VANCOUVER, Feb. 20, 2018 /CNW/ - Photon Control Inc.
("Photon Control" or the "Company") (TSX-V: PHO), a leading
developer and supplier of optical measurement technologies to the
global semiconductor industry, announces the sale of its Optical
Flow Meter ("OFM") product line to King's Energy Services of
Red Deer, Alberta.
The sale includes all the Company's OFM technology, inventory
and equipment, and the licensing of patent rights in exchange for
immediate cash consideration which approximates the book value of
assets sold, as well as future cash consideration from a five-year
royalty agreement subject to annual minimums.
"This transaction allows Photon Control to focus on its core
business goals by freeing up both engineering resources and
manufacturing capacity," said Scott
Edmonds, President and CEO. "While this is not a financially
material transaction, we are very pleased this product is in the
hands of an owner who has the ability to fully realize its revenue
potential and that we will share in that revenue stream."
About Photon Control Inc.
Photon Control Inc.
designs, manufactures and distributes a wide range of optical
sensors and systems to measure temperature and position. These
products are used by the world's largest Wafer Fabrication
Equipment ("WFE") manufacturers and end users in the semiconductor
and related industries. Photon Control Inc.'s high quality products
provide industry leading accuracy, speed and quality in the most
extreme conditions and are backed by a team of experts providing a
variety of on-site and remote services including custom design,
installation, training and support. Headquartered in an ISO
9001:2015 manufacturing facility in Vancouver, BC, Photon Control Inc. is listed
on the TSX Venture Exchange, trading under the symbol ''PHO."
Additional information about the company can be found at
www.photon-control.com/investors.html
Forward-Looking Statements
This news release
contains forward looking statements, including statements relating
to the Company's sale of its Optical Flow Meter product line, which
involve risks and uncertainties. Although the Company believes that
the sale and the royalty agreement are based upon reasonable
assumptions and expectations, these risks and uncertainties may
cause the Company's actual results to differ materially from those
contemplated or implied by the forward-looking statements. Factors
that might cause or contribute to such differences include, among
others, general economic conditions, competitive pressures, and
competing technologies. Readers are encouraged to consider the
other risks and uncertainties discussed in and additional
information contained in the Company's financial statements and
filings filed on SEDAR
at www.sedar.com.
Neither the 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 Photon Control Inc.