SINGAPORE--(Marketwired - October 31, 2017) - Zecotek Photonics Inc. (TSX VENTURE: ZMS) (W1I.F) (OTC PINK: ZMSPF), a developer of leading-edge photonics technologies for healthcare, industrial and scientific markets, is pleased to announce that a well-established life sciences OEM based in Europe has selected its patented Lutetium Fine Silicate (LFS) scintillation crystals for a new line of high resolution positron emission tomography (PET)/computed tomography (CT) medical imaging devices. Final qualifying phase data has been sent to the OEM, prior to the execution of a long-term supply engagement as the OEM prepares for the introduction of a new line of specialized PET/CT medical systems to be distributed globally. The OEM has requested to remain anonymous for competitive reasons.
"We are pleased to announce that a major European OEM has officially adopted our patented LFS crystals; production and supply discussions are ongoing, and the contract to supply LFS scintillation crystal to a top European OEM, launching a new line of PET/CT scanning devices, is potentially worth over $10 million per year to Zecotek when in full production," said Dr. A.F. Zerrouk, Chairman, President, and CEO of Zecotek Photonics Inc.
"We have been developing the project to supply LFS crystals to this organization for quite some time, and continue to be in discussions with several other OEMs wanting scintillation crystals. This new customer adds to our recent success in the Chinese PET market, where we have been qualified to supply crystals to several PET OEMs and High Energy Institutions. Based on our internal analysis, the estimated demand for LFS crystals in 2018 is likely to be over US$20 million. We are focused to capture as much of this estimated business as possible."
Zecotek has strategically positioned itself to supply the LFS scintillation crystals to medical device OEMs around the globe. The Company has recently announced the adoption of LFS crystals by tier 1 PET OEMs in China, one of the world's fastest growing medical scanning device markets. China has experienced rapid economic growth, it has a growing middle class and an aging population, and a government motivated to increase investment in medical diagnostic equipment.
Other international medical device OEMs, including the well-established European OEM adopting LFS crystals, are expected to introduce new generation PET and PET/CT medical scanning devices very soon. New and more efficient readout systems, combined with faster and brighter crystals and more sensitive photo detectors, have created the technological environment where the new devices are being readied for the medical markets with far superior operating systems than current devices being used in hospitals today. Medical officials in North America, Europe and Asia are desperate for faster, higher resolution scanning devices as aging populations place greater demands on their respective healthcare systems.
Zecotek's patented (US patent No. 7,132,060) LFS series of scintillation crystals are characterized by their high light yields and ultra-fast decay times which will produce quicker, more detailed images and diagnoses, resulting in faster patient throughput and improved patient outcomes. The LFS crystals cover a wide range of emission wavelengths which can be tailored to match the spectral sensitivity of various photo detectors including Zecotek's own solid-state MAPD/T photo detector arrays.
Scintillation crystals play a fundamental role in healthcare, science, industrial and security applications, where they are used to convert high-energy photons into visible light. Zecotek's patented LFS scintillation material with all its variants are known to have superior operating attributes and were developed specifically for use in medical imaging systems, high-energy physics experiments, and other applications.
The LFS scintillation crystals will be supplied by the Beijing Opto-Electronics Technology Company (BOET), a subsidiary of North-China Research Institute of Electronics-Optics an industry leader in growing, cutting, polishing and large-scale production of scintillation crystals grown by the Czochralski method. Zecotek's manufacturing process permits the growth of very large-diameter boules with uniform properties and without cracking (a problem with many competing scintillation materials), resulting in high element output and lower unit costs.
Zecotek Photonics Inc (TSX VENTURE: ZMS) (W1I.F) (OTC PINK: ZMSPF) 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 with Hamamatsu Photonics (Japan), 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.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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.