StockerYale, Inc. Announces Multi-Million Dollar Supply Agreement With Boston Scientific Corporation
The signing of the Agreement follows a period of intense collaborative efforts by both parties to develop a higher-performance family of unique optical assembly products, with each company leveraging its proven technical and application expertise. StockerYale's unique expertise in optical assembly design created an assembly with significant improvements in performance and reliability. Production will commence this quarter at StockerYale's Salem, NH manufacturing facility.
``This Agreement clearly underscores the execution of our strategy to leverage core intellectual property and technical expertise and apply it to faster-growing markets; and in this circumstance, our continued focus and penetration of the medical/bio-instrumentation market,'' stated Mark W. Blodgett, Chairman & CEO of StockerYale, Inc. ``Furthermore, this contract represents an important milestone for StockerYale, reinforcing the capabilities of our specialty optical assembly business, of which we are the one of the last remaining, independent providers. We are currently working on several other projects with Boston Scientific and look forward to a long and mutually beneficial relationship.''
About StockerYale, Inc.
StockerYale, Inc., headquartered in Salem, New Hampshire, is an independent designer and manufacturer of structured light lasers, LED modules, and specialty optical devices for industry leading OEMs. In addition, the company manufactures fluorescent lighting products and phase masks. The Company serves a wide range of markets including the machine vision, industrial inspection, defense, telecommunication, sensors, and medical markets. StockerYale has offices and subsidiaries in the U.S., Canada, and Europe. For more information about StockerYale and their innovative products, visit the Company's web site at http://www.stockeryale.com
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: http://www.bostonscientific.com/.
Safe Harbor Statement
This release contains forward-looking statements. All statements other than statements of historical fact, including without limitation, those with respect to StockerYale's goals, plans, expectations 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: StockerYale's success, including its ability to improve its cash position, expand its operations and revenues, lower its costs, improve its gross margins, become and sustain profitability, reach its long-term objectives and operate optimally, depends on its ability to execute on its business strategy and the continued and increased demand for and market acceptance of its services; global economic conditions, especially as a result of the recent global economic crisis and its impact on the technology and medical industries; demand for our customers' products; StockerYale's management may face strain on managerial and operational resources as they try to oversee the expanded operations; StockerYale may not be able to expand its operations in accordance with its business strategy; StockerYale's cash balances may not be sufficient to allow StockerYale to meet all of its business and investment goals; StockerYale may experience difficulties integrating technologies, operations and personnel in accordance with its business strategy; StockerYale derives a significant portion of its revenue from a small number of customers and the loss of any of those customers could significantly damage StockerYale's financial condition and results of operations; StockerYale frequently sells to its customers on a purchase order basis rather than pursuant to contracts with minimum purchase requirements, and therefore its sales and the amount of projected revenue that is actually realized are subject to demand variability; risks inherent with conducting international operations; and increased competition and technological changes in the markets in which StockerYale' competes. For a detailed discussion of cautionary statements that may affect StockerYale's future results of operations and financial results, please refer to StockerYale's filings with the Securities and Exchange Commission, including StockerYale's most recent Annual Report on Form 10-KSB and Quarterly Reports on Form 10-Q. Forward-looking statements represent management's current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us.
Contact:
The Piacente Group, Inc. Investor Relations Contact: Investor Relations Counsel Sanjay M. Hurry 212-481-2050 sanjay@tpg-ir.com
Source: StockerYale, Inc.