LSI Lighting Solutions Announces Agreement With PNC Equipment Finance, LLC to Provide Financing to Petroleum Market Customers...
18 November 2015 - 12:45PM
LSI Industries Inc. (NASDAQ:LYTS) today announced
a new strategic relationship between LSI Lighting Solutions, LSI's
lighting fixture manufacturing division, and PNC Equipment Finance,
LLC (PNCEF) to provide financing solutions to LSI's petroleum
customers.
Pursuant to this agreement, LSI's current and prospective
petroleum customers (gas stations and convenience stores) will have
the option to apply for financing from PNCEF in order to upgrade
both their lighting and petroleum equipment simultaneously, thus
taking advantage of the energy-saving benefits of LED retrofit
solutions immediately.
PNCEF is the 4th largest bank-owned leasing company in the U.S.
The financing options that PNCEF offers to approved applicants can
include not only the cost of the actual upgrades themselves, but
also the installation, service and freight. This can translate to
little to no money down, result in improved cash flow, be
structured on or off balance sheet, and mean lower borrowing costs
than approaching the financing of each upgrade separately, based on
more favorable rates offered by PNCEF when lighting and equipment
upgrades are bundled together.
Shawn Toney, President of LSI Lighting Solutions, commented, "We
are excited to announce this strategic relationship between LSI and
PNC. It eliminates a barrier for qualified prospects interested in
retrofitting to money-saving, energy-efficient LED technology but
who may not have capital available upfront. As a result of
this relationship, our customers can begin to realize the
significant energy savings, as well as utility incentives, that
switching to LED technology provides."
"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,
the results of asset impairment assessments, the Company’s ability
to maintain an effective system of internal control over financial
reporting, our ability to remediate any material weaknesses in our
internal control over financial reporting and any other risk
factors that are identified herein. 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
We are a customer-centric company that positions itself as a
value-added, trusted partner in developing superior image solutions
through our world-class lighting, graphics, and technology
capabilities. Our core strategy of "Lighting + Graphics +
Technology = Complete Image Solutions" differentiates us from our
competitors.
We are committed to advancing solid-state LED 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. In addition, we provide sophisticated
lighting and energy management control solutions to help customers
manage their energy performance. Further, we provide a full
range of design support, engineering, installation and project
management services to our customers.
We are a vertically integrated U.S.-based manufacturer
concentrating on serving customers in North America and Latin
America. Our major markets include commercial / industrial
lighting, petroleum / convenience store and multi-site retail
(including automobile dealerships, restaurants and national retail
accounts). Headquartered in Cincinnati, Ohio, LSI has
facilities in Ohio, Kansas, Kentucky, New York, North Carolina,
Oregon, Rhode Island and Texas. The Company’s common shares
are traded on the NASDAQ Global Select Market under the symbol
LYTS.
For further information, contact Dennis Wells,
Chief Executive Officer and President, 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:
DENNIS W. WELLS
(513) 793-3200
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