Coretec Group Acquires Core Optics to Boost Automotive Technologies
![Coretec Group Acquires Core Optics to Boost Automotive Technologies](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
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
The combined revenue forecast is $8 million USD for fiscal year 2024 and $16 million 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.
The Coretec Group (OTCQB: CRTG), a company focused on developing silicon anode active materials for lithium-ion batteries and cyclohexasilane (CHS) for electric vehicles and emerging tech applications, announced its successful completion of a share exchange agreement with Core Optics, LLC. This transaction 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 various applications including automobiles and technology products. The company’s distinguished clientele includes major corporations such as Sony, Ford, Hyundai, and Samsung. With a vast facility in Korea and a dedicated team, Core Optics has developed essential technologies, co-developing over 90 patents to protect its innovations. Core Optics also focuses on advancing battery testing equipment, which is integral to The Coretec Group’s Endurion program.
The global automotive camera market is poised for significant growth, projected to rise 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 at the forefront of this expansion.
The combined companies anticipate generating revenues of approximately $8 million USD for fiscal year 2024 and $16 million USD for fiscal year 2025.
Dr. Kim stated, "We are witnessing increasing demand for our equipment, particularly in the automotive sector, and we have strategies in place to scale production accordingly." He further highlighted that the compact camera module market is expanded and that their established product line enables them to enhance revenue while developing new products to cater to a broader customer base.
About The Coretec Group
The Coretec Group, Inc. is based in Michigan and specializes in the development of engineered silicon. The company is utilizing its expertise to create silicon anodes tailored for lithium-ion batteries, capable of charging more quickly and lasting longer. Silicon theoretically has the ability to hold up to 10 times more lithium-ions compared to traditional materials. By integrating silicon into the battery anode through unique processes, Endurion aims to transform the EV market and other energy storage sectors.
In addition to lithium-ion battery advancements, The Coretec Group is leveraging engineered silicon to develop a variety of energy-oriented products, including solid-state lighting, semiconductors, and printable electronics. The company also progresses its CSpace technology, which offers 3D volumetric display capabilities with applications in medical imaging and beyond.
About Core Optics
Core Optics LLC operates through its subsidiary in Korea and was established following the acquisition of testing equipment for Compact Camera Modules. Known for its high-value contributions, the company independently develops key components designed for testing high-resolution camera modules used in smartphones and automobiles. Core Optics aims to achieve certification from Mobileye, a key industry standard in automotive camera technology, enhancing its client roster 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 expands 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?
Projected revenues are expected to be $8 million USD for fiscal year 2024 and $16 million USD for fiscal year 2025.
What is Core Optics known for?
Core Optics is known for its advanced testing and calibration equipment for Compact Camera Modules, utilized in various high-tech applications.
How is the automotive camera market expected to perform?
The automotive camera market is projected to grow significantly, reaching USD 18.18 billion by 2030, signifying a substantial opportunity for Core Optics.
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