StockerYale Awarded Contract for Specialized LED Illuminator
LED Contract Represents Largest Illumination Order Received To Date
March 20, 2003
Salem, NH -- StockerYale, Inc. (NASDAQ: STKR), an independent supplier of photonics-based products, today announced that the Company has been awarded an $800,000 order for custom designed, light-emitting diode (LED) illuminators from one of its newest European OEM customers. The Company's LED illuminator is integral to, and is designed into a high-end technology security system, which has seen immediate success in the marketplace since its introduction in 2002. The receipt of this award is of strategic importance to the continued success of the Company's short and long-term business goals and represents a major win for its LED product line.
The Company's facility in Cork, Ireland will manufacture and ship all units by the end of 2003 in fulfillment of this award and expects that additional orders for this custom designed LED product will be received during the remainder of 2003. This order represents the Company's single largest illumination and LED order since the introduction of this key and complimentary illumination product line in June of 2000 with the acquisition of CorkOpt Ltd. in Ireland.
"This order confirms that our diversified optics strategy is beginning to pay off," said Mark W. Blodgett, StockerYale's chief executive officer. "Our Company is becoming increasingly recognized for the depth of its optics expertise - whether it's structured light lasers or LEDs for diverse machine vision applications, or specialty optical fiber for sensing, gyroscope and amplifier applications. Over the last two years, the Company has made substantial investments in new product development and R&D, as well as plant and equipment and we are pleased that our new products are beginning to generate significant new orders," concluded Blodgett.
"Our in-house optomechanical expertise and patented chip-on-board technology has enabled us to produce an extremely bright illuminator in a very compact package," said Liam Kelly, managing director of StockerYale (IRL), Ltd located in Cork, Ireland. "In addition, our understanding of the customer's demanding application and technology needs meant that the development cycle from proof of concept - to product production was completed in weeks rather than months. These advantages over our competitors was clearly key in winning this significant order," Kelly added.
About StockerYale
StockerYale, Inc., headquartered in Salem, NH, is an independent designer and manufacturer of structured light lasers, light emitting diodes, (LEDs), fiber optic, and fluorescent illumination technologies as well as specialty optical fiber, phase masks, and advanced optical sub-components for use in a wide range of markets and industries including the machine vision, telecommunications, aerospace, defense and security, utilities, industrial inspection, and medical markets. StockerYale serves a widely varied, international customer base and reinvests a significant percentage of its revenues in R&D to meet the future requirements of its customers. StockerYale has offices and subsidiaries in the U.S., Canada, Europe, and the Pacific Rim.
For more information about StockerYale and their innovative products, contact StockerYale, Inc., 32 Hampshire Rd., Salem, NH, 03079. Call 800-843-8011; Fax 603-893-5604;
Notice to Investors:
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 relating to, among other things, the Company's future operating results and sales trends. Reliance should not be placed on forward looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases, beyond the control of StockerYale, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievements expressed or implied by such forward looking statements. StockerYale undertakes no duty to update any of these forward-looking statements.