Zecotek Photonics Inc ZMSPF

Petscan Technology Officially Gone Now?

[Pandora]

 

Zecotek closes sale of subsidiary to Wang Holding

 

2020-11-26 12:24 ET - News Release

 

Mr. Sergei Tsakunov reports

ZECOTEK PHOTONICS INC. ANNOUNCES COMPLETION OF SALE OF SUBSIDIARY

Zecotek Photonics Inc., further to its news releases dated July 31, 2020, and Oct. 21, 2020, has completed the sale of all of the issued and outstanding shares of the company's wholly owned subsidiary, Zecotek Photonics Singapore Pte. Ltd., to Wang Holding Corp. In consideration for the disposition, Wang Holding has released the company from its obligation to repay $5,983,000 to Wang Holding for advances previously provided, and Wang Holding provided an additional $550,000 (U.S.) to the company, which payment was previously made.

The company received shareholder approval for the disposition at the company's meeting of shareholders held on Oct. 16, 2020. The company also obtained a fairness opinion addressed to the company's special committee confirming that the disposition is fair from a financial point of view to the company's shareholders.

The disposition is part of the company's overall strategy toward improving its financial position in connection with its proposed restructuring. Completion of the disposition is a condition of closing the transaction with EquineX North America Corp., as announced in the company's news release dated Oct. 14, 2020.

We seek Safe Harbor.

© 2020 Canjex Publishing Ltd. All rights reserved.

[Pandora]

What is the real story? Was Faouzi's decision to move everything into China the biggest mistake he ever made in building his dream technolgies and company or is what we see from this side of the fence just a mirage and he has capitalized on the whole conversion. It would be interesting to know the whole story but we will never hear it. In the meantime we are now out of petscans and auto

[Pandora]

https://www.taalinnovationadvisors.com/wp-content/uploads/2019/12/EQX-NA-Executive-Summary-December-30th-2019.pdf

[Teclis]

Thanks Pandora for sharing ... one question were the patents for all things in this sold division or potentially only the crystal and the facility? Nevermind Iam happy they found something in NA and not Asia and this horse system is scalable to med tech projects also so at least a transparent market they in and a growing or high margin IT stuff... dont get me wrong I dont think that its worth

[Pandora]

Faouzi always bragged about his patent portfolio and it was listed in all of the MD&A's. I assume it was sold along with all of the rest of the technology. As to whether that gave him a separate return or not or whether he remains as the holder of the base patents I don't know but would not be surprised to learn he still has a finger in the pie so to speak. Wonder how long it will be

[Pandora]

  Zecotek Photonics subsidiary sale to Wang Holding   2020-11-30 21:41 ET - Property Agreement   The TSX Venture Exchange has accepted for filing a share purchase agreement dated Aug. 31, 2020, between Zecotek Photonics Inc. and Wang Holding Corp. (WHC), pursuant to which WHC has agreed to purchase all of the issued and outstanding shares of the company's wholly owned

[savyroller]

 Yes it is a convoluted mess from the get go. We have been duped out of our money and we can only speculate that some one came out doing just fine. When this horse show venture tanks, he can simply say, sorry we just got bucked off.