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Letter to Shareholders

To our Shareholders,

I am pleased to report that in Fiscal 2015 Photon Control achieved the best sales in the history of the Company and completed our seventh consecutive profitable year. A favourable cash position and a strong sales order backlog for the first half of 2016, will allow us to invest in building the foundation for further growth and market expansion in the years ahead.

A local BC technology story since 1988, we have grown into a world-class company serving an international customer base. As a proven and trusted provider of precision sensor technologies, our strength is our ability to deliver customized, integrated solutions to our end market of Fortune 500 companies. Our customers are some of the most demanding and quality-minded organizations around, and we have succeeded through our ability to meet their rigorous specifications in a precise and consistent way, product by product, year over year.

The largest percentage of our sales revenue continues to be optical sensors for the semiconductor industry. Although we are a small company, with a limited number of customers, we have become a dominant player in the optical sensor category over the last decade. The strong Q4 and full-year performance is evidence of the strength of our value proposition. We believe there is a lot of opportunity to grow further in this marketplace, as well as to diversify into other adjacent markets.

The success of Photon Control is because of our team. From engineering to manufacturing, sales to customer service, and everyone in between, we believe that our staff is our most valuable asset. Fostering a culture of innovation and a spirit of teamwork, our Company has grown to 51 full time employees. Our culture and our history of success have allowed us to attract and retain top talent.

I am very proud of the recognition that Photon Control continues to receive. In February of 2016 we were honored to be ranked on the TSX Venture 50TM for the second consecutive year. We were recognized in our community by Business in Vancouver as one of the “Top 100 Fastest-Growing Companies in BC” and as one of the “Top Most Profitable Companies”. We were named as one of the PROFIT 500, an award that recognizes Canada’s fastest growing companies.

We look forward to another successful year and remain committed to creating long-term value for our shareholders in 2016.

Sincerely,

"Christopher Weston"
Christopher Weston
President and CEO Photon Control Inc.