LSI Industries Inc. Announces Acquisition of Virticus Corporation
19 März 2012 - 11:45AM
LSI Industries Inc. (Nasdaq:LYTS) today announced
that it has entered into a definitive agreement to acquire Virticus
Corporation, located in Beaverton, Oregon. Consideration for the
purchase of all of the issued and outstanding capital stock of
Virticus consisted of $3.15 million in cash and a contingent
payment opportunity (earn-out) of $5.0 million. The balance sheet
of Virticus was debt free. The management of Virticus has
entered into long-term employment agreements and will continue to
manage the business of Virticus which will remain headquartered in
Beaverton, Oregon. The transaction is expected to close this
week.
Virticus, a start-up company with sales beginning in 2010, is in
the business of developing, designing, manufacturing, selling and
servicing automated network control systems and software for the
management of indoor and outdoor lighting and lighting systems.
Robert J. Ready, Chief Executive Officer, LSI Industries,
commented, "LSI is committed to leadership in the solid-state LED
lighting market. Our 2006 acquisition of SACO Technologies
Inc. provided the LED platform. Then, our 2009 acquisition of
AdL Technology provided vertical integration in connection with
designing, engineering and producing the solid-state electronics
that control and drive LEDs. Now, the acquisition of Virticus
will complement and further expand LSI's capabilities in providing
our customers with sophisticated lighting and energy management
control solutions. Coupled with our industry-leading LED
lighting products, our customers will have complete solid-state
solutions to their lighting needs. Both energy savings and improved
lighting quality are among the many benefits that can be achieved
through the integrated LSI solid-state solution. We welcome the
Virticus team to the LSI family, and we look forward to the
contributions from this talented group of experienced
individuals."
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This document contains certain forward-looking statements that
are subject to numerous assumptions, risks or uncertainties. The
Private Securities Litigation Reform Act of 1995 provides a safe
harbor for forward-looking statements. Forward-looking statements
may be identified by words such as "estimates," "anticipates,"
"projects," "plans," "expects," "intends," "believes," "seeks,"
"may," "will," "should" or the negative versions of those words and
similar expressions, and by the context in which they are
used. Such statements, whether expressed or implied, are based
upon current expectations of the Company and speak only as of the
date made. Actual results could differ materially from those
contained in or implied by such forward-looking statements as a
result of a variety of risks and uncertainties over which the
Company may have no control. These risks and uncertainties
include, but are not limited to, the impact of competitive products
and services, product demand and market acceptance risks, potential
costs associated with litigation and regulatory compliance,
reliance on key customers, financial difficulties experienced by
customers, the cyclical and seasonal nature of our business, the
adequacy of reserves and allowances for doubtful accounts,
fluctuations in operating results or costs whether as a result of
uncertainties inherent in tax and accounting matters or otherwise,
unexpected difficulties in integrating acquired businesses, the
ability to retain key employees of acquired businesses, unfavorable
economic and market conditions, and the results of asset impairment
assessments. You are cautioned to not place undue reliance on
these forward-looking statements. In addition to the factors
described in this paragraph, the risk factors identified in our
Form 10-K and other filings the Company may make with the SEC
constitute risks and uncertainties that may affect the financial
performance of the Company and are incorporated herein by
reference. The Company does not undertake and hereby disclaims
any duty to update any forward-looking statements to reflect
subsequent events or circumstances.
About the Company
Leadership. Strength. Innovation. Those are the
key values behind the smart vision upon which LSI Industries Inc.
was founded when established in 1976. Today LSI demonstrates
this in our dedication to advancing technology throughout all
aspects of our business. We are a vertically integrated
manufacturer who combines integrated technology, design and
manufacturing to produce the most efficient, high quality products
possible. Everything we build is done right here in one of our
US plants.
We are committed to advancing solid-state technology to make
affordable, high performance, energy efficient lighting and custom
graphic products that bring value to our customers. We have a
vast offering of innovative solutions for virtually any lighting or
graphics application. Further, we can provide design support,
engineering, installation and project management for custom
graphics rollout programs for today's retail environment.
LSI is a U.S. manufacturer with marketing / sales efforts
throughout the world with concentration currently on North America,
Latin America, Australia, New Zealand, Asia, Europe and the Middle
East. Our major markets include the commercial / industrial
lighting, petroleum / convenience store, multi-site retail
(including automobile dealerships, restaurants and national retail
accounts), sports and entertainment markets. Headquartered in
Cincinnati, Ohio, LSI has facilities in Ohio, New York, North
Carolina, Kansas, Kentucky, Rhode Island, Texas and Montreal,
Canada. The Company's common shares are traded on the NASDAQ
Global Select Market under the symbol LYTS.
The LSI Industries Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3646
For further information, contact either Bob
Ready, Chief Executive Officer, or Ron Stowell, Vice President,
Chief Financial Officer, and Treasurer at (513) 793-3200.
Additional note: Today's news release,
along with past releases from LSI Industries, is available on the
Company's internet site at www.lsi-industries.com or by email or
fax, by calling the Investor Relations Department at (513)
793-3200.
CONTACT: BOB READY OR
RON STOWELL
(513) 793-3200
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