Lighting Science Group completes $18 million private placement

Date Announced: 01 Feb 2011

Satellite Beach, Florida – Lighting Science Group Corporation (OTCBB: LSCG), a leading American maker of LED lighting, completed an $18 million private placement of its common stock on January 26, 2011. The purchase price of the shares purchased in connection with this private placement represents a discount of less than 3% to the closing price of the company’s common stock on the date the company’s Committee of Independent Directors approved the transaction. Pegasus Partners IV, L.P., the company’s largest equity holder, and two of its operating advisors purchased 3,167,333 shares of common stock for an aggregate purchase price of $10,452,200.

Michael Kempner, who is also an operating advisor of Pegasus and a director of the company, and Leon Wagner, a director of the company, purchased 60,606 and 634,394 shares of common stock, respectively, for a purchase price of $200,000 and $2,093,500.

The remainder of the shares were purchased by trusts affiliated with, and business associates of, Mr. Wagner, including Irwin Simon, founder, chairman and chief executive officer of Hain Celestial; Richard Ruben, chief executive officer of Ruben Companies, which owns and manages over five million square feet of office and residential properties in New York, Washington, D.C. and Boston, and chairman of Workspeed Holdings; Stanley Fleishman, president and chief executive officer of Jetro Cash & Carry Enterprises, one of the fastest growing suppliers of grocery stores and foodservice operators in the country and the parent company of Restaurant Depot, a wholesale restaurant supplier with 49 locations in the U.S.; and Beny Alagem, owner of the Beverly and Cabo San Lucas Hilton Hotels.

“Lighting Science Group has seen rapid sales growth over the past year and this private placement will help us continue our market expansion strategy,” said Richard Weinberg, chairman and chief executive officer of Lighting Science Group.

The securities were offered and issued only to a limited number of accredited investors in a private placement transaction under Section 4(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. Accordingly, the securities offered in this placement have not been registered under the Securities Act of 1933, as amended, or state securities laws, and cannot be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements.


About Lighting Science

Lighting Science Group Corporation (OTCBB: LSCG) designs, develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy efficient than traditional lighting products. Lighting Science Group offers retrofit LED lamps in form factors that match the form factor of traditional lamps or bulbs and LED luminaires for a range of applications including public and private infrastructure for both indoor and outdoor applications. Lighting Science Group Design Works business unit designs, develops and manufactures custom LED lighting solutions for architectural and artistic projects. Lighting Science Group is headquartered in Satellite Beach, Florida; the Company’s European operations are based in Goes, The Netherlands; and, the Company has a sales office in Sydney, Australia. Lighting Science Group has over 450 workers in its Satellite Beach, Florida manufacturing facility that build lighting products from domestic and imported parts. Lighting Science Group is a Pegasus Capital Advisors portfolio company. More information about Lighting Science Group is available at www.lsgc.com.

Contact
Andy Beck MWW Group 202-585-2288

E-mail: abeck@mww.com

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