SAN JOSE, Calif., Oct. 16, 2019 (GLOBE NEWSWIRE) -- POET Technologies Inc. (“POET” or the “Company”) (OTCQX: POETF; TSX Venture: PTK), the designer and developer of the POET Optical Interposer and Photonic Integrated Circuits (PICs) for the data center and tele-communication markets, today affirms the date of its upcoming Special Meeting of Shareholders (the “Special Meeting”) to be held on October 24, 2019. As such, the revised Circular and Proxy Materials were mailed on October 1, 2019 to all registered Shareholders of POET’s common stock as of the close of business on September 27, 2019 (the “Record Date”).

As communicated at the Company’s recent Annual General Meeting on September 20th, the subject of the new Special Meeting of the shareholders will be to approve amended resolutions on the previously announced sale of its DenseLight subsidiary. As specified in the Circular, at the closing of the transaction (the “Closing Date”), which remains scheduled for October 31, 2019, the payment by DenseLight Semiconductor Technology (Shanghai) Co. Ltd. (the “Buyer”) will be made in two separate tranches. The first cash payment is scheduled to be made at Closing and accompanied by a transfer to the Buyer of a proportionate amount of the shares of DenseLight. The balance of the DenseLight shares will be held in escrow pending a second and final cash payment to the Company, which is expected to take place on or before December 31, 2019. From the Closing Date of October 31, 2019, until such time as the shares are released from escrow, the Buyer will be responsible for all expenses and other liabilities associated with DenseLight.

Prior to the resolutions related to the Company’s proposal to sell its Singapore-based DenseLight facility being withdrawn from the agenda at the recent AGM, those resolutions had previously received a favorable vote of 99% of the shares voted. Importantly, all Shareholders are required to submit new votes on the revised DenseLight sale resolutions outlined in the revised Circular, which includes full details of the expected closing and modified payment process along with a Proxy for the Special Meeting.

The Special Meeting of Shareholders will take place at the offices of Bennett Jones LLP located at First Canadian Place, 100 King Street West, 34th floor, Toronto, Ontario on Thursday, October 24, 2019 at 10:00 a.m. The Company will not be making any formal presentation at the Special Meeting, therefore, attending in-person is not required and management encourages shareholders to submit their votes regarding the Share Sale Transaction on the Form of Proxy mailed on October 1, 2019.

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