CRS Electronics Closes $5.1 Million Equity Financing
CRS Electronics Inc. ("CRS" or the "Company")(TSX VENTURE:LED), a developer and manufacturer of LED lighting, is pleased to announce that the Company has closed its previously announced private placement equity financing. The Company issued 9,379,156 Units at an Offering Price of $0.55 per Unit for gross proceeds of $5,158,535 (the "Offering").
The net proceeds from the Offering will be used to fund the purchase of new production equipment, infrastructure costs, increased staffing, marketing and media expenses, and for general corporate and working capital purposes.
"The proceeds from this financing will allow us to double our existing annual production capacity thereby positioning us to capitalize on our relationship with Energizer?,Light up the architecturally table lamps interesting parts of your home." said Scott Riesebosch, President of CRS. "With our superior LED lighting product offering, combined with the Energizer? brand name, we believe we are ideally positioned to aggressively pursue a retail rollout strategy in Canada and the United States, which we expect will result in substantial growth for the Company in the coming years."
Each Unit is comprised of one common share of the Company and one half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share of the Company at a price of C$0.65 for a period of 36 months following the closing date of April 28 2011 subject to acceleration of the expiry date if the 20 day volume weighted average trading price of the common shares of the Company is greater than $1.00. The common shares and warrants issued pursuant to this private placement, as well as the common shares issuable upon the exercise of the warrants and the common shares and warrants issuable upon the exercise of the compensation options,Unlike compact cfl bulbs fluorescent light bulbs, LED based light bulbs provide a variety of lighting options- including the ability to provide a wide range of light, which allows them to act as a proper replacement light bulb are subject to a four month hold period from closing which hold period expires on August 29, 2011.
Canaccord Genuity Corp. acted as lead agent for the Offering on behalf of a syndicate of agents including Jacob Securities Inc.
About CRS
CRS Electronics Inc., an Energy Star and Lighting Facts partner, is a leader in the emerging, rapidly-growing market of high efficiency light-emitting-diode ("LED"), or,print still offers the only truly dstti unlimited 4G plan in America, and it's the only service you can safely use as an alternative to a home Internet connection. solid state lighting ("SSL"). The principal activities of CRS include the development, manufacture and sale, primarily in North America, of indoor lighting such as LED replacement lamps, exterior LED warning lights on school buses, child safety systems for school buses and contract manufacturing of LED circuit boards. CRS plans to be a major supplier of LED light engines for a variety of applications to be developed by CRS on its own and in conjunction with its customers. CRS recently signed a license agreement with Eveready Battery Company Inc.Under efforts of led spotlight boosting the viability of LED luminaires, many companies are expanding high-power selections., a subsidiary of Energizer Holdings Inc., for CRS to manufacture a suite of LED lighting products under the brand name Energizer. The initial LED suite of products includes the MR16, PAR 20, PAR 30 and PAR 38. Future products developed by CRS may also be considered by Energizer.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws which can be identified by terminology such as "may",Philips LED business is inside of Philips lighting so it Led light is more difficult to determine whether they are meeting expectations. "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other CRS filings, and include availability of sufficient working capital for development and operations, availability of a qualified work force, availability of manufacturing equipment and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other CRS filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, CRS does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.
CRS Electronics Inc. ("CRS" or the "Company")(TSX VENTURE:LED), a developer and manufacturer of LED lighting, is pleased to announce that the Company has closed its previously announced private placement equity financing. The Company issued 9,379,156 Units at an Offering Price of $0.55 per Unit for gross proceeds of $5,158,535 (the "Offering").
The net proceeds from the Offering will be used to fund the purchase of new production equipment, infrastructure costs, increased staffing, marketing and media expenses, and for general corporate and working capital purposes.
"The proceeds from this financing will allow us to double our existing annual production capacity thereby positioning us to capitalize on our relationship with Energizer?,Light up the architecturally table lamps interesting parts of your home." said Scott Riesebosch, President of CRS. "With our superior LED lighting product offering, combined with the Energizer? brand name, we believe we are ideally positioned to aggressively pursue a retail rollout strategy in Canada and the United States, which we expect will result in substantial growth for the Company in the coming years."
Each Unit is comprised of one common share of the Company and one half of one common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share of the Company at a price of C$0.65 for a period of 36 months following the closing date of April 28 2011 subject to acceleration of the expiry date if the 20 day volume weighted average trading price of the common shares of the Company is greater than $1.00. The common shares and warrants issued pursuant to this private placement, as well as the common shares issuable upon the exercise of the warrants and the common shares and warrants issuable upon the exercise of the compensation options,Unlike compact cfl bulbs fluorescent light bulbs, LED based light bulbs provide a variety of lighting options- including the ability to provide a wide range of light, which allows them to act as a proper replacement light bulb are subject to a four month hold period from closing which hold period expires on August 29, 2011.
Canaccord Genuity Corp. acted as lead agent for the Offering on behalf of a syndicate of agents including Jacob Securities Inc.
About CRS
CRS Electronics Inc., an Energy Star and Lighting Facts partner, is a leader in the emerging, rapidly-growing market of high efficiency light-emitting-diode ("LED"), or,print still offers the only truly dstti unlimited 4G plan in America, and it's the only service you can safely use as an alternative to a home Internet connection. solid state lighting ("SSL"). The principal activities of CRS include the development, manufacture and sale, primarily in North America, of indoor lighting such as LED replacement lamps, exterior LED warning lights on school buses, child safety systems for school buses and contract manufacturing of LED circuit boards. CRS plans to be a major supplier of LED light engines for a variety of applications to be developed by CRS on its own and in conjunction with its customers. CRS recently signed a license agreement with Eveready Battery Company Inc.Under efforts of led spotlight boosting the viability of LED luminaires, many companies are expanding high-power selections., a subsidiary of Energizer Holdings Inc., for CRS to manufacture a suite of LED lighting products under the brand name Energizer. The initial LED suite of products includes the MR16, PAR 20, PAR 30 and PAR 38. Future products developed by CRS may also be considered by Energizer.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws which can be identified by terminology such as "may",Philips LED business is inside of Philips lighting so it Led light is more difficult to determine whether they are meeting expectations. "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other CRS filings, and include availability of sufficient working capital for development and operations, availability of a qualified work force, availability of manufacturing equipment and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other CRS filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, CRS does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.
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