CORRECTION FROM SOURCE: CRS Electronics Announces Repayment of $1 Million Loan in Shares & Closing of $2 Million Equity Finan...
31 Dezember 2013 - 8:58PM
Marketwired
CORRECTION FROM SOURCE: CRS Electronics Announces Repayment of $1
Million Loan in Shares and Closing of $2 Million Equity Financing
TORONTO, ONTARIO--(Marketwired - Dec 31, 2013) - A Correction
from Source is issued with respect to the release issued earlier
today at 13:32 ET. The change is at the end of first paragraph,
where an additional sentence is added with the hold period expiry
information.
CRS Electronics Inc. ("CRS" or the "Company"),
(TSX-VENTURE:LED), a developer and manufacturer of LED lighting
products, is pleased to announce the scheduled repayment of its $1
loan from CJL Holding Inc. in shares and the closing of a $2
million private placement equity financing from CJL Holding Inc., a
corporation related to Mr. Chang Jiang Wu, the Company's Executive
Chairman. The loan from CJL Holding Inc. was repaid through the
issuance of 5 million common shares of CRS at an issue price of
$0.20 per share. In addition, CRS issued 10 million shares to CJL
Holding Inc. at a price of $0.20 per common share for private
placement cash proceeds to the Company of $2 million. The 15
million shares issued today are subject to a statutory hold period
expiring on May 1, 2014.
CJL Holding Inc., 26 Carat Crescent, Richmond Hill, ON L4S 0B3,
acquired ownership of an aggregate of 15 million common shares of
CRS, representing 17.4% of the issued and outstanding common shares
of CRS. CJL Holding Inc. now owns 45,400,548 common shares of CRS,
representing approximately 52.55% of the current issued and
outstanding common shares of CRS. CJL Holding Inc. acquired the
common shares for investment purposes and it, and/or one or more of
its affiliates may, depending on market and other conditions,
increase or decrease its beneficial ownership of common shares of
CRS or other securities of CRS whether in the open market, by
privately negotiated agreement or otherwise.
About CRS Electronics
CRS Electronics Inc., a Lighting Facts partner, 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 lighting such as
LED replacement lamps, exterior LED warning lights on school buses,
child safety systems for school buses and contract manufacturing of
LED circuit boards. As an innovator of LED solutions since 1998,
CRS Electronics continues to expand its product portfolio and
market presence with business partners and customers, and under its
own product brands.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Statements in this news release regarding the additional
private placement closing and the repayment of the loan with shares
constitute forward-looking information. Such forward-looking
statements are based on a number of material factors and
assumptions, including the receipt of all required approvals
including the approval of the TSX Venture Exchange and the
satisfaction of the other conditions of closing. 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 the risk that the proposed private placement may
not close or the loan may not be repaid in shares due to failure to
obtain regulatory approval or meet other closing conditions to the
private placement. 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.
CRS Electronics Inc.Matthew GroenChief Financial
Officermgroen@crselectronics.comwww.crselectronics.com
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