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Photon Control Announces Appointments to its Board of Directors and Management Team and Cancellation of Requisitioned Shareholder MeetingBURNABY, BC, March 31, 2017 /CNW/ - Photon Control Inc. ("Photon Control" or the "Company") (TSX-V: PHO), a leading developer of optical measurement technologies primarily used in the semiconductor equipment industry; announced today, that it has made the following appointments to its Board of Directors and Management Team:
"Adding Chuck to our Board enhances not just our industry, business operations and governance strength, but Chuck also brings a depth of knowledge and long term strategic view of the photonics industry to our cohort," said Photon Control's Chair Neil McDonnell. "Photon Control has a growing and profitable business in the semiconductor industry and an array of exciting new market opportunities available to it. We identified Scott Edmonds as a proven CEO and business manager, who with the addition of Paul Hellebrekers and Yuri Sikorski two long time industry veterans, will continue this growth and lead the Company forward," continued McDonnell, "Scott, Paul and Yuri join our proven and talented staff who continually deliver high quality and innovative products to our customers. Our customer centric focus will be further enhanced as we finalize our settlement agreement with Photon Control R&D ("R&D") and integrate their staff into our operations over the next few weeks." Photon Control also announces that it has been informed by the shareholders who requisitioned and called a General Meeting of Shareholders scheduled for May 3, 2017 (as announced in their press release dated March 27, 2017) that such General Meeting has been cancelled and will not be held. A date for the Company's Annual General Meeting and record date for notice of and voting at such meeting will be announced by Photon Control in due course. "Photon Control is a great company with an exceptional team of people and industry leading customers. The Company has many opportunities to profitably grow in its existing market and in adjacent industries. I look forward to working with Paul and Yuri along with the Photon Control and R&D teams to achieve these goals." said Scott Edmonds. Biographies follow: Chuck Cargile, Board Director Scott Edmonds, President and CEO, Board Director Paul Hellebrekers, Chief Operating Officer Dr. Yuri Sikorski Vice President Solutions Engineering About Photon Control Inc. Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors & instruments to measure temperature, pressure, position, and flow. These products are used by original equipment manufacturers (OEM) as well as end-users in the Semiconductor, Oil and Gas, Power, Life Science, and Manufacturing industries. Photon Control's products provide high accuracy and reliability in extreme conditions and are supported by a team of experts that offer onsite installation, training, and support. Photon Control Inc. also provides engineering services for customized optical measurement systems. Headquartered in an ISO 9001:2008 manufacturing facility in Burnaby, BC, Photon Control Inc. is listed on the TSX Venture Exchange, trading under the symbol ''PHO". For additional information about the company, please visit www.photon-control.com/investorrelations.html. Forward-Looking Statements These forward-looking statements are based on certain factors and assumptions, including, without limitation, the Company's ability to successfully transition management and board transitions; the Company's ability to successfully complete new purchase orders along the timelines expected; continued and future demand for the Company's products; continued sales to the Company's major customers; the continued financial health of the semiconductor industry; and the Company's ability to continue and further enhance revenue diversification and open new market opportunities. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, uncertainties in the availability and cost of financing for the Company to enable the Company to achieve its goals; uncertainties relating to the market for the Company's products and maintaining a stable level of orders; fluctuations in revenue as a result of volatility in the markets and product mix; risks relating to the Company's present reliance on four major customers for the majority of its sales; risks relating to the Company's reliance on the financial health of the semiconductor industry; risks relating to the development of competing technologies and the possibility of increased competition; the effect of slow growth in the United States, the Company's principal market, as well as in Canada and other economies generally and other economic trends and conditions in the markets that the Company and its customers serve; risks associated with technical difficulties or delays in product introductions, improvements, implementation; uncertainties in product pricing or other initiatives of the Company and its competitors; uncertainties in factors that may result in a reduction in capital expenditures and/or delayed buying decisions affecting demand for the Company's products; risks relating to currency fluctuations, particularly between the Canadian and United States dollars; and risks in pursuing additional development projects to support existing customers or pursue other business opportunities. The foregoing assumptions, risks and uncertainties are not exhaustive of the items that may affect our forward-looking statements. Should underlying assumptions prove to be incorrect or one or more of these risks and uncertainties materialize, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements included herein if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law. Neither 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. |