POET Technologies Responds to Shenzhen Lockdown
March 15, 2022
Toronto, Ontario, March 15, 2022 -- POET Technologies Inc. (“POET” or the “Company”) (TSX Venture: PTK; Nasdaq: POET), the designer and developer of the POET Optical Interposer™ and Photonic Integrated Circuits (PICs) for the data center and telecommunication markets, today reported that as a response to the temporary lockdown resulting from a COVID-19 outbreak in Shenzhen, critical development activities have been absorbed by Singapore and other locations.
“Over the past two years, we have established redundancy for critical activities in Singapore, Shenzhen and Allentown, Pennsylvania, both to accelerate development and to cope with COVID-19 lockdowns,” reported Dr. Suresh Venkatesan, CEO of POET Technologies. “On Sunday, March 13, 2022, our operation in Shenzhen, China was notified that it would be shut down until at least March 20, 2022, due to a COVID-19 outbreak in that city. We promptly tasked both Singapore and our joint venture, Super Photonics Xiamen, with the task of continuing to build samples for customers. Because we have been well-prepared for such a contingency, we do not believe this temporary lockdown will have any effect on our planned delivery schedule to customers, prospective customers or business partners.”
About POET Technologies Inc.
POET Technologies is a design and development company offering integration solutions based on the POET Optical Interposer™, a novel platform that allows the seamless integration of electronic and photonic devices into a single multi-chip module using advanced wafer-level semiconductor manufacturing techniques and packaging methods. POET’s Optical Interposer eliminates costly components and labor-intensive assembly, alignment, burn-in and testing methods employed in conventional photonics. The cost-efficient integration scheme and scalability of the POET Optical Interposer brings value to any device or system that integrates electronics and photonics, including some of the highest growth areas of computing, such as Artificial Intelligence (AI), the Internet of Things (IoT), autonomous vehicles and high-speed networking for cloud service providers and data centers. POET is headquartered in Toronto, with operations in Allentown, PA, Shenzhen, China and Singapore. More information may be obtained at www.poet-technologies.com.
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Forward-Looking Statements
This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. The information in this release regarding expectations in respect to listing and trading on the Nasdaq and about future plans and objectives of the Company are forward-looking information and statements. Other forward-looking information and statements include, but are not limited to, the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, the expected results of its operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management’s expectations regarding the success and timing for completion of its development efforts, ability to successfully demonstrate its products on time, financing activities, future growth, recruitment of personnel, opening of offices, the form and potential of its joint venture, plans for and completion of projects by the Company’s third-party consultants, contractors and partners, availability of capital, the necessity to incur capital and other expenditures and the effects of COVID-19 lockdowns. Actual results could differ materially due to a number of factors, including, without limitation, the failure of its products to meet performance requirements, the failure to demonstrate products, operational risks in the completion of the Company’s anticipated projects, a delay or abandonment of its planned joint venture, delays resulting from COVID-19 lockdowns, delays in recruitment for its newly opened operations or changes in plans with respect to the development of the Company’s anticipated projects by third-parties, risks affecting the Company’s ability to execute projects, the ability of the Company to generate sales for its products, the ability to attract key personnel, and the ability to raise additional capital. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking information or statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.SEDAR.com.
Cautionary Statement
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 - Fax: 416-322-5075
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