StockerYale renames itself


Salem-based StockerYale, the cash-strapped maker of optics systems, has changed its name to ProPhotonix Ltd.The firm announced the name change Wednesday morning -- a change it said was made to reflect the its focus on developing and manufacturing LED and laser module products, all which are manufactured in England and Ireland. Last October, the company sold off its operations in Salem and Canada for $15 million in order to pay off imminent debt, but kept its Salem headquarters. Wednesday’s release reiterates that the company remains in New Hampshire Sale of the company’s North American’s operations shifted the focus away from industrial optical equipment and more toward the medical and illumination sectors, where the newly named ProPhotonix sees the greatest area of potential growth."The new name gives customers, suppliers, and investors a clearer definition of what we do and the direction we intend to pursue. While the StockerYale brand is well known in the machine vision industry, it does not clearly reflect that we are a technology company, developing and manufacturing unique LED and laser module products for the medical, defense and industrial markets," said chief executive Mark Blodgett.Blodgett said a new ticker symbol will be announced later. StockerYale, which was delisted from the Nasdaq and Over The Counter exchanges because it could not keep up with equity standards, is now traded on the pink sheets under the symbol STKR.PK and no longer has to file with the Securities and Exchange Commission.However, it did release quarterly earnings in May, posting a loss of $1.3 million. At the end of March, the company had $2.8 million left in cash and a negative equity of $1.2 million. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW
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