SALEM, N.H., Nov. 8, 2010 (GLOBE NEWSWIRE) -- ProPhotonix Limited, formerly StockerYale, Inc. (Pink Sheets:STKR), a designer and manufacturer of LED arrays and light engines, produces laser modules and distributes laser diodes for industrial OEMs, medical and defense markets, today announces that its two subsidiaries, StockerYale and Photonic Products, will now trade under the ProPhotonix Limited name and the re-launch of its new corporate website, .
The newly adopted name and united website reflects the Company's focus on optics technology for LED and Laser Systems, Linescan Illumination and Laser Diodes and unites the strengths and expertise of the two subsidiaries.
ProPhotonix' forward looking strategy is to capitalize on its reputation, knowledge and proprietary technology in the LED light engine and diode-based laser space. LED technology, based on high levels of energy efficiency when compared to alternative lighting sources, such as incandescent, fluorescent and high pressure sodium, represents a large market opportunity for our LED technology over the next five years. According to Strategies Unlimited, LED lighting represents less than 3% of the approximate $100 billion global lighting fixture market and is expected to increase significantly due to new government regulatory policies, improved energy efficiency and businesses' desire to enhance their "green" credentials. Leveraging its core technology and know-how the Company intends to penetrate this market by providing LED components into the architectural, commercial and industrial light fixture industry, which is currently estimated to be worth approximately $1.5 billion and forecasted to double by 2012.
ProPhotonix' website which was re-launched today reflects the new brand and business strategy. In addition, the Company will be publicizing the new name and promoting its next generation of machine vision products at the Stuttgart Vision show on the 9-11 November 2010: .
Mark W. Blodgett, Chairman and CEO of ProPhotonix, commented: "Following the re-naming of StockerYale Inc. to ProPhotonix Limited earlier this year, the next logical step was for the StockerYale and Photonic Products subsidiaries to adopt the new brand which now represents the Group's full range of expertise and world leading products under one international brand name."
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 and medical equipment companies. In addition, the Company distributes premium diodes for Opnext, Sanyo and 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 .
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.
CONTACT: ProPhotonix Mark W. Blodgett, CEO +1 (603) 893-8778 IRInfo@ProPhotonix.com Hansard Communications Kirsty Corcoran John Bick +44 (0) 20 7245 1100 ProPhotonix@hansardcomms.com