SINGAPORE, SINGAPORE–(Marketwired – Oct. 13, 2016) – Zecotek Photonics Inc. (TSX VENTURE:ZMS)(FRANKFURT:W1I)(OTC PINK:ZMSPF), a developer of leading-edge photonics technologies for healthcare, industrial, and scientific markets, is pleased to announce that the major medical OEM based in China has ordered LFS scintillation crystals for a third positron emission tomography (PET) scanning device. As previously announced on March 23, 2016, Zecotek Imaging Systems signed a memorandum of understanding (MOU) with the medical OEM to purchase LFS scintillation crystals for a new line of medical scanners. While the OEM is on target to install additional LFS crystal based PET scanners, the final condition of the MOU remains outstanding as the first device cannot be installed until the PET scanning areas at the hospital are refurbished for the new high performance PET device. For competitive reasons the OEM has requested to remain anonymous until the contract is in effect.
“As we wait for the installation of the first PET scanner in a series of many, the first device is assembled and is producing high resolution images from initial test scans as expected,” said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc. “The team at the Chinese OEM is now preparing its third PET device for our patented LFS crystals and they are on pace to have additional devices assembled and installed. We continue to work closely with the OEM with the delivery of additional orders of crystals as the roll out of the plan to deploy 200 PET scanners gains momentum. The logistics for the installation of the first device are well managed and we do not anticipate any further delay. We are pleased that the overall project is moving ahead and look to finalize the MOU in due course.”
As one of the world’s fastest growing markets, China’s medical scanning device industry represents a significant opportunity for the OEM and Zecotek. China has experienced rapid economic growth, a growing middle class and an aging population, which have placed pressure on the Chinese government to increase investment in medical diagnostic equipment. The medical OEM recognized this opportunity and has developed a newly designed high resolution PET scanning device that will be installed at hospitals and clinics across China.
Zecotek’s patented (US patent No. 7,132,060) LFS series of scintillation crystals are uniquely qualified to operate in PET scanners due to their superior timing resolution, excellent photon detection efficiency, and competitive pricing, key characteristics for the new configurations of high resolution PET scanners.
The LFS scintillation crystals will be supplied by Zecotek’s strategic partner the Beijing Opto-Electronics Technology Company (BOET), a subsidiary of North-China Research Institute of Electronics-Optics. Having two strategic partners in China is a significant advantage for Zecotek’s marketing efforts for patented scintillation crystals, solid-state photo detectors and integrated detector modules. BOET is an industry leader in growing, cutting, polishing and large scale production of scintillation crystals grown by the Czochralski method. Zecotek’s patented manufacturing process permits the growth of very large-diameter boules with uniform properties and without cracking (a problem with many competing scintillation materials), resulting in high element output and lower unit costs.
Zecotek Photonics Inc (TSX VENTURE: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.
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 receive news from Zecotek in the future please visit the corporate website at www.zecotek.com.
Zecotek Photonics Inc.
Source: Marketwired (Canada) (October 13, 2016 – 3:30 AM EDT)
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