CRS Electronics announces LED lighting installations, increased revenue
WELLAND, ONTARIO - CRS Electronics ("CRS"), the operating subsidiary of Podium Capital Corporation (TSX VENTURE:LED), an engineer, designer, and manufacturer of LED lighting, is pleased to announce new installations for their MR16 LED replacement lamps have been completed during the month of June including two premiere locations; Gowlings LLP's Toronto offices and GlaxoSmithKline's facility in Mississauga, Ontario.
As a result of the MR16 installations as well as revenue from other LED light and contract manufacturing work during the month of June, the Company achieved revenue of approximately $280,000, representing an increase of 77% over the company's average monthly YTD revenue in 2008. To date, more than 5,000 of CRS's MR16 LED lamps have been installed. Orders for LED MR16's typically range from $5,000 to $50,000 per installation. From the time the CPC transaction closed in late May, CRS has increased their workforce by 20%, hired additional sales staff and commenced the implementation of its 2009 equipment acquisition program.
The LED MR16 lamps are low-energy, high output replacements for halogen bulbs found in many commercial and residential premises throughout North America. The commercial market for LED MR16 replacement lamps is estimated to be around $2.0 billion in the United States alone. According to LED research firm Strategies Unlimited, the LED replacement lamp market is forecast to grow at a Compound Annual Growth Rate of 107% through 2013. Companies such as Gowlings and GlaxoSmithKline have been choosing CRS's LED lights because of the economic benefit, reduced maintenance, greatly reduced energy consumption and their strong commitment to the environment without compromising quality of light in the workplace. LED MR16's have an expected life of 50,000 hours compared to their halogen counterparts of 2,000 hours.
"Our growing customer base of well-known companies is greatly assisting us in reducing our sales cycle and providing compelling references and case studies as we strive to prove that our products are the best in the market," said Scott Riesebosch, President of CRS Electronics, "We are excited to receive such validation and see the momentum for our LED solutions gaining traction in the marketplace."
In a press release issued by Podium Capital dated May 21, 2009, titled Podium Capital and CRS Electronics Announce Closing of Qualifying Transaction and Private Placement, the option expiry date was inadvertently listed as November 13, 2014, the correct expiry date should read November 14, 2013.
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. The Company currently sells an LED replacement for MR16 halogen bulbs and LED light engines ("replacement lamps") for decorative streetlights. 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.
CRS Electronics Debbie Bamforth Corporate Communications 905-599-3322