TIR partners with Semperlux, retains strategic advisors
Semperlux AG has signed a development and supply agreements for TIR's Lexel LED-based technology. Meanwhile, TIR has retained has an advisor to explore its strategic opportunities.
Semperlux will develop and market lighting products based on TIR’s Lexel solid-state lighting technology, which integrates thermal design, optics, and feedback to provide precise color temperature control and dimming in a cost effective design. TIR will supply the Lexel light engine to its partners, who will incorporate the units into their own luminaires.
Semperlux AG is one of the leading manufacturers of architecturally integrated lighting solutions in Germany, and trades under the Se’lux brand name. Udo Bansbach, general manager and CEO of Semperlux, said "Lexel’s superior quality, performance, functionality, control and longevity match perfectly with what the Se’lux brand represents: 'Always Light'."
Leonard Hordyk, President & CEO of TIR Systems Ltd., stated "TIR is very pleased to be developing Lexel-based luminaires with Semperlux, given their reputation for introducing innovative and sophisticated lighting products. Adding the strength of Semperlux to our growing consortium of light fixture manufacturing partners, demonstrates continued global acceptance of the Lexel by the lighting industry."
Hordyk added that TIR expects a wide range of Lexel-enabled lighting products to be marketed by its partners in 2007. "We are shipping low volumes of the Lexel today and remain on track to begin shipping high volumes of commercial product, manufactured by an established group of world-class contract manufacturers, by year end," he said.
At the same time, TIR announced that it has retained Montgomery & Co. to assist the company's board of directors and management in evaluating a range of strategic opportunities. These are aimed at "building and strengthening the company’s leading position in solid-state lighting and enhancing shareholder value."
TIR says that it has received indications of interest regarding potential strategic options which may include partnerships, investments or other types of transactions.
Leonard Hordyk said that the industry is beginning to recognize TIR’s unique position at the center of the emerging shift towards solid state lighting for the general ‘white light’ lighting market.
"Today, we have a global network of partners, including many of the industry’s largest and most innovative lighting manufacturers, a high quality portfolio of SSL-related intellectual property, and a growing base of lighting designers who are embracing the Lexel for high-end retail and residential, museum, restaurant and hotel applications," he said.
TIR’s strategic review is underway and preliminary discussions with interested parties have begun. No timetable has been set for completion of the review, and there can be no assurance that this process will result in any specific strategic or financial transaction.
Montgomery & Co. has extensive experience in providing strategic advisory services to growth industries, including communications, information technology, media, and healthcare.