StockerYale, Inc. Awarded Evergreen Contract by Global Technology Company
Photonics Products Selected For Superior Laser Diode Technology
SALEM, N.H.--(BUSINESS WIRE)--StockerYale, Inc. (NASDAQ: STKR - News), a leading designer and manufacturer of structured light lasers, LED modules and specialty optical fibers for industrial OEMs, medical and defense markets, today announced that its Photonics Products unit has been awarded an evergreen contract to supply custom designed, packaged laser diodes for the telecommunications division of a diversified, multi-billion dollar global technology company. Under the terms of the contract, StockerYale expects annual revenues generated under the contract to begin initially in the six-figure range and increase over time.“This contract award further underscores the turnaround in Photonic Products recorded in the first quarter and validates our market-leading technology,” stated Mark W. Blodgett, Chairman and CEO of StockerYale. “Additionally, in securing a customer of this stature, we once again demonstrate our ability to leverage core technology competencies and apply them to solutions that yields a faster time-to-market and greater efficiencies for the end-customer.”
Photonic Products has developed sophisticated processes for custom design and high volume manufacturing, lead by a team of skilled engineers, all highly qualified in electro-optical design and manufacture. As a result, work requiring quality prototype or small batch production through to very high quantities can be easily handled. As with all of its high performance products, its custom packaged laser diode assemblies are backed by comprehensive technical support and with expert advice readily available on the best and most cost-effective solution for particular applications.
Damon Cookman, Managing Director of Photonic Products Ltd., said, “Our laser diodes are integral to the customer’s new innovative, next generation product, for which demand has been very high. The receipt of this award is indicative of our ability to rapidly produce initial prototypes and the capacity to ramp up production to satisfy increasing orders while maintaining consistently high quality.”
About StockerYale
StockerYale, Inc., headquartered in Salem, New Hampshire, is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical fibers for industry leading OEMs. In addition, the company manufactures fluorescent lighting products and phase masks. The Company serves a wide range of markets including the machine vision, industrial inspection, defense, telecommunication, sensors, and medical markets. StockerYale has offices and subsidiaries in the U.S., Canada, and Europe. For more information about StockerYale and their innovative products, visit the Company's web site at www.stockeryale.com.
Safe Harbor 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 StockerYale'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 may not be sufficient to allow StockerYale to meet all of its business goals; uncertainty that StockerYale'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 StockerYale'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. You should also refer to the discussion under "Factors Affecting Operating Results" in StockerYale's annual report on Form 10-KSB and the Company’s quarterly reports on Form 10-QSB for additional matters to be considered in this regard. Thus, actual results may differ materially. All Company, brand, and product names are trademarks or registered trademarks of their respective holders. StockerYale undertakes no duty to update any of these forward-looking statements.
Contact:
Investor Relations:
The Piacente Group, Inc.
Sanjay M. Hurry, 212-481-2050
Investor Relations Counsel, StockerYale
sanjay@tpg-ir.com