The Coretec Group Completes Share Exchange Agreement with Core Optics
The Coretec Group (OTCQB: CRTG) has completed its share exchange agreement with Core Optics, , making it a wholly-owned subsidiary. Key highlights include:
1. Dr. Seonkee Kim appointed as new CEO of Core Optics
2. Core Optics strengthens position in automotive camera module testing market
3. Combined revenue forecast: $8M USD for FY2024, $16M USD for FY2025
4. Positioned to capitalize on global automotive camera market growth (projected $18.18B by 2030)
5. Core Optics brings 40,000 sq ft facility, 40+ employees, and 90+ patents
The acquisition aims to boost Coretec's presence in the expanding compact camera module market and open doors to North American manufacturers and capital markets.
Il Coretec Group (OTCQB: CRTG) ha completato il suo accordo di scambio azionario con Core Optics, rendendola una filiale interamente controllata. I principali punti salienti includono:
1. Il Dr. Seonkee Kim è stato nominato nuovo CEO di Core Optics
2. Core Optics rafforza la sua posizione nel mercato dei test dei moduli di telecamere per automobili
3. Previsione di fatturato combinato: 8 milioni di dollari USA per l'anno fiscale 2024, 16 milioni di dollari USA per l'anno fiscale 2025
4. Posizionata per capitalizzare la crescita del mercato globale delle telecamere per automobili (proiettato a 18,18 miliardi di dollari entro il 2030)
5. Core Optics porta un impianto di 40.000 piedi quadrati, oltre 40 dipendenti e più di 90 brevetti
L'acquisizione mira ad aumentare la presenza di Coretec nel crescente mercato dei moduli di telecamere compatte e ad aprire opportunità per i produttori e i mercati di capitali nordamericani.
El Coretec Group (OTCQB: CRTG) ha completado su acuerdo de intercambio de acciones con Core Optics, convirtiéndola en una subsidiaria de propiedad total. Los aspectos más destacados incluyen:
1. Dr. Seonkee Kim nombrado nuevo CEO de Core Optics
2. Core Optics refuerza su posición en el mercado de pruebas de módulos de cámaras para automóviles
3. Pronóstico de ingresos combinados: 8 millones de dólares estadounidenses para el año fiscal 2024, 16 millones de dólares estadounidenses para el año fiscal 2025
4. Posicionada para capitalizar el crecimiento del mercado global de cámaras para automóviles (proyectado en 18.18 mil millones de dólares para 2030)
5. Core Optics aporta una instalación de 40,000 pies cuadrados, más de 40 empleados y más de 90 patentes
La adquisición tiene como objetivo aumentar la presencia de Coretec en el creciente mercado de módulos de cámaras compactas y abrir oportunidades para fabricantes y mercados de capitales en América del Norte.
코어텍 그룹 (OTCQB: CRTG)은 코어 옵틱스와의 주식 교환 계약을 완료하였으며, 이를 통해 완전 소유 자회사로 하였습니다. 주요 하이라이트는 다음과 같습니다:
1. 신임 CEO로 세온키 킴 박사가 임명됨
2. 코어 옵틱스는 자동차 카메라 모듈 테스트 시장에서의 입지를 강화함
3. 합산 수익 예상: 2024 회계연도 800만 달러, 2025 회계연도 1600만 달러
4. 글로벌 자동차 카메라 시장 성장에 편승할 준비 완료 (2030년까지 181.8억 달러 예상)
5. 코어 옵틱스는 40,000 평방피트의 시설, 40명 이상의 직원 및 90개 이상의 특허를 보유함
이번 인수는 코어텍의 컴팩트 카메라 모듈 시장에서의 입지를 높이고 북미 제조업체 및 자본 시장에 대한 기회를 열기 위한 것입니다.
Le Coretec Group (OTCQB: CRTG) a complété son accord d'échange d'actions avec Core Optics, en la transformant en une filiale entièrement détenue. Les faits saillants incluent :
1. Dr. Seonkee Kim nommé nouveau PDG de Core Optics
2. Core Optics renforce sa position sur le marché des essais de modules de caméras pour automobiles
3. Prévisions de revenus combinés : 8 millions USD pour l'exercice 2024, 16 millions USD pour l'exercice 2025
4. Positionné pour capitaliser sur la croissance du marché mondial des caméras automobiles (prévision de 18,18 milliards USD d'ici 2030)
5. Core Optics apporte une installation de 40 000 pieds carrés, plus de 40 employés et plus de 90 brevets
L'acquisition vise à renforcer la présence de Coretec sur le marché en plein essor des modules de caméras compacts et à ouvrir des portes aux fabricants et aux marchés de capitaux nord-américains.
Die Coretec Group (OTCQB: CRTG) hat ihren Aktienaustauschvertrag mit Core Optics abgeschlossen, wodurch es zu einer 100%igen Tochtergesellschaft wird. Zu den wichtigsten Punkten gehören:
1. Dr. Seonkee Kim als neuer CEO von Core Optics ernannt
2. Core Optics stärkt die Position im Markt für Tests von Automobilkameramodulen
3. Kombinierte Umsatzprognose: 8 Millionen USD für das Geschäftsjahr 2024, 16 Millionen USD für das Geschäftsjahr 2025
4. Positioniert, um vom globalen Wachstum des Automobilkameramarkts zu profitieren (schätzungsweise 18,18 Milliarden USD bis 2030)
5. Core Optics bringt eine Einrichtung von 40.000 Quadratfuß, über 40 Mitarbeiter und mehr als 90 Patente mit
Die Akquisition zielt darauf ab, die Präsenz von Coretec im wachsenden Markt für kompakte Kameramodule zu erhöhen und Türen für nordamerikanische Hersteller und Kapitalmärkte zu öffnen.
- Acquisition of Core Optics, as a wholly-owned subsidiary
- Combined revenue forecast of $8M USD for FY2024 and $16M USD for FY2025
- Core Optics brings over 90 patents and significant growth potential
- Positioned to capitalize on global automotive camera market projected to reach $18.18B by 2030
- Expansion into North American markets and improved access to capital markets
- None.
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. 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
“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.”
About The Coretec Group
The Coretec Group, Inc. is an Ann Arbor, Michigan-based company that specializes in the development of engineered silicon. The company is utilizing its expertise to create silicon anodes for lithium-ion batteries, which are designed to charge faster and last longer under the Endurion program. Silicon has the theoretical potential to hold up to 10 times the amount of lithium-ions compared to traditional graphite. By incorporating silicon into the battery anode using a proprietary micron and nanoparticle approach, Endurion is poised to revolutionize the EV market and other energy storage applications.
In addition to its work on lithium-ion batteries, The Coretec Group is using engineered silicon to develop a range of energy-focused products, including solid-state lighting (LEDs), semiconductors, and printable electronics. The company is also advancing CSpace, its 3D volumetric display technology, which has diverse applications in medical imaging, automotive technology, and beyond.
For more information, please visit thecoretecgroup.com.
About Core Optics
Core Optics LLC is a Virginia-based limited liability company that operates through its Korean subsidiary, Core Optics Co., Ltd. Established in 2023 following the acquisition of a compact camera module (CCM) testing equipment product line, the company is known for its high-value contributions to the production and distribution of testing equipment for CCMs used in smartphones and automobiles. Core Optics has independently developed and produces essential components such as the image grabber (UCI Series) and an optical system (isCrown Series), which are designed to test high-resolution, ultra-wide-angle camera modules. The company is also working towards obtaining certification from Mobileye, a standard in automotive cameras, as part of its strategy to expand its automotive customer base.
Key Highlights:
- Successfully developed the isCrown array system with full automation collimation for 8-degree and 15-degree FOV.
- Initiated R&D for Mobileye certification, with completion expected by the end of next year.
- Collaborating with Hyundai Mobis on the development of equipment for high-resolution camera modules.
- Engaged in a PrePV stage PO process in partnership with Hyundai Mobis.
- completed the delivery of a mass production line for Hyundai's flagship vehicle camera to a Tier 2 automotive camera supplier in Korea.
For more information, please visit coreoptics.us.
Forward-Looking Statements
The statements in this press release relating to The Coretec Group’s expectations regarding future financial performance are forward-looking statements, which involve risks and uncertainties that may be beyond the Company’s control. Such risks and uncertainties are more fully described in the Company’s filings with the U.S. Securities and Exchange Commission. The information in this press release may be subject to change, and the Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Corporate Contact:
The Coretec Group, Inc.
Lindsay McCarthy
info@thecoretecgroup.com
+1 (866) 916-0833
Media Contact:
Spencer Herrmann
FischTank PR
coretec@fischtankpr.com
+1 (518) 669-6818
FAQ
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