Date Announced: 23 Jun 2010
Salem NH, USA - June 23, 2010 – StockerYale, Inc. (Pink Sheet OTC: STKR), the designer and manufacturer of LED systems and diode-based laser modules for industry leading OEMs, today announces its change of name to ProPhotonix Limited, with immediate effect. The name change is to reflect the Company’s track record for innovations in optics technology for both LED systems and diode-based lasers. In accordance with the change of name the Company’s ticker will be changed in due course.
“Following last year’s sale of the Company’s North American operations combined with our increased focus on leveraging our LED technology into new, much larger markets not previously addressed by the Company, we believe adopting a new name and brand identity is a logical next step in our growth strategy,” said Mark W. Blodgett, Chairman and CEO of ProPhotonix.
“The new name gives customers, suppliers, and investors a clearer definition of what we do and the direction we intend to pursue. While the StockerYale brand is well known in the machine vision industry, it does not clearly reflect that we are a technology company, developing and manufacturing unique LED and laser module products for the medical, defense and industrial markets.”
ProPhotonix Future Growth Strategy:
* To leverage its chip-on-board LED technology to develop a range of new products (such as LED light engines) to address large, growing markets in the medical and illumination sectors. This includes architectural, entertainment and industrial lighting. Recent data suggests the market opportunity for LEDs in general illumination is forecast to grow rapidly over the next five years. Worldwide energy efficiency targets and government mandates are driving expectation that LEDs will capture a fast increasing percentage of the illumination fixture market (approximately $100 billion in 2009). ProPhotonix is focused on niche segments in this broad market where it believes its technology will provide a compelling value proposition to prospective customers.
* To continue to strengthen its position in the machine vision market. The Company is in the final development stages for the commercial launch of InViso™, its new line of diode based lasers. The line was designed from the ground up and contains features to streamline installation and alignment. The Company believes that InViso™ will set a new machine vision industry standard for structured light lasers.
* To look for opportunities to make strategic acquisitions and to form joint ventures in the LED space.
Web Site: www.stockeryale.com/