SINGAPORE, Oct. 10, 2016 /PRNewswire/ - 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.
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.