ProPhotonix Limited 3 Year Framework Product Supply & IP Agreement
19 Marzo 2020 - 01:00AM
RNS Non-Regulatory
TIDMPPIX
ProPhotonix Limited
19 March 2020
March 19, 2020
ProPhotonix Limited
("ProPhotonix" or "the Company")
Three-Year Framework Product Supply and IP Agreement with a
Global Technology Group
ProPhotonix Limited, (London Stock Exchange - AIM: PPIX; OTC:
STKR), a designer and manufacturer of LED illumination systems and
laser diode modules with operations in Ireland and the United
Kingdom, is pleased to announce the entering into of a three-year
framework product supply and intellectual property ("IP") agreement
with a European based global technology group (the "Agreement"), an
existing ProPhotonix customer.
Pursuant to the Agreement, ProPhotonix will supply a custom LED
illumination system, including hardware and software, featuring
unique design attributes to allow for real-time high-speed
inspection of manufactured products with irregular optical
properties.
The Agreement runs for three years, with renewal provisions
thereafter, unless otherwise terminated pursuant to various
provisions of the Agreement. Whilst the Agreement does not
stipulate or require that the customer makes any purchases,
ProPhotonix anticipates that system revenue could equate to
approximately $0.7 million per annum bringing the total anticipated
annual revenue from this customer to approximately $1.2
million.
Commenting on the Agreement, Tim Losik, President and CEO of
ProPhotonix stated:
"The Agreement is the second such agreement with this customer
with whom we have a five-year relationship. The project, from start
to completion has taken two years and is now commercially
available. The system allows our customer, along with their
integrated system and software, to perform inline product
inspection with immediate feedback to the start of their production
process. Every engineering discipline at ProPhotonix including
optics, electronics, mechanics, materials, software and
manufacturing, participated from concept to commercialization, such
capabilities setting us apart from our competitors. The commercial
evolution with this customer is typical of how ProPhotonix partners
with customers, to provide them with all their product and service
requirements. With over 25 years' experience in custom LED and
laser module design, ProPhotonix delivers solutions across a wide
range of industries including the industrial (sorting and
inspection), dental, medical, and ultraviolet (UV) curing
industries."
Contact:
ProPhotonix Limited Tel: +1 603 893 8778
Tim Losik, President & CEO ir@prophotonix.com
Cantor Fitzgerald Europe
(Nominated Adviser and Broker) Tel: +44 (0)207 894 7000
David Foreman, Luke Philippou (Corporate Finance)
Keith Dowsing (Sales)
About ProPhotonix
ProPhotonix Limited, headquartered in Salem, New Hampshire, is a
high technology designer and manufacturer of diode-based laser
modules and LED systems for industry leading OEMs and medical
equipment companies. In addition, the Company distributes premium
diodes for Ushio, Osram, QSI, Panasonic, and Sony. The Company
serves a wide range of markets including the machine vision,
industrial inspection, security, and medical markets. ProPhotonix
has offices and subsidiaries in the U.S., Ireland, U.K., and
Europe. For more information about ProPhotonix and its innovative
products, visit the Company's web site at www.prophotonix.com .
Cautionary Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements
other than statements of historical fact, including without
limitation, those with respect to ProPhotonix's goals, plans and
strategies set forth herein are forward-looking statements. The
following important factors and uncertainties, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: uncertainty that cash balances
will be sufficient to allow ProPhotonix to meet all of its business
goals; uncertainty that ProPhotonix's new products will gain market
acceptance; the risk that delays and unanticipated expenses in
developing new products could delay the commercial release of those
products and affect revenue estimates; the risk that one of our
competitors could develop and bring to market a technology that is
superior to those products that we are currently developing; and
ProPhotonix's ability to capitalize on its significant research and
development efforts by successfully marketing those products that
the Company develops. Forward-looking statements represent
management's current expectations and are inherently uncertain. All
Company, brand, and product names are trademarks or registered
trademarks of their respective holders. ProPhotonix undertakes no
duty to update any of these forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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