SAN JOSE, Calif., February 3, 2020 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the”Company”) (OTCQX: POETF; TSX Venture: PTK), the designer and developer of the POET Optical Interposer and Photonic Integrated Circuits (PICs) for the information center and also telecommunication markets, today announced upgrades related to numerous recent developments across the Company.
As mentioned previously, the POET obtained requests in 2018 from the customer to present the initial device prototypes of its Optical Interposer system to address specific integration requirements below a paid advancement application.
In its Annual General Assembly in September, the business revealed that it had completed all of the eight-step projects and that it expected to finish the last milestone by the end of 2019.
POET recently completed this final deliverable and is currently engaged in follow-on discussions targeted at goods to be made, capable, and incorporated into the client’s product portfolio.
“The low loss coupling of light in the laser into our waveguides (which can be additionally configurable as Coarse Wavelength Division Multiplexing (CWDM) multiplexers or de-multiplexers) through passive wafer-scale positioning techniques and then into fiber illustrates the complete performance of the Optical Interposer platform technologies.
“With optical losses at a fraction of that of different materials, our waveguides and filters allow the fabrication, assembly, and testing of integrated optical engines at wafer-scale, providing maximum flexibility over a wide variety of applications, from datacom to co-packaged optics.”
Additionally, the Company provided an update concerning the remaining payments about the sale of its Singapore-based subsidiary, DenseLight. POET negotiated a delay in the repayment schedule from the purchaser, due in part to an unrelated third-party expressing interest in acquiring DenseLight in late December.
The payment of Tranche 1 that occurred in November moved a 30 percent interest in DenseLight to the Buyer, together with the remaining 70 percent moving into escrow. Over the past several weeks, POET negotiated together with the Buyer to divide Tranche 2 into two components, with 2a because at the end of January and also 2b because at the end of February.
The Tranche 2a charge of US$4.75 million will commence the move of an additional 19 percent of DenseLight shares from escrow to the Buyer (bringing the total to 49%), whereas the 2b payment of US$8.25 million will transfer an additional 32 percent (for a total of 81%).
The closing Tranche 3 charge of US$5 million for the remaining 19 percent is expected by the end of May. The unrelated third party is still in confidential talks with all parties to take part in the present transaction.
As stated by this coronavirus outbreak, the PRC government has extended the Lunar New Year holiday to February 2 (February 9 at Shanghai), leading to the closure of government offices.
Once reopened and final acceptance is received to your Overseas Direct Investment (ODI) software previously penalized, POET anticipates immediate disbursement of the 2a payment. Receipt of the 2b payment is expected to be delayed beyond February as a result of extended holiday disruption of this ODI program process.