Fondren and JEC Capital Terminate Agreement Regarding Common Shares of Photon Control Inc.

HOUSTON, TEXAS--(Marketwired - Nov. 4, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

BLR Partners LP ("BLR Partners"), BLRPart, LP ("BLRPart GP"), BLRGP Inc. ("BLRGP"), Fondren Management, LP ("Fondren Management"), FMLP Inc. ("FMLP"), The Radoff Family Foundation ("Radoff Foundation") and Bradley L. Radoff (together with BLR Partners, BLRPart GP, BLRGP, Fondren Management, FMLP and Radoff Foundation, "Fondren") of 1177 West Loop South, Suite 1625, Houston, Texas 77027, and JEC II Associates, LLC ("JEC II Associates"), JEC Capital Partners, LLC ("JEC Capital") and K. Peter Heiland of 68 Mazzeo Drive, Randolph, Massachusetts 02368 (together with JEC II Associates and JEC Capital, "JEC" and together with Fondren, the "Acquirors") have terminated their agreement dated October 12, 2016 (the "Group Agreement") in connection with their respective holdings of common shares (the "Shares") of Photon Control Inc. ("Photon"), Suite 200, 8363 Lougheed Highway, Burnaby, British Columbia, V5A 1X3.

The requirement to issue this press release was triggered by the termination of the Group Agreement. As a result of the termination of the Group Agreement, the holdings of Fondren and JEC, calculated individually, have decreased to less than 10% of the outstanding Shares of Photon.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Photon is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with Photon's documents on the System for Electronic Document Analysis and Retrieval (www.SEDAR.com) and may also be obtained by contacting Greg Lempel of Fondren Management at 713-482-2196. The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.