SALEM, N.H., June 23, 2010 (GLOBE NEWSWIRE) -- StockerYale, Inc. (Pink Sheets: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 uniqueLED 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.
About ProPhotonix Limited
ProPhotonix Limited, headquartered in Salem, New Hampshire, is an independent designer and manufacturer of diode-based laser modules and LED systems for industry leading OEMs. In addition, the Company distributes premium diodes for Opnext, Sanyo & Sony. The Company serves a wide range of markets including the machine vision, industrial inspection, defense, sensors, and medical markets. ProPhotonix has offices and subsidiaries in the U.S., Ireland, and Europe. For more information about ProPhotonix and its innovative products, visit the Company's web site at www.prophotonix.com
SAFE HARBOR STATEMENT
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. All statements other than statements of historical fact, including without limitation, those with respect to ProPhotonix' goals, plans 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: uncertainty that cash balances may not be sufficient to allow ProPhotonix to meet all of its business goals; uncertainty that ProPhotonix' new products will gain market acceptance; the risk that delays and unanticipated expenses in developing new products could delay the commercial release of those products and affect revenue estimates; the risk that one of our competitors could develop and bring to market a technology that is superior to those products that we are currently developing; and ProPhotonix' ability to capitalize on its significant research and development efforts by successfully marketing those products that the Company develops. Forward-looking statements represent management's current expectations and are inherently uncertain. All Company, brand, and product names are trademarks or registered trademarks of their respective holders. ProPhotonix undertakes no duty to update any of these forward-looking statements.