“Lumificient and its founder Zdenko Grajcar bring a whole new level of intellectual property, research and development capabilities and cutting edge technology to Nexxus Lighting," stated Mike Bauer, President & CEO of Nexxus Lighting.
The transaction is expected to close on or before April 30, 2008, subject to satisfactory completion of a due diligence review, approval of Nexxus’ board of directors and other customary closing conditions.
Bauer described Grajcar as "one of the most respected and knowledgeable minds working in solid-state lighting. He and his team have developed some very exciting new technology that Nexxus plans to commercialize in 2008, which is expected to provide both new products and potential licensing revenue streams."
Grajcar will serve as Chief Technology Officer for Nexxus Lighting and oversee its R&D team. Bauer said that under Grajcar's R&D leadership, Nexxus plans to accelerate product introductions, and expects to see new and exciting technologies emerge from our efforts.
Lumificient has two issued patents, six patent applications filed and pending, and additional patent applications in development. “In keeping with our strategy, Lumificient is expected to operate as a Nexxus Lighting company, and Carey Burkett is expected to continue in his role as General Manager for the business, with a focus on growth in both sign lighting and general illumination,” said Bauer.
“All of us at Lumificient Corporation are excited about the potential for combining the core strengths of both businesses," stated Zdenko Grajcar, founder and President of Lumificient. "We believe that our strengths in technology and Nexxus Lighting’s business model will create an excellent strategic fit. I am personally excited about the opportunities before us to expand solid-state lighting technology and help redefine the way lighting systems are designed.”