Vancouver, BC, July 20, 2020 – Photon Control Inc. (“Photon Control” or the “Company”) (TSX: PHO), a leading manufacturer of fiber optic measurement solutions, is pleased to announce its strategic partnership with Fisens GmbH (“FiSens”) via an exclusive worldwide license and distribution agreement for Fiber Bragg Grating (FBG) sensor solutions in the semiconductor industry and a non-exclusive distribution license outside the semiconductor industry.

This agreement gives Photon Control an exclusive license to FiSens products and patented technology for semiconductor applications and forms an important part of its previously announced growth strategy. Fisens’ disruptive technology enables their FBG sensor solution to achieve the smallest form factor in the market while maintaining high quality and performance and furthers Photon Control’s strategy to expand its product and technology portfolio. The partnership will also leverage Photon Control’s fiber optic sensing expertise and experience in the semiconductor industry to introduce new and innovative products to the market, adding to Photon Control’s sensor offerings for wafer fabrication equipment used in critical process steps such as etch and deposition.

“The partnership with FiSens is another key milestone in our growth strategy of broadening our product lines and addressable markets with differentiated technologies,” said Nigel Hunton, Chief Executive Officer. “We are delighted with the initial results of our development with FiSens and foresee great opportunities for this type of technology in the semiconductor and non-semiconductor industries.”

About Photon Control Inc.
Photon Control Inc. designs, manufactures and distributes a wide range of optical sensors and systems to measure temperature and position. These products improve performance and enable innovation for our customers and are used in the semiconductor and other high-technology industries. Photon Control Inc.’s high-quality products provide industry-leading accuracy, reliability and quality in the most extreme conditions and are backed by a team of experts providing a variety of on-site and remote services including custom design, installation, training and support. The Company is headquartered in an ISO 9001:2015 manufacturing facility in Vancouver, BC, has sales and engineering offices in California and a sales distribution network around the globe. Photon Control Inc. is listed on TSX, trading under the symbol ‘’PHO.” Additional information about the company can be found at https://www.photoncontrol.com/investors/.

About FiSens
FiSens, which was founded in 2017, is a spin-off from the Fraunhofer Heinrich-Hertz-Institute and formerly funded by the Photonics Incubator. The founding team brings over 10 years of experience in fiber optic sensing and femtosecond laser physics and has developed innovative spectrometer and fiber optic sensor systems. These products accurately measure strain, temperature, and pressure while maintaining immunity from electromagnetic interference, enabling customers in the industrial, renewable energy, infrastructure, and power markets to monitor their assets safely and accurately. Additional information about the company can be found at https://fisens.com/.

 About FBG
A fiber bragg grating (FBG) is a microstructure that is inscribed into the core of an optical fiber that is used to accurately detect changes in physical properties such as strain and temperature. This technology can be used as a sensor and one of the main advantages is its ability to be multiplexed along a single optical fiber resulting in a distributed sensing solution. An FBG sensor solution can have hundreds of sensors on a single fiber over long distances, with each FBG independently sensing specific parameters. This unique technology is used in the utilities, industrial, automotive, aerospace, and renewable energy markets to provide accurate and reliable measurements to enable improved asset health management and smarter monitoring of critical systems.

Investor Relations Contact:
IR@photoncontrol.com

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. These statements generally can be identified by use of forward-looking words such as “may”, “will”, “could”, “would”, “should”, “might”, “expect”, “estimate”, “anticipate”, “intend”, “consider”, “believe”, “plan”, “project”, “assume”, “foresee”, “strategy”, “goals”, “objectives”, “potential”, “possible”, “confident” or “continue” or the negative thereof or similar variations. Such forward-looking statements concern the business and anticipated financial performance of the Company and include, without limitation, the Company’s growth outlook.

These forward-looking statements are based on certain factors and assumptions, including, without limitation: the Company’s ability to develop, manufacture and sell new products that meet the needs of its customers and gain commercial acceptance; the Company’s ability to continue to sell its products in line with expected quantity, price and delivery times; the Company’s ability to attract new business; continued and future demand for the Company’s products; continued sales to the Company’s major customers; the Company’s operations not being adversely affected by supply, operating, cyber security, litigation or regulatory risks; the Company’s ability to react to the cyclical nature of the semiconductor industry; the Company’s ability to enhance revenue diversification and open new market opportunities; and, the Company’s expectations regarding market risk, including interest rate changes, tax changes and foreign currency fluctuations.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: uncertainties relating to the market for the Company’s products and maintaining a stable level of orders; fluctuations in revenue as a result of volatility in the markets and product mix; risks relating to the Company’s present reliance on its major customers for the majority of its sales; risks relating to the Company’s reliance on the financial health of and timing of cycles in the semiconductor industry; risks relating to the development of competing technologies and the possibility of increased competition; the effect of slow growth in the United States, the Company’s principal market, as well as other economies and other economic trends and conditions in the markets that the Company and its customers serve; risks associated with the spread of the COVID-19 virus; risks associated with the adverse impact of climate change; risks associated with technical difficulties or delays in product introductions, improvements, implementation; uncertainties in product pricing or other initiatives of the Company and its competitors; uncertainties in factors that may result in a reduction in capital expenditures and/or delayed buying decisions affecting demand for the Company’s products; risks relating to currency fluctuations, particularly between the Canadian and United States dollars; risks in pursuing additional development projects to support existing customers or pursue other business opportunities; and such other risks as are identified in the Company’s Annual Information Form and other disclosure documents filed on SEDAR at www.sedar.com.

The foregoing assumptions, risks and uncertainties are not exhaustive of the items that may affect our forward-looking statements. Should underlying assumptions prove to be incorrect or one or more of these risks and uncertainties materialize, actual results may vary materially from those described in the forward-looking statements. The Company’s forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made.

For the reasons set forth above, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements included herein if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.