POET Technologies Provides Highlights from Annual General and Special Meeting
28 August 2020 - 1:00PM
POET Technologies Inc. (“
POET” or the
“
Company”) (TSX Venture: PTK; OTCQX: POETF), the
designer and developer of the POET Optical Interposer™ and Photonic
Integrated Circuits (PICs) for the data center and
tele-communication markets, provided shareholders an update on the
Company’s business, technology and product development activities
during its Annual General and Special Meeting (the ”Meeting” or
“AGSM”), which was held virtually on Wednesday, August 26, 2020.
The Company’s Controller and Treasurer, Kevin
Barnes, delivered customary introductions and the call to order,
and POET’s Lead Director, Peter Charbonneau, conducted the formal
business of the Meeting, which included the approval of all
proposals outlined in the Company’s management information circular
and voting material sent to the shareholders.
After completing the formal business of the
Meeting, the Company’s Chief Executive Officer, Dr. Suresh
Venkatesan, presented POET’s vision for becoming a global leader in
chip-scale integrated photonics by deploying the Company’s Optical
Interposer technology across a broad range of applications. Dr.
Venkatesan’s presentation featured the competitive differentiation
of the POET Optical Interposer as a unique photonic hybrid
integration platform, with multiple applications in cloud data
centers, artificial intelligence and 5G communications. Vivek
Rajgarhia, the Company’s President & General Manager, then
outlined the Company’s strategy and its active transition from
technology to product development. His presentation highlighted the
Company’s product road map and four distinctive products, each of
which are being driven by specific customer engagements. Rajgarhia
also discussed the rationale behind the Company’s $50 million joint
venture announcement with Xiamen Sanan Integrated Circuit Co. Ltd.,
a wholly owned subsidiary of the world’s largest producer of
compound semiconductor wafers and emphasized how the proposed joint
venture provided important credence and endorsement of the POET
Optical Interposer Platform.
The presentations were followed by a Q&A
session. The slides presented at the Meeting along with a webcast
replay can be accessed in the Investor Relations section of POET’s
website at: https://poet-technologies.com/agm/agm2020.html.
Highlights from the Business
Update
- Focus on differentiation with a
unifying photonics hybrid integration platform;
- Completed designs of POET’s
100G/200G optical engines, 400G multiplexed light bars, and 400G
receivers;
- Expanding IP portfolio with new
patent applications, which include self-alignment features for
effective passive alignment of both active die and micro-optics
needed for 5G applications, and athermal external cavity lasers for
co-packaged optics applications ;
- Exponential data growth from cloud
computing creates need for more bandwidth, driving increased data
center infrastructure spending and the need for the POET optical
engines;
- Scalable platform solutions enable
transition from 100G to 200G to 400G with minimal incremental
investment;
- Platform allows rapid product
roll-out over the next 4 quarters, including 100/200G CWDM4 optical
engines, 400G light engines, 400G FR4 receivers, 400G FR4/DR
optical engines;
- LOI signed for $50 million proposed
JV with the world’s largest producer of compound semiconductor
wafers, and a completed definitive agreement expected in Q3
2020.
AGSM ResultsAt the AGSM,
shareholders of the Company approved the following proposals:
- Re-election of the current directors, with no director
receiving less than 82% of the votes cast;
- Re-appointment of Marcum LLP as the Company’s Auditors;
and
- Amendment of the Company’s stock option plan to increase the
number of stock options available for grant under the plan to
58,538,554
About POET Technologies
Inc.POET Technologies is a design and development company
offering integration solutions based on the POET Optical
Interposer™ a novel platform that allows the seamless integration
of electronic and photonic devices into a single multi-chip module
using advanced wafer-level semiconductor manufacturing techniques
and packaging methods. POET’s Optical Interposer eliminates costly
components and labor-intensive assembly, alignment, burn-in and
testing methods employed in conventional photonics. The
cost-efficient integration scheme and scalability of the POET
Optical Interposer brings value to any device or system that
integrates electronics and photonics, including some of the highest
growth areas of computing, such as Artificial Intelligence (AI),
the Internet of Things (IoT), autonomous vehicles and high-speed
networking for cloud service providers and data centers. POET is
headquartered in Toronto, with operations in Allentown, PA and
Singapore. More information may be obtained at
www.poet-technologies.com.
Shareholder Contact:Shelton GroupBrett L.
Perrysheltonir@sheltongroup.com |
Company Contact:Thomas R. Mika, EVP &
CFOtm@poet-technologies.com |
This news release contains “forward-looking
information” (within the meaning of applicable Canadian securities
laws) and “forward-looking statements” (within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995). Such
statements or information are identified with words such as
“anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”,
“estimate”, “propose”, “project”, “outlook”, “foresee” or similar
words suggesting future outcomes or statements regarding any
potential outcome. Such statements include the Company’s
expectations with respect to the success of the Company’s product
development efforts, the expected results of its operations,
meeting revenue targets, and the expectation of continued success
in the financing efforts, the capability, functionality,
performance and cost of the Company’s technology as well as the
market acceptance, inclusion and timing of the Company’s technology
in current and future products.
Such forward-looking information or statements
are based on a number of risks, uncertainties and assumptions which
may cause actual results or other expectations to differ materially
from those anticipated and which may prove to be incorrect.
Assumptions have been made regarding, among other things,
management’s expectations regarding the success and timing for
completion of its development efforts, financing activities, future
growth, the form and potential of its planned joint venture, if
approved, plans for and completion of projects by the Company’s
third-party consultants, contractors and partners, availability of
capital, and the necessity to incur capital and other expenditures.
Actual results could differ materially due to a number of factors,
including, without limitation, operational risks in the completion
of the Company’s anticipated projects, a delay or abandonment of
its planned joint venture, delays or changes in plans with respect
to the development of the Company’s anticipated projects by the
Company’s third-party relationships, risks affecting the Company’s
ability to execute projects, the ability of the Company to generate
sales for its products, the ability to attract key personnel, and
the ability to raise additional capital. Although the Company
believes that the expectations reflected in the forward-looking
information or statements are reasonable, prospective investors in
the Company’s securities should not place undue reliance on
forward-looking statements because the Company can provide no
assurance that such expectations will prove to be correct.
Forward-looking information and statements contained in this news
release are as of the date of this news release and the Company
assumes no obligation to update or revise this forward-looking
information and statements except as required by law.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.120
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