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NEWS!!! The Coretec Group Completes Share Exchange Agreement with Core Optics
KEY HIGHLIGHTS:
*Completion of Share Exchange: The Coretec Group finalizes the acquisition of Core Optics, LLC, making it a wholly-owned subsidiary.
*Leadership Transition: Dr. Seonkee Kim was appointed as the new CEO of Core Optics.
*Strategic Expansion: Core Optics strengthens its position in the automotive camera module testing market, with over 90 patents and significant growth potential.
*Revenue Projections: Combined revenue forecast of $8M USD for fiscal year 2024 and $16M USD for fiscal year 2025.
*Market Opportunity: Positioned to capitalize on the global automotive camera market projected to grow to USD 18.18 billion by 2030.

ANN ARBOR, Mich., Aug. 22, 2024 (GLOBE NEWSWIRE) -- The Coretec Group (OTCQB: CRTG), a company focused on the development of silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for electric vehicles (EVs), cleantech, and emerging tech applications, today announced the successful completion of its share exchange agreement with Core Optics, LLC. This transaction, finalized on August 21, 2024, results in Core Optics becoming a wholly-owned subsidiary of The Coretec Group.

As part of the acquisition, Dr. Seonkee Kim has been appointed Chief Executive Officer of Core Optics. Core Optics is a leading manufacturer of testing and calibration equipment for Compact Camera Modules (CCM) used in automobiles, cell phones, and various other consumer and business technology applications. The company’s distinguished clientele includes Sony, Ford, Hyundai, Samsung, and other major blue-chip companies.[color=red][/color] With a 40,000 square foot facility in Korea and a dedicated team of over 40 employees, Core Optics has developed essential technologies and co-developed over 90 patents to safeguard its proprietary innovations. Core Optics is advancing the development of battery testing equipment, further driving the progress of The Coretec Group’s Endurion program.

The global automotive camera market is projected to grow from USD 8.81 billion in 2023 to USD 18.18 billion by 2030. Core Optics is strategically positioned to capitalize on this growth and has already established a strong foothold in the expanding industry.

The combined companies anticipate revenues of $8 million USD for fiscal year 2024 and $16 million USD for fiscal year 2025.

“We are experiencing high demand for our equipment, particularly in the automotive sector, and have plans in place to scale production to meet this growing demand,” said Dr. Kim, Chief Executive Officer of The Coretec Group. “The compact camera module market is seeing significant expansion, and our well-established product line positions us to increase revenue while also developing new products that will attract additional customers. Our presence in the U.S. opens doors to North American manufacturers and thriving capital markets, which we believe will elevate our corporate profile on a global scale.”

https://investors.thecoretecgroup.com/news/press-releases