CRS Electronics Continues to Increase Global Sales
Friday, March 5th 2010 3:49:23pm
March 5, 2010 Welland, ON - CRS Electronics Inc. ("CRS"), (TSX-V:LED), an inventor, developer and manufacturer of LED lighting, is pleased to report that sales, including contract work, school bus lighting, and LED MR16 lamps for the first two months of 2010, increased 60% over the first two months of 2009 to more than $425,000. Unit sales of the company's LED MR16 lamps increased 269% compared to last year.
The increase in sales activity is a result of CRS' enhanced credibility in the marketplace and expanding customer base. In recent weeks, the company has received orders for approximately $250,000 LED MR16's. This includesan order equal to $183,000 for CRS's LED MR16 to be used in the construction of a new office campus in Boston , Massachusetts. CRS's LED MR16 lamps were specified with a 'no replace clause' by the project's lighting designer , Ripman Lighting Consultants, a Boston-based architectural lighting consulting firm.
CRSalso shipped a follow-on order of LED MR16 lamps to P. A. SYSTEMS NV a Belgium-based distributor. The lamps were ordered to fill demand in Belgium, Netherlands, France, UK, Germany and Luxembourg.
"It's quite a validating accomplishment to be sole specified by a lighting architect of Ripman's stature. We're pleased to be providing a real, cost-effective and sustainable solution for commercial applications," said Scott Riesebosch, President of CRS Electronics Inc. "Our LED lighting products are attracting orders from diverse industries and locations worldwide. We see the hotel, resort, and hospitality industry as a rapidly emerging market segment that will benefit greatly from the use of our efficient and economical LED lamps."
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. Several of CRS's customers use CRS LED MR16 lamps to replace up to 50 watt halogen MR16's.
For more information please contact:
Debbie Bamforth - Corporate Communications
Chief Operating Officer
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Certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in CRS's public filings, CRS's future outlook and anticipated events or results and can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of markets for products, availability to develop and manufacture products, availability of sufficient financing, receipt of approvals, satisfaction of escrow requirements, satisfaction of closing conditions, obtaining debt financing for capital expenditures, and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other CRS filings, and include the effect of capital market conditions and other factors on capital availability and the ability to complete additional closings; sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other CRS filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, CRS does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.