VANCOUVER, British Columbia, Jan. 3, 2008 (PRIME NEWSWIRE) -- Zecotek Photonics Inc. (TSX-V:ZMS) (Frankfurt:W1I) today announced that following the LOI signed in October and the recent visit by senior officials of Fujikura Ltd. to Zecotek's Vancouver and Seattle facilities, both companies have reached an agreement-in-principle to form a partnership for the development, manufacture and sales of key Zecotek products, including Zecotek's proprietary fiber lasers. In order to finalize the structural and operational details, both parties have agreed to extend the current LOI to January 31, 2008. Under the proposed agreement Fujikura will contribute technical support and manufacturing know-how for certain products to be manufactured and distributed by Fujikura under the partnership.
"We are very pleased that following a thorough inspection of our facilities and our technologies, Fujikura officials came to a rapid decision to proceed with our proposed partnership," said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek. "We see this as a very strong endorsement of both our technological leadership and our product development roadmap. Fujikura, with its technological awareness, manufacturing expertise, strong brand and global distribution network, will provide an outstanding partnership for Zecotek."
Following meetings in Tokyo in November a delegation of senior Fujikura officials visited Zecotek's Vancouver laboratories and inspected Zecotek's 3D2D Display technology. The officials also visited laboratories at the University of British Columbia and University of Washington and inspected Zecotek's joint Optical Coherence Tomography, Thin Film Laser and PET/MRI projects. At the conclusion of the visits, Fujikura and Zecotek reached an agreement-in-principle to form a partnership for the manufacture and sales of Zecotek products, including Zecotek's proprietary fiber lasers.
"We are highly impressed with both Zecotek's technological depth and the market potential of their product portfolio," said a representative of Fujikura Ltd. "We look forward to working with Zecotek on not only their fiber lasers, but on many of their other products and technologies which complement and extend our current business lines."
About Fujikura Limited
Fujikura is a leading manufacturer of world-class optical fiber communication cables. It is also active in optical components, optical instruments, new electronic and automotive components, and the development of new technologies. Fujikura Ltd. commemorated the 120th anniversary of its founding in 2005. Today, the scope of its business has broadened beyond core cable products for the electrical power industry and plants, and encompasses the electronic equipment, auto and telecommunications industries. Fujikura relentlessly strives to create novel solutions through R&D and has delivered leading products, such as optical fibers and flexible print circuits. For more information, please visit www.fujikura.co.jp.
About Zecotek
Zecotek Photonics Inc. (TSX-V:ZMS) (Frankfurt:W1I), is a photonics technology company developing high-performance crystals, photo detectors, lasers, optical imaging and 3D display technologies for commercial applications in the medical diagnostics and high-tech industries. Founded in 2003, the company operates three distinct divisions: imaging, lasers and 3D display, with labs located in Canada, USA, Singapore and Russia. Zecotek commercializes its novel, patented and patent-pending photonic technologies directly and through strategic alliances and joint ventures with multinational OEMs, distributors and other industry leaders. For more information, please visit www.zecotek.com.
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