PET OEM, plus addition orders for
specialized PET scanning devices, homeland security radiation
detectors, and other specialized applications like large container
measurement, the management team is expecting to aggressively grow
revenues in fiscal 2017.
About Zecotek
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, the European Organization for Nuclear Research
(Switzerland), Beijing
Opto-Electronics Technology Co. Ltd. (China), 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.
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SOURCE Zecotek Photonics Inc.