VANCOUVER, British Columbia, March 29, 2021 (GLOBE NEWSWIRE) — Photon Control Inc. (“Photon Control” or the “Company”) (TSX: PHO), a leading manufacturer of fiber optic measurement solutions, is pleased to announce its recently acquired business, Micronor LLC (“Micronor”), was recognized for its critical contribution to the International Thermonuclear Experimental Reactor (“ITER”), one of the most ambitious energy projects in the world today. The project aims to demonstrate magnetic fusion as a large scale and carbon-free source of energy to advance the science for future fusion power plants. Micronor is one of the many technology companies collaborating with Fusion For Energy (F4E), the European Union organization managing Europe’s contribution to ITER.
Micronor’s innovative technology and engineering expertise was required to develop an optical encoder solution beyond industry standards to measure accurate position in extreme conditions, enabling precise inspection of the ITER vacuum vessel using the In-Vessel Viewing System (IVVS).
“Micronor encoders record two of the three dimensions of the mapping of the ITER components, meaning they are key to the performance of the system. F4E has been hugely impressed by the in-depth technological expertise of the Micronor team, and their willingness to push beyond the minimum performance requirements. We look forward to integration of the encoders in a full-scale prototype in the coming months,” said the F4E team.
“We are very proud of being part of this ambitious endeavor,” said Robert Rickenbach, Chief Engineering at Micronor. “Though it is a small piece in the puzzle, being able to support such an important project with our unique technology acquired over two decades of hard work and dedication is extremely fulfilling.”
Micronor’s contribution to the project is highlighted in the March 17, 2021 news release by F4E.
About Micronor LLC
Micronor LLC (www.micronor.com) is a Photon Control company located in Camarillo, California. MICRONOR Inc. was founded in 2003 by Robert Rickenbach and Dennis Horwitz with the sole intention of solving the intricate problem of sensing motion by utilizing only light. This unique technological approach allows for the tracking and measurement of movements in environments where electrical sensors cannot otherwise function. Photon Control acquired the assets of the company and formed Micronor LLC in April 2020.
https://micronor.com/
About ITER
In 2006, seven parties signed an agreement establishing the ITER Organization. This one-of-a-kind scientific collaboration dates back to 1985. Premier Gorbachev (former Soviet Union), following discussions with President Mitterrand (France), proposed to President Reagan (United States) that an international project be set up to develop fusion energy for peaceful purposes. At that time, the Soviet Union, the United States, the European Union and Japan formed the parties that agreed to work together. The first design was completed in 2001. China, the Republic of Korea, and later on, India joined the project. On 24 October, 2007, they signed an international agreement to build ITER. Today, 35 nations are collaborating to build the world’s largest tokamak, a magnetic fusion device designed to prove the feasibility of fusion energy.
https://www.iter.org/
About Fusion For Energy
Fusion For Energy (F4E) is the European Union’s organization for Europe’s contribution to ITER. One of the main tasks of F4E is to work together with European industry, SMEs and research organizations to develop and provide a wide range of high technology components together with engineering, maintenance and support services for the ITER project. F4E supports fusion R&D initiatives through the Broader Approach Agreement signed with Japan and prepares for the construction of demonstration fusion reactors (DEMO).
https://www.fusionforenergy.europa.eu/
About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors and systems to measure temperature and position. These products improve performance and enable innovation for our customers and are used in the semiconductor and other high-technology industries. Photon Control Inc.’s high-quality products provide industry-leading accuracy, reliability and quality in the most extreme conditions and are backed by a team of experts providing a variety of on-site and remote services including custom design, installation, training and support. The Company is headquartered in an ISO 9001:2015 manufacturing facility in Vancouver, BC, has manufacturing, sales and engineering offices in California and a sales distribution network around the globe. Photon Control Inc. is listed on TSX, trading under the symbol “PHO”. Additional information about the company can be found at
https://www.photoncontrol.com/investors/
Investor Relations Contact:
IR@photoncontrol.com
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “could”, “would”, “should”, “might”, “expect”, “estimate”, “anticipate”, “intend”, “consider”, “believe”, “plan”, “project”, “assume”, “strategy”, “goals”, “objectives”, “potential”, “possible”, “confident” or “continue” or the negative thereof or similar variations. Such forward-looking statements concern the business and anticipated financial performance of the Company and include, without limitation, the Company’s growth outlook.
These forward-looking statements are based on certain factors and assumptions, including, without limitation: the Company’s ability to develop, manufacture and sell new products that meet the needs of its customers and gain commercial acceptance; the Company’s ability to continue to sell its products in line with expected quantity, price and delivery times; the Company’s ability to attract new business; continued and future demand for the Company’s products; continued sales to the Company’s major customers; the Company’s operations not being adversely affected by supply, operating, cyber security, litigation or regulatory risks; the Company’s ability to react to the cyclical nature of the semiconductor industry; the Company’s ability to enhance revenue diversification and open new market opportunities; and, the Company’s expectations regarding market risk, including interest rate changes, tax changes and foreign currency fluctuations.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: uncertainties relating to the market for the Company’s products and maintaining a stable level of orders; fluctuations in revenue as a result of volatility in the markets and product mix; risks relating to the Company’s present reliance on its major customers for the majority of its sales; risks relating to the Company’s reliance on the financial health of and timing of cycles in the semiconductor industry; risks relating to the development of competing technologies and the possibility of increased competition; the effect of slow growth in the United States, the Company’s principal market, as well as other economies and other economic trends and conditions in the markets that the Company and its customers serve; risks associated with the spread of the COVID-19 virus; risks associated with the adverse impact of climate change; risks associated with technical difficulties or delays in product introductions, improvements, implementation; uncertainties in product pricing or other initiatives of the Company and its competitors; uncertainties in factors that may result in a reduction in capital expenditures and/or delayed buying decisions affecting demand for the Company’s products; risks relating to currency fluctuations, particularly between the Canadian and United States dollars; risks in pursuing additional development projects to support existing customers or pursue other business opportunities; and such other risks as are identified in the Company’s Annual Information Form and other disclosure documents filed on SEDAR at www.sedar.com.
The foregoing assumptions, risks and uncertainties are not exhaustive of the items that may affect our forward-looking statements. Should underlying assumptions prove to be incorrect or one or more of these risks and uncertainties materialize, actual results may vary materially from those described in the forward-looking statements. The Company’s forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made.
For the reasons set forth above, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements included herein if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
