TIR gains two Lexel partners, CAN$14 million in financing
TIR Systems has announced two partnerships, with Genlyte Group and Lighting Services Inc, to develop Lexel technology, and has a closed a financing round.
TIR Systems has signed a design collaboration agreement with the Genlyte Group, of Louisville, Kentucky, to develop and market Lexel-based products under the Lightolier and Canlyte brands.
Lexel combines breakthroughs in thermal design, optics, and feedback to provide precise color temperature control and dimming in a cost effective design, resulting in an intelligent light source for illumination.
See Related Stories for articles describing Lexel and TIR's existing agreement with Canlyte, a Genlyte subsidiary.
The initial focus of this design collaboration between TIR and Genlyte will be on developing products for the architect or lighting designer specified retail, restaurant, commercial and residential markets that demand precise white-color temperature control, dimming and energy efficiency.
Both companies are committing significant resources to this collaborative effort and Solid State Lighting in general, and it is expected that Lexel™-based products will be available in the market in 2006.
Larry Powers, Genlyte Group Chairman, President and CEO, stated, "We believe that there has been considerable progress in Solid State Lighting and we are committed to developing innovative products that use LED technology effectively. We intend to explore the various options and approaches in Solid State Lighting as we develop new products.
TIR teams with Lighting Services Inc
As we reported last week, TIR Systems has also formed a strategic partnership with Lighting Services Inc (LSI), of Stony Point, New York, to provide innovative lighting solutions to the architect or lighting designer specified lighting market utilizing the Lexel platform.
LSI has a large share of the museum, gallery and high-end retail lighting markets, and as a result this partnership will enable the two companies to develop a range of Lexel-based fixtures that produce white light with a full range of color temperatures, from warm to cool, and which can be dimmed without the color temperature being affected.
Additionally, Lexel has achieved high levels of energy efficiency compared to other commercial solid state lighting products.
The strategic partnership will leverage the industry leading capabilities of each firm in the design and development of lighting products that advance the Lexel technology within the specification grade lighting market. Both companies have committed significant capital and resources to this effort in order to introduce new products by the second quarter of 2006.
Daniel Gelman, President of Lighting Services Inc, said: "We have entered into this agreement because we believe that the Lexel is the first system to offer our clients a quality, usable Solid State Lighting system. Ultimately, the output and energy savings, along with the facility for complete control over color temperature and intensity, will make Lexel-based LSI fixtures the light source of choice for museums, galleries and stores."
TIR Systems receives CAN$14.2 million financing
TIR has successfully closed CAN$14.2 million of the previously announced private placement of 7% convertible debentures due in 2011.
TIR intends to use the proceeds to invest in the commercialization of the Lexel technology as well as for general corporate purposes.
CAN$3.4 million of this funding came from Corridor Capital LLC, is a Los Angeles-based private equity and venture capital fund who's CEO, Craig Enenstein, has been appointed to the TIR Board of Directors.