SINGAPORE, SINGAPORE--(Marketwired - Oct. 24, 2016) - Zecotek Photonics Inc. (TSX VENTURE:ZMS)(FRANKFURT:W1I)(OTC PINK:ZMSPF), a developer of leading-edge photonics technologies for healthcare, industrial and scientific markets, today announced that it proposes to amend the terms of an aggregate of 13,060,213 warrants issued to subscribers of a private placement which closed in three tranches on November 6, November 12 and November 28, 2014. The Company proposes to extend the expiry date from November 6, November 12, and November 28, 2016 to November 6, November 12 and November 28, 2018 respectively.
The amended Warrants will contain an acceleration provision, such that, if, for a period of 10 trading days (the "Premium Trading Days") the closing price of the Company's shares is $1.00 per share or higher, the warrant exercise period for one-third of the holder's Warrants will be shortened to a period of 30 days. This 30-day period will commence seven calendar days after the tenth Premium Trading Day. An additional one-third of holder's Warrants will accelerate at $1.50 and the final one-third at $2.00.
The proposed amendment is subject to approval by the TSX Venture Exchange.
Zecotek Photonics Inc (TSX VENTURE:ZMS)(FRANKFURT:W1I)(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, 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.
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