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Thursday, September 19, 2019 8:28:13 AM
8:00 am ET September 19, 2019 (Globe Newswire)
POET Technologies Inc. ("POET" or the "Company") (OTCQX: POETF; TSX Venture: PTK), the designer and developer of the POET Optical Interposer and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, today confirmed that it will audio webcast a presentation, including a question and answer session, at its upcoming Annual General Meeting ("AGM") on September 20, 2019 and also notified shareholders of a new Special Meeting to be held on October 24, 2019.
Following completion of the formal business of the AGM, Dr. Suresh Venkatesan, the Company's Chief Executive Officer will present "Leading the Way to Chip-Scale Integrated Photonics" outlining the Company's vision for establishing a global leadership position in integrated, on-chip photonics, enabled by POET's innovative Optical Interposer platform. Dr. Venkatesan will review recent developments toward an integrated optical engine designed for pluggable 100G and 400G transceivers, which the Company regards as a first step toward its vision of achieving a leadership position in on-chip integrated photonics. The low power consumption, low latency and low cost that are inherent in the POET Optical Interposer are increasingly important for high-speed data communications in hyperscale and enterprise cloud-based computing, the infrastructure that supports high-growth applications such as artificial intelligence, machine learning and the Internet of Things. A live audio webcast of the presentation portion of the AGM, along with a question and answer session, will be made available on the day of the presentation. Links to the webcast and supporting slides can be found under the Investor Relations section of the POET website (www.poet-technologies.com).
The Company also announced that the resolutions approving the previously announced sale of its DenseLight subsidiary, will be withdrawn from the upcoming AGM and will now be the subject of a new Special Meeting of the shareholders to be held on October 24, 2019 at the offices of Bennett Jones LLP in Toronto, Ontario. Due to unforeseen delays in investor transfers and currency conversions, both of which are tightly regulated in China, the procedure for closing the sale transaction has been modified from what was described in the current management information circular (the "Circular"). At the closing of the transaction (the "Closing Date"), which is scheduled for October 31, 2019, a first tranche payment will be made in cash by DenseLight Semiconductor Technology (Shanghai) Co. Ltd. (the "Buyer"), accompanied by a transfer to the Buyer of a proportionate amount of the shares of DenseLight. The balance of the DenseLight shares will be held in escrow pending a second and final cash payment to the Company, expected to take place on or before December 31, 2019. From the Closing Date of October 31, 2019, until such time as the shares are released from escrow, the Buyer will be responsible for all expenses associated with DenseLight. Since the revised closing structure represents a material departure from the procedure described in the AGM Circular, the Company has called a Special Meeting to approve the proposed sale on October 24, 2019, while still allowing sufficient time for a closing on or before the originally planned date of October 31, 2019.
A revised Circular, which will include the full details of the expected closing and payment process, along with a Proxy for the Special Meeting will be prepared and mailed to shareholders on or before October 1, 2019. The Company does not anticipate making any presentation at the Special Meeting to be held on October 24, 2019. Portions of the original Circular for the AGM, provided via the TSX Trust website (http://docs.tsxtrust.com/2042) are still relevant for the annual matters to be taken up on September 20, 2019, including the election of directors and ratification of the appointment of the Company's auditors, Marcum LLP. Shareholders are not required to resubmit their votes on these routine annual matters but will be required to submit new votes on the revised DenseLight sale resolutions once the Special Meeting materials are mailed.
The AGM will be held as scheduled at 10:00 a.m. Eastern Time at Vantage Venues 150 King Street West, 27th Floor, Toronto, Ontario, on Friday, September 20, 2019. A representative of the Buyer of DenseLight intends to be present at the Meeting. The presentation by Dr. Venkatesan will begin between 10:45 a.m. and 11:00 a.m., at which time the audio webcast will begin.
The Company further announced that it expects to close a fifth tranche of its previously announced 12.0% convertible unsecured debentures on Thursday, September 19, 2019 and that it does not intend to offer additional tranches of the convertible security. For a complete description of the terms of the Convertible Debentures, refer to the Company's press release of April 1, 2019.
About POET Technologies Inc.
POET Technologies is the designer and developer of optical engines based on its innovative Optical Interposer platform. The POET Optical Interposer is a flexible, proven approach to integrating electronics and photonics in a single chip-scale package which is assembled, tested and singulated at wafer-scale, providing dramatic reductions in the cost and unparalleled design flexibility to address a range of applications, from pluggable transceivers to on-chip photonics for data centers, servers built for artificial intelligence and machine learning and advanced consumer products. POET believes that its Optical Interposer provides an opportunity for the Company to become a global leader in chip-scale photonics. POET is headquartered in Toronto, with operations in Ottawa, Silicon Valley, the United Kingdom, and Singapore. More information may be obtained at www.poet-technologies.com.
Shareholder Contact: Company Contact:
Shelton Group Thomas R. Mika, EVP & CFO
Brett L. Perry tm@poet-technologies.com
sheltonir@sheltongroup.com
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