Nexxus Lighting: Acquired Solid State LED Lighting Manufacturer
Nexxus Lighting (NASDAQ Capital Markets: NEXS) has ended its previously announced acquisition of solid-state LED lighting manufacturer Lumificient Corporation. The recently acquired company will be a wholly owned subsidiary of Nexxus Lighting and will subsequently launch its production facility in Maple Grove, Minnesota.
According to the terms of the stock purchase agreement, Lumificient's shareholders receive cash compensation of $1.1 million and Nexxus Lighting's common stock of 4.775 million shares, and additional shares can be earned based on future profitability payment plans. Lumificient's 2007 annual revenue was approximately 2.2 million, and its revenue for the first quarter of 2008 was approximately $933,000.
It is very happy to be able to acquire Lumificient. In addition to Lumificient's current growth in solid-state LED lighting products for the service advertising lighting and commercial lighting markets, Lumificient's team has also brought Nexxus a strong R&D capability, and we feel that it will give the vast white lighting market. Mike Bauer, CEO of Nexxus Lighting, a new technology platform that brings huge opportunities for growth, says that we believe in the strength of Lumificient's intellectual property and its potential to build our IP with strong R&D capabilities. Nexxus lighting will bring more new products to the market faster. Zdenko Grajcar is the founder of Lumificient and will be the technical director of Nexxus Lighting, overseeing our strong R&D team. We look forward to Zdenko and his team presenting several exciting new patent application technologies at the Las Vegas Lighting Expo in Nevada (the largest lighting industry fair in North America) from May 28th to 30th. product. Carey Burkett continues to be the day-to-day operation of Lumificient's President Management Division.
For each of our Lumificient companies, this moment is very special. Zdenko Grajcar, founder and CEO of Lumificient, said: Through the merger of the two companies, we will create a highly professional elite team. This new team is dedicated to technology and energy-saving products, providing customers with exciting services and quotations. Our goal is to revolutionize lighting by providing special LED solutions for the lighting market. As part of the Nexxus lighting family, today is the beginning of a new day. Nexxus Lighting is a leader in high-end lighting technology, including solid-state LED lighting, fiber optic lighting systems, and management for commercial, architectural, entertainment, signage, swimming pools and retail lighting.
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