Coretec Group Finalizes Share Exchange Agreement with Core Optics
Key Highlights:
Completion of Share Exchange
The Coretec Group has successfully completed its acquisition of Core Optics, LLC, which is now a wholly-owned subsidiary.
Leadership Transition
Dr. Seonkee Kim has been appointed as the new Chief Executive Officer of Core Optics.
Strategic Expansion
Core Optics is enhancing its presence in the automotive camera module testing market, boasting over 90 patents and considerable growth potential.
Revenue Projections
The projected combined revenue is estimated at $8 million USD for the fiscal year 2024 and $16 million USD for the fiscal year 2025.
Market Opportunity
Core Optics is well-positioned to take advantage of the global automotive camera market, which is expected to grow to USD 18.18 billion by 2030.
The Coretec Group (OTCQB: CRTG), dedicated to developing silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for electric vehicles and emerging technologies, has announced the successful completion of a share exchange agreement with Core Optics, LLC. This agreement marks Core Optics as a wholly-owned subsidiary of The Coretec Group.
As part of this acquisition, Dr. Seonkee Kim has taken on the role of Chief Executive Officer at Core Optics. Core Optics is recognized as a leading manufacturer of testing and calibration equipment for Compact Camera Modules (CCM), which are utilized in various applications, including automotive and technology sectors. The company boasts a distinguished client list that includes major players like Sony, Ford, Hyundai, and Samsung. With a substantial facility in Korea and a dedicated team, Core Optics has developed critical technologies, co-developing over 90 patents to safeguard its innovations. Additionally, the company is advancing battery testing equipment, which plays a crucial role in The Coretec Group’s Endurion program.
The global automotive camera market is on track for significant growth, with projections indicating an increase from USD 8.81 billion in 2023 to USD 18.18 billion by 2030. Core Optics's early investments and strategic positioning in this sector place it in a prime position to benefit from this expansion.
The combined companies expect to generate approximately $8 million USD in revenue for fiscal year 2024 and $16 million USD for fiscal year 2025.
Dr. Kim commented, "We are seeing a rising demand for our equipment, especially in the automotive sector, and we have plans in place to scale production accordingly." He also noted that the compact camera module market is expanding, and their established product line allows them to boost revenue while developing new offerings to attract a wider customer base.
About The Coretec Group
The Coretec Group, Inc., headquartered in Michigan, specializes in engineered silicon development. The company is leveraging its expertise to create silicon anodes designed for lithium-ion batteries, which can charge more rapidly and have a longer lifespan. Silicon has the potential to hold up to 10 times more lithium-ions than traditional materials. By integrating silicon into the battery anode through innovative processes, Endurion aims to revolutionize the electric vehicle market and other energy storage sectors.
Beyond lithium-ion battery advancements, The Coretec Group is utilizing engineered silicon to develop a range of energy-related products, including solid-state lighting, semiconductors, and printable electronics. The company is also advancing its CSpace technology, which provides 3D volumetric display capabilities with applications in medical imaging and more.
About Core Optics
Core Optics LLC operates through its subsidiary in Korea and was established after acquiring testing equipment for Compact Camera Modules. Renowned for its high-value contributions, the company independently develops essential components for testing high-resolution camera modules used in smartphones and automobiles. Core Optics aims to achieve certification from Mobileye, a significant industry standard in automotive camera technology, which would enhance its client base in the automotive sector.
Highlights of Core Optics
- Successfully developed the isCrown array system for automated collimation of camera modules.
- Initiating R&D for Mobileye certification.
- Collaborating with Hyundai Mobis on high-resolution camera module development.
- Actively engaged in a partnership with Hyundai Mobis.
- Delivered mass production capabilities for automotive camera applications.
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
Frequently Asked Questions
What is the significance of the acquisition?
The acquisition of Core Optics enhances The Coretec Group's capabilities in automotive technology and broadens its portfolio of innovative testing equipment.
Who is the new CEO of Core Optics?
Dr. Seonkee Kim has been appointed as the new CEO of Core Optics following the acquisition.
What are the projected revenues of the combined companies?
The projected revenues are expected to reach $8 million USD for fiscal year 2024 and $16 million USD for fiscal year 2025.
What is Core Optics known for?
Core Optics is recognized for its advanced testing and calibration equipment for Compact Camera Modules, which are utilized in various high-tech applications.
How is the automotive camera market expected to perform?
The automotive camera market is projected to experience significant growth, reaching USD 18.18 billion by 2030, presenting a substantial opportunity for Core Optics.