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Photon Control Acting CEO Explains Reasons for Stepping Down

BURNABY, BC , March 31, 2017 /CNW/ - Michael Goldstein , Acting CEO and Executive Director of Photon Control Inc. ("Photon Control" or the "Company") (TSX‑V: PHO), explains reasons for stepping down from the Board of Directors and Management effective April 1 , 2017. 

Mr. Goldstein started as a board director in 2014 and has played a pivotal role over the last three years as a director, Chair, and Acting CEO and representing the interests of all shareholders. Since becoming Acting CEO in 2016, Mr. Goldstein led the Company through one of the most dynamic phases of its history including:

  • Asserting the broader interests of shareholders in respect of transparency, share buy back, balanced board representation, and balanced governance.
  • Asserting its rightful ownership of its intellectual property,
  • Strengthening and building an operating and leadership team,
  • Strengthening R&D independence,
  • Doubling production capacity and building a new R&D capability

At the same time, under Mr. Goldstein's leadership the Company achieved Q4 2016 revenue of approximately $8.5 million , an increase of 47% from $5 .8 million in Q4 2015, and an estimated $31.7M for the full year 2016.

"I believe Photon is on a break-out now, and has the ability to achieve its next level of potential", said Michael, "I am delighted to have had the opportunity to help shape, strengthen, and grow Photon. I want to thank all of our loyal employees, our customers, our dedicated advisors, the board as a whole, and the many shareholders that encouraged my continued participation throughout this important time in Photon's history. For the betterment of the company, I have chosen to step down. I stand by the Company and cheer on new management and board as they achieve the next level for shareholders."

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Michael Goldstein

To view the original version on PR Newswire, visit: http://www.newswire.ca/en/releases/archive/March2017/31/c8286.html