Zecotek Photonics Inc. (Zecotek), a surgical and diagnostic imaging company, has received grant payments from the Malaysian Industrial Development Authority and the Singapore Economic Development Board (EDB). The Malaysian Industrial Development Authority (MIDA) incentive grants come as a product of Zecotek’s relationship with the Malaysian Institute for Micro-electronics Systems (MIMOS) to complete the development of the manufacturing process of its MAPD photo detectors.
“We are pleased to receive such recognition and endorsement from the Malaysian Industrial Development Authority for our technology and its market potential,” said A.F. Zerrouk, chairman, president, and chief executive officer of Zecotek. “We have been working closely with the Malaysian Institute for Micro-electronics Systems for some time and we are happy with the levels of cooperation and flexibility they have shown in meeting our MAPD detector development requirements. We look forward to the continuing support from the Governments of Malaysia and Singapore as we strengthen our capabilities in the region.”
MIDA offer grants and incentives to companies establishing technology development and manufacturing capabilities in the country. Zecotek has worked closely with MIDA and will receive matching grants for research and development and staff training, full tax exemption on statutory income for a period of ten years, and withholding tax exemption for royalties and licenses to non-residents and expatriate posts as required. MIDA requires specific levels of capital investment and production work to be carried out within Malaysia and that the terms of the agreement remain confidential. MIDA’s continued support will assist Zecotek in expanding its imaging program within Malaysia and provides the Company with an economic advantage as Zecotek establishes a leadership position in new solid-state photo-detector technologies.
Zecotek also received another grant payment under the previously announced Government of Singapore Economic Development Board’s (EDB) Research Incentive Scheme for Companies. This third payment covers a portion of Zecotek’s operational expenses in research and development and under the terms of the agreement, grant details remain confidential.