TORONTO, ONTARIO — (Marketwired) — 11/13/13 — CRS Electronics Inc. (TSX VENTURE: LED) (“CRS” or the “Company”), a developer and manufacturer of LED lighting products, is pleased to announce a proposed private placement by the Company to CJL Holding Inc. (the “Investor”), a corporation related to Mr. Chang Jiang Wu, the Company-s Executive Chairman, at a price of $0.20 per common share for total aggregate proceeds to the Company of $3 million (the “Private Placement”). The Investor currently holds approximately 42.6% of the issued and outstanding common shares of the Company.
The Private Placement is subject to satisfaction of customary closing conditions, including receipt of all necessary regulatory approvals, and is expected to close on December 31, 2013.
About CRS Electronics
CRS Electronics Inc., a Lighting Facts partner, is a leader in the emerging, rapidly-growing market of high efficiency light-emitting-diode (“LED”), or, 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. As an innovator of LED solutions since 1998, CRS Electronics continues to expand its product portfolio and market presence with business partners and customers, and under its own product brands.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release regarding the Private Placement constitute forward-looking information. Such forward-looking statements are based on a number of material factors and assumptions, including the receipt of all required approvals including the approval of the TSX Venture Exchange and the satisfaction of the other conditions of closing. 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 the risk that the proposed Private Placement may not close due to failure to obtain regulatory approval or meet other closing conditions to the Private Placement. 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.
Contacts:
CRS Electronics
Matthew Groen
Chief Financial Officer
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