Followers | 98 |
Posts | 17634 |
Boards Moderated | 3 |
Alias Born | 04/22/2010 |
Monday, July 17, 2017 6:01:26 PM
GlobeNewswire•July 17, 2017Comment
SAN JOSE, Calif., July 17, 2017 (GLOBE NEWSWIRE) -- POET Technologies Inc. (the “Company” or “POET”) (POETF) (TSX Venture:PTK), a developer of opto-electronic fabrication processes for the semiconductor industry provided shareholders with a review of its strategy, technology roadmap and product development activities during its Annual General Meeting of shareholders (“AGM”) held in San Jose, California on Thursday, July 13, 2017.
POET’s Executive Chairman, David Lazovsky, conducted the formal business of the AGM, including the approval of all proposals outlined in the Company’s proxy material. POET’s CEO, Suresh Venkatesan, then presented a strategy, technology and product update. In addition, Thomas Mika, CFO, updated shareholders on the Company’s communications policy and expiring Shareholder Rights Plan. All three senior managers of POET participated in an extensive 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: http://www.poet-technologies.com/agm/agm2017.html
Strategy and Technology Overview
POET’s strategy is based on photonics integration (utilizing both monolithic and hybrid approaches) to lower cost and increase performance of disruptive solutions for the data communications and sensing markets, while focusing on the highest Return on Investment (ROI) opportunities available to the Company;
Recent explosive growth in the market for Indium Phosphide (InP)-based solutions for data communications at 100 gigabits per second (Gbps) utilizing Wavelength Division Multiplexing (WDM) provides an opportunity for POET to leverage its InP facility and production capability in Singapore, its unique and proprietary dielectric technology, and its wafer-level packaging expertise into a newly announced Hybrid Dielectric Photonics platform strategy;
POET has demonstrated the functionality of its proprietary dielectric waveguides for multiplexing and de-multiplexing light signals, allowing for the development of an optical engine suitable for transceivers operating at 100 gigabits per second (Gbps); engineering samples of these devices are planned to be delivered to customers this quarter;
POET is strategically allocating resources to capitalize on the rapidly growing InP Photonics market, which is estimated to grow to an $11 billion addressable market by 2021, in order to increase ROI, accelerate time to revenue and deliver shareholder value;
Technical challenges related to the manufacturability of the monolithic GaAs platform, have delayed POET’s development of a Gallium Arsenide (GaAs)-based optical engine. The additional development time and cost associated with the GaAs platform will require the Company to secure a strategic partner in order to develop and commercialize this platform;
POET announced that its Narrow Linewidth Laser products have demonstrated industry-leading performance with “super-wide” tunability for high resolution sensing applications, such as gas & chemical sensing, coherent communication, meteorological sensing and atmospheric LIDAR; additional developments, including the incorporation of dielectric waveguides and wafer-level packaging is expected to accelerate growth in the sensing product line in 2018 and beyond.
AGM Highlights
At the AGM, POET Technologies shareholders approved the following items:
The current directors were re-elected as proposed, with each director receiving over 88% of the votes cast;
Marcum LLP, Certified Public Accountants, of New Haven, Connecticut were reappointed as auditors of the Company for the ensuing year.
Director Compensation
In an effort to reduce cash expenses, and following a review of peer group companies, the POET Board of Directors recently revised its compensation. This included reducing the cash compensation paid to its Executive Chairman, and effective April 1, 2017, eliminating per-meeting fees and reducing the annual cash retainer paid to directors. In the recent past, the demands on the Board to address key strategic and operating challenges resulted in frequent and numerous meetings, with per-meeting fees representing a substantial portion of total director compensation. In the newly-adopted program, the Executive Chairman is paid US$200,000 annually. The annual cash retainer for each director is reduced to US$30,000 and each committee chairperson receives an additional annual retainer of US$10,000. The balance of director compensation is paid in stock options at a value of US$90,000 annually, plus US$10,000 per year in value of options to each committee chairperson. The valuation of options grants is based on the Black-Scholes option pricing model. The awarded stock options for directors vest quarterly in arrears over one year to match the period of service provided by each director.
Options Grant
At the meeting of the Board of Directors following the AGM, as part of the Company’s incentive stock option grant program, options were granted to certain directors, officers and employees of the Company to purchase up to an aggregate of 9,225,000 common shares, representing approximately 3.55% of the outstanding shares of the Company.
Employees as a group 2,225,000
Management as a group 4,000,000
Directors as a group 3,000,000
The options are exercisable for 10 years at a price of CAD$0.28 (US$0.22) being the closing price of the Company’s shares on July 12, 2017. The directors’ options vest quarterly in arrears over the one year of service as a director until the next Annual General Meeting. All other options granted to employees and management vest 25% on the first anniversary of the grant and the balance vests quarterly over a further three-year period thereafter. The grant to the directors represents the option portion of directors’ fees for the 15-month period from April 1, 2017, when the cash fees were reduced, through the next AGM to be scheduled in approximately one year from the present.
The options were granted subject to provisions of the Company’s stock option plan and are subject to the TSX Venture Exchange policies and applicable securities laws. For further details on the Company’s share capital, refer to the Company’s Financial Statements and MD&A for the 3-months ended March 31, 2017 which were filed on SEDAR on May 11, 2017.
About POET Technologies Inc.
POET (Planar Opto-Electronic Technology) is a developer of opto-electronics and Photonic fabrication processes and products. Photonics integration is fundamental to increasing functional scaling and lowering the cost of current Photonic solutions. POET believes that its advanced opto-electronics process platform enables substantial improvements in energy efficiency, component cost and size in the production of smart optical components, the engines driving applications ranging from data centers to consumer products to military applications. Silicon Valley-based POET’s patented module-on-a-chip process, which integrates digital, high-speed analog and optical devices on the same chip, is designed to serve as an industry standard for smart optical components. More information may be obtained at www.poet-technologies.com.
https://finance.yahoo.com/news/poet-technologies-provides-highlights-annual-130000555.html
Recent POET News
- POET Augments Investor Outreach Efforts and Announces Management Role Change • GlobeNewswire Inc. • 04/17/2024 11:12:00 AM
- AI & Technology Hybrid Investor Conference Agenda: Presentations Now Available for Online Viewing • GlobeNewswire Inc. • 04/12/2024 02:07:03 PM
- AI & Technology Hybrid Investor Conference Presented by Water Tower Research Agenda Announced for April 10 and 11 • GlobeNewswire Inc. • 04/09/2024 02:26:42 PM
- POET to Present at the AI & Technology Hybrid Investor Conference Presented by Water Tower Research on April 10 • InvestorsHub NewsWire • 04/03/2024 12:18:39 PM
- POET to Present at the AI & Technology Hybrid Investor Conference Presented by Water Tower Research on April 10 • GlobeNewswire Inc. • 04/03/2024 12:00:00 PM
- POET and MultiLane Collaborate to Develop High-Speed Pluggable Transceivers for AI Networks • InvestorsHub NewsWire • 03/27/2024 02:52:22 PM
- POET and MultiLane Collaborate to Develop High-Speed Pluggable Transceivers for AI Networks • GlobeNewswire Inc. • 03/27/2024 10:57:00 AM
- POET Enters Optical Module Market with 800G Transceiver for Artificial Intelligence Networks • InvestorsHub NewsWire • 03/26/2024 12:27:32 PM
- POET Enters Optical Module Market with 800G Transceiver for Artificial Intelligence Networks • GlobeNewswire Inc. • 03/26/2024 11:02:00 AM
- POET Technologies Announces Intention to Amend Warrant Terms • GlobeNewswire Inc. • 03/22/2024 07:32:38 PM
- POET to Demo AI Hardware Products for 800G and Beyond at OFC 2024 • InvestorsHub NewsWire • 03/22/2024 03:25:07 PM
- POET to Demo AI Hardware Products for 800G and Beyond at OFC 2024 • GlobeNewswire Inc. • 03/21/2024 11:00:00 AM
- POET Technologies Reports Fourth Quarter 2023 Financial Results • GlobeNewswire Inc. • 03/15/2024 08:51:44 PM
- POET Technologies Announces the Grant of Stock Options • GlobeNewswire Inc. • 02/20/2024 12:00:00 PM
- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 02/08/2024 06:52:00 PM
- Poet Technologies announces closing of c$6.2 million non-brokered private placement of units • InvestorsHub NewsWire • 01/26/2024 11:20:45 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/25/2024 02:06:40 PM
- POET Technologies Announces Closing of C$6.2 Million Non-Brokered Private Placement of Units and Reports Preliminary Unaudited Fiscal Fourth Quarter and Fiscal Year 2024 Results • GlobeNewswire Inc. • 01/25/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/22/2024 09:55:09 PM
- POET Technologies Upsizes Non-Brokered Private Placement • GlobeNewswire Inc. • 01/22/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/16/2024 01:04:23 PM
- POET Technologies Provides Update on Non-Brokered Private Placement • GlobeNewswire Inc. • 01/16/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/03/2024 06:44:02 PM
- POET Technologies Announces ZKTel as Customer and Collaborator • InvestorsHub NewsWire • 01/03/2024 03:46:01 PM
- POET Technologies Announces ZKTel as Customer and Collaborator • GlobeNewswire Inc. • 01/03/2024 12:00:00 PM
FEATURED Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • Apr 25, 2024 8:52 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM