VANCOUVER, British Columbia, Oct. 30, 2008 (GLOBE NEWSWIRE) -- Zecotek Photonics Inc. (TSX-V:ZMS) (Frankfurt:W1I) today announced that it has received a second 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.
"We continue to reap the benefits from the move of our operations to Singapore and the EDB has been central to the support of our efforts to commercialize our portfolio of photonic technologies," said Dr. A. F. Zerrouk, Chairman, President and CEO of Zecotek. "From our headquarters in Singapore we have initiated sales of the RFO vanadate crystals, completed the manufacturing process of our MAPD solid-state photo detectors and established a strategic relationship with Fujikura to manufacture our Green Fiber Laser. The commercialization of our technologies is becoming a reality and we will continue to work closely with the EDB team as we bring new laser and crystal products through development into our customer's hands."
Zecotek has consistently met or exceeded key critical milestones required under the grant program which included: developing a production prototype of the 3D display, establishing production of RFO vanadate crystals, completion of the development of the Green Fiber Laser, the MAPD solid-state photo detector, the PET/MRI project and several new types of solid state and fiber lasers.
About the Economic Development Board (EDB)
The 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.
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