Annual Revenue Increases 235% Year over Year
SINGAPORE, Oct. 04, 2016 (GLOBE NEWSWIRE) — Zecotek Photonics Inc. (TSX-V:ZMS) (Frankfurt:W1I) (OTCPK:ZMSPF), a developer of leading-edge photonics technologies for industrial, healthcare and scientific markets, today announced preliminary unaudited revenue for fiscal 2016 ended July 31, 2016.
Sales for the fourth quarter ended July 31, 2016 were $388,870, an increase of 87% from the same quarter in 2015 of $208,067. Total unaudited revenue for fiscal 2016 increased 235% to a record $1,513,712 as compared to $451,747 for fiscal 2015.
“Our preliminary revenue for fiscal 2016 shows considerable growth versus the same period last year and proves that our patented LFS scintillation crystals are making an impact in the overall medical scanning marketplace,” said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc. “PET medical device OEMs generated the majority of revenue through the purchase of LFS scintillation crystals for newly designed PET scanners. However, preliminary sales of crystals to organizations in homeland security, radiation detection, neuro-imaging, plus liquid and solids measurement also contributed to the year-over-year growth. For 2017 we expect robust LFS crystal sales with revenue growth in each of these market segments. Based on the successful completion of the previously announced MOU with a Chinese PET OEM, we expect the fulfillment of LFS crystals for the 5 year, 200 PET scanners sales plan to lead our revenue growth. Existing and future OEM customers will also contribute as they develop and rollout their medical scanning products in their respective markets. We look forward to a very busy fiscal 2017.”
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.
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Source: GlobeNewswire (October 4, 2016 – 3:32 AM EDT)
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