VANCOUVER, British Columbia, July 21, 2009 (GLOBE NEWSWIRE) -- Zecotek Photonics Inc. (TSX-V:ZMS) (Frankfurt:W1I), a developer of leading-edge photonics technologies for medical, industrial and scientific markets, today announced it has received another grant payment under the previously announced Government of Singapore Economic Development Board's (EDB) Research Incentive Scheme for Companies. The payments cover a portion of Zecotek's operational expenses in research and development and under the terms of the agreement, grant details remain confidential.
"In 2006, we moved our operations to Singapore, with the full encouragement and invitation of EDB, in order to leverage on Singapore's R&D efficiencies and support mechanisms," said Dr. A. F. Zerrouk, Chairman, President and CEO of Zecotek. "The EDB team has demonstrated their continuing and enthusiastic support to our efforts, and we are extremely pleased with the outcome of the grant process. We look forward to the continuing support from the EDB team as we complete our PET/MRI program and bring new laser and crystal products through development and into manufacturing."
Zecotek continues to meet key critical milestones required under the EDB's grant scheme to receive reimbursement of certain operational expenses in research and development salaries, equipment and materials, professional and consulting services, and staff training for Zecotek's Singapore based product development and commercialization programs for the period November 2008 to April 2009. The programs include developing a production prototype of the 3D display, completing the production of the novel RFO vanadate crystals for the laser and communications industries, completing the manufacturing process of the tunable visible Fiber Laser, transferring the process of manufacture of the MAPD solid-state photo detector, developing the commercial prototype of the PET/MRI for organ specific diagnostic imaging and pre-clinical drug research, as well as developing several new types of solid state lasers for medical and multimedia applications.
About the Economic Development Board (EDB)
EDB is the government's primary agency that plans and executes strategies to make Singapore a compelling global hub for business and investment across manufacturing and internationally traded services. EDB works with other agencies to develop the human, intellectual, financial and cultural capital to help multinational and Singapore-based companies upgrade to higher value-creating operations and to thrive in a vibrant, self-sustaining enterprise ecosystem, a total environment for enterprises of all sizes. For more information please visit the Economic Development Board Website at www.edb.gov.sg
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.
The Zecotek Photonics Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3001
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.
The TSX Venture Exchange has not reviewed and does not accept 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.