CRS Electronics announces sales increase in July

Date Announced: 18 Aug 2009


WELLAND, ONTARIO -- CRS Electronics Inc., the operating subsidiary of Podium Capital Corporation (TSX VENTURE:LED), an engineer, designer, and manufacturer of LED lighting, is pleased to announce that sales in July have increased 79% to approximately $320,000 from the monthly average for the first six months of the year.

"The increase in revenue is in part a result of the continued success with our traditional LED lighting products for the school bus industry and international LED board contract manufacturing business," said Scott Riesebosch, President of CRS Electronics, "Significant growth in demand for our new product, the MR16 lamp, is further fuelling our sales growth and creating the opportunity for CRS to expand its business quickly."

CRS continues to receive follow on orders with customers throughout North America. The economics to our customers are extremely positive with less than one to three years estimated payback periods and 80% to 90% savings in anticipated energy costs. In locations such as Manhattan and urban California, expected payback periods of six to eight months are common. Customers are benefitting from CRS LED lights because they do not require replacement for ten years in a 12 hour operation and as much as six years in a 24 hour operation.

On July 14, Scott Riesebosch, President of CRS Electronics, presented at the Solid-State Lighting conference sponsored by the US Department of Energy in Chicago. The presentation focused on the continuing education process to assist buyers in the evaluation of LED products. Not all LED light products are created equal. CRS designs and produces LED products to the highest of industry standards and takes responsibility for educating the marketplace as to how to discern top quality LED products from lower cost, lower quality inferior products. Partly through trial and error and education, buyers are beginning to understand the life cycle value of the quality LED lights offered by CRS.

To simplify its corporate structure the subsidiary company 3542114 Canada Inc. operating as CRS Electronics has changed its corporate name to CRS Electronics Inc. Podium Capital Corporation and its operating subsidiary CRS Electronics Inc. intend to complete a vertical short form amalgamation on or about September 1, 2009. The single surviving corporation will be named CRS Electronics Inc. and will continue to trade on the TSX Venture Exchange under the symbol LED. The amalgamation and name change are subject to regulatory approval including approval of the TSX Venture Exchange.

CRS Electronics is also announcing that Mark Powell, Vice President, Sales and Marketing, has left the Company to pursue other interests. The Company wishes to acknowledge Mr. Powell for his contributions to CRS and wishes him continued success in his future endeavours.

About CRS

CRS 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 and outdoor lighting such as LED replacement lamps, LED streetlights, exterior LED warning lights on school buses, child safety systems for school buses and contract manufacturing of LED circuit boards. CRS is a well-established supplier to both the school bus industry and the LED contract manufacturing industry, providing a stable and growing revenue source. 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. The Company currently sells one of the very few replacement LED MR16 lights capable of replacing a halogen 50 watt MR16.

Contact
Debbie Bamforth Corporate Communications 905-599-3322

E-mail:debbieb@crselectronics.com

Web Site:www.crselectronics.com

More in Company Newsfeed