ProPhotonix Limited (fka STKR)

[b9molecule]

Virtek Vision International Inc.
Friday , May 16, 2008 08:59ET

WATERLOO, ON, May 16, 2008 (Canada NewsWire via COMTEX) -- Virtek Vision International Inc. (TSX: VRK) ("Virtek") announced today that it received an unsigned, unsolicited letter from StockerYale, Inc. ("StockerYale") pursuant to which StockerYale expressed an interest in pursuing the possible acquisition of Virtek. StockerYale is a NASDAQ Capital Markets listed company with a market capitalization of approximately $19.1 million USD.

StockerYale indicated that it would expect that the aggregate consideration to be paid for Virtek would be approximately $22 million, or $0.65 per share, payable in cash and common stock of StockerYale. StockerYale indicated that the common stock portion of the consideration would be equal to 19.9% of the total number of issued and outstanding shares of StockerYale common stock.

The StockerYale letter sets out a number of conditions to any transaction including, without limitation, satisfaction with the due diligence of Virtek, board approval, confirmation of funding, no material adverse change in Virtek's business or prospects, obtaining the requisite regulatory, shareholder and other approvals and the execution and delivery of definitive agreements.

To date, there have been no negotiations between Virtek and StockerYale, Virtek has not conducted any due diligence review of StockerYale, Virtek has not provided StockerYale with any confidential information related to Virtek and confidentiality agreements have not been entered into.

The Board of Directors of Virtek intends to meet next week, to discuss the letter and to decide what action it will take, if any, in response to the letter.

About Virtek

Virtek Vision International Inc. is a leading developer and provider of high-value industrial laser solutions, providing marking and engraving products, templating, and inspection products, to customers around the world. Virtek is a full-service provider, offering research and development, manufacturing, training, after-sales support, and installation for customers in the prefabricated construction, transportation, metalworking, tool and die, and mold-making industries worldwide. Based in Waterloo, Ontario, Canada, Virtek also has offices in Boston, Massachusetts, United States; Lüdenscheid and Nurnberg, Germany; and Busto Arsizio, Italy. Please visit www.virtek.ca for more information.
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