SINGAPORE, April 29, 2016 /PRNewswire/ - Zecotek Photonics Inc. (TSX-V: ZMS; Frankfurt: W1I.F, OTCPK: ZMSPF), a developer of leading-edge photonics technologies for industrial, healthcare and scientific markets, today reported preliminary unaudited revenue for the third quarter ending April 30, 2016. Sales for the third quarter were $685,452, a ninefold increase from $70,149 posted in the same time period last year. Unaudited revenue for the nine months ending April 30, 2016 increased $1,288,726 to $1,532,406 from $243,680 in fiscal 2015.
"Our revenue growth is gaining momentum as we generate more revenue through the sales of our patented LFS scintillation crystals," said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc. "Our business continues to grow as PET medical device OEMs, homeland security companies and scientific organizations are choosing high performance LFS crystals for their programs. In the third quarter of fiscal 2016 we received orders for our LFS crystals from all three sectors: CERN ordered LFS crystals for its PET medical device program, a Chinese OEM ordered LFS crystals for new line of PET medical scanners, and an OEM ordered LFS crystals for advanced radiation monitoring and detection devices it is developing. These organizations recognize the superiority of our crystals, the reliability our product and our supply. The Beijing Opto-Electronics Technology Company is increasing their production capacity to deliver our LFS crystals to the growing market. We have over $2 million of orders booked and continue to be actively building on the strong momentum. Moving forward Zecotek Imaging Systems will continue to experience revenue growth with the addition of revenue from the sales of our latest version of MAPD/MAPT photo detectors as they become available this summer. We are very much looking forward to capture a major portion of the imaging industry market."
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.