POET Technologies Files Its Interim Financial Statements and MD&A for the 6 Months Ended June 30, 2015
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TORONTO, ONTARIO and SAN JOSE, CALIFORNIA and STORRS, CONNECTICUT--(Marketwired - Aug 12, 2015) - POET Technologies Inc. (the "Company") (TSX VENTURE:PTK)(POETF) - developer of the planar opto-electronic technology ("POET") platform for monolithic fabrication of integrated circuit devices containing both electronic and optical elements on a single semiconductor wafer, wishes to announce that it has filed today its interim financial statements and MD&A for the six month period ended June 30, 2015. The documents were approved by the Board of Directors (the "Board") at its meeting held on August 10, 2015. At the meeting, the directors were presented with reports from Dr. Suresh Venkatesan, the Company's new Chief Executive Officer, and Dr. Subhash Deshmukh, the Company's new Chief Operating Officer. They have been working extremely diligently since their recent appointment to develop a new plan in furtherance of the Company's transition from lab-to-fab. The directors were extremely pleased with the early positive progress reported by the new management team. As pointed out in the MD&A:
"With an immediate view to commercialization, the Company has continued to develop the base process technology necessary to build the complete suite of optoelectronics devices. The new management team is focused on exploiting existing high growth markets where the disruptive power of the POET platform IP provides competitive differentiation."
POET initiates commercialization process of its differentiated technology
The core source of technology differentiation has been validated in the laboratory at the University of Connecticut, and with that the Company is positioning itself to take its technology to the commercialization phase. The Company has, for the first time, engaged commercial epitaxial wafer suppliers in providing wafers with the unique and proprietary POET epitaxial stack. While comprehensive discussions are underway with a number of potential foundry and epitaxial wafer partners, we have recently signed memorandums of understanding with some of these companies and expect to continue this process. This should accelerate the lab-fab transition, utilizing state of the art processes that position the Company for success in defined commercial markets. "We are pleased to be working with well-established companies as both our foundry partners and as suppliers of our proprietary epitaxial wafers," said Dr. Venkatesan. "We are focused on monetizing the technology in existing and proven high growth markets where the disruptive technology innovations will provide a relevant and sustained source of competitive differentiation. We will be communicating the vision, objectives and accelerated drive to product realization around the end of September."
Dr. Taylor's revised role at POET Technologies to accelerate development of new technology and product applications
Dr. Geoff Taylor, the Company's Chief Scientist, has realigned his role in the Company. Dr. Taylor has resigned as a director and has entered into a new consulting contract to provide the Company with technical and analytic support on the development of the POET integrated circuit technology platform and its initial products.
"I am thankful to the Board of Directors for its support. I am looking forward to concentrating on my primary mission, the uplifting of POET to a mainstream integrated circuit technology. To this end I will be providing technical input to the Board in the development and expansion of the POET IP platform," said Dr. Taylor. "Our CEO, Dr. Venkatesan, has joined the Board and has provided new meaningful and exciting ideas for the deployment of our technology. I will continue to advise the Board and liaise with Suresh on both technology improvement and implementation in new areas of focus. Both Suresh and I are increasingly convinced about the potential and applications of the disruptive POET platform as we set our sights towards commercialization. Transitioning Board responsibilities to Suresh, allows me to spend more time working on new technology and product applications."
"Dr. Taylor's innovations and keen insights that have culminated in the POET technology platform, promise to enable disruptions in cost and power over incumbent solutions. I would like to thank Geoff on behalf of the Board for his contributions over the years," said Dr. Venkatesan. "I look forward to continuing to work with Geoff as we incorporate the technology into products. He will continue to be an active contributor to the development of the technology and products and will be the Chief Technical advisor to and prime source of innovation for the management team."