SALEM, N.H, and SAN JOSE, Calif., Jan. 26, 2009 (GLOBE NEWSWIRE) -- StockerYale, Inc. (Nasdaq:STKR), a leading designer and manufacturer of structured light lasers, LED modules and specialty optical assemblies for industrial OEMs, medical and defense markets, announced today at the opening of SPIE Photonics West 2009 that its specialty optical fibers (SOF) division is expanding its current business development strategy to further capture market share in key industrial, defense, telecom and medical verticals. The strategy, which leverages SOF's technical expertise, has been solidified with recent business development successes with Boston Scientific Corporation, and with on-going fiber component and fiber laser initiatives with current SOF customers.
"As we actively pursue higher value projects in our select verticals, our SOF unit has transformed from a components provider to a custom manufacturer of unique fiber-centric assemblies and devices, and we become a highly valued partner with positive implications for higher dollar value and gross margin contracts," stated Mark W. Blodgett, Chairman and CEO of StockerYale. "The expanded strategy leverages our SOF expertise to move beyond fiber alone, to help customers design or manufacture every solution that contains and utilizes fiber. In doing so, customers can rely on our expertise and efficiency in fiber, enabling them to achieve significant improvements in performance, reliability and product prototyping. We also enable solutions for their fiber-based systems including solving performance and integration complexities, achieving rapid design and prototyping, and sourcing completed modular and system products. At the same time, we intend to focus our offering on high value custom fibers, such as those used in minimally invasive medical procedures."
Mr. Blodgett continued, "We have demonstrated success in leveraging our technical expertise and leading products in laser and optical assemblies, LED systems and specialty optical fiber for entry into key, faster-growing markets. In fiscal 2008, we successfully applied this strategy in order to expand sales to the medical instrumentation markets. Now, we seek to accelerate our success in SOF during fiscal 2009 and beyond. As the last major independent SOF manufacturer in a market with high barriers to entry and growing at an expected CAGR of approximately 50% last year, StockerYale is uniquely positioned to deepen penetration of key SOF verticals and expand into new, high growth and high margin markets."
As part of its SOF strategy, StockerYale introduced a new thulium-doped optical fiber product for fiber lasers in June 2008. The product represents an expansion of the company's product offering into one of the fastest growing and highest potential areas for fiber lasers and positions the Company to further penetrate key military and medical verticals. The Company also acquired Spectrode LLC (Spectrode) in October 2007 to enhance strategic SOF initiatives. Leveraging Spectrode's intellectual property for pulsed fiber laser technology, StockerYale subsequently secured new, classified development projects.
SPIE Photonics West 2009:
Please visit StockerYale's booth (#1621) at Photonics West 2009, January 24-29th at the San Jose Convention Center in San Jose, CA. Registration can be found here: http://spie.org/photonics-west.xml.
About StockerYale
StockerYale, Inc., headquartered in Salem, New Hampshire, is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical devices 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 release contains forward-looking statements. All statements other than statements of historical fact, including without limitation, those with respect to StockerYale's goals, plans, expectations 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: StockerYale's success, including its ability to improve its cash position, expand its operations and revenues, lower its costs, improve its gross margins, become and sustain profitability, reach its long-term objectives and operate optimally, depends on its ability to execute on its business strategy and the continued and increased demand for and market acceptance of its services; global economic conditions, especially as a result of the recent global economic crisis and its impact on the technology and medical industries; demand for our customers' products; StockerYale's management may face strain on managerial and operational resources as they try to oversee the expanded operations; StockerYale may not be able to expand its operations in accordance with its business strategy; StockerYale's cash balances may not be sufficient to allow StockerYale to meet all of its business and investment goals; StockerYale may experience difficulties integrating technologies, operations and personnel in accordance with its business strategy; StockerYale derives a significant portion of its revenue from a small number of customers and the loss of any of those customers could significantly damage StockerYale's financial condition and results of operations; StockerYale frequently sells to its customers on a purchase order basis rather than pursuant to contracts with minimum purchase requirements, and therefore its sales and the amount of projected revenue that is actually realized are subject to demand variability; risks inherent with conducting international operations; and increased competition and technological changes in the markets in which StockerYale' competes. For a detailed discussion of cautionary statements that may affect StockerYale's future results of operations and financial results, please refer to StockerYale's filings with the Securities and Exchange Commission, including StockerYale's most recent Annual Report on Form 10-KSB and Quarterly Reports on Form 10-Q. Forward-looking statements represent management's current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us.