Revolution Lighting Technologies, Inc. Announces $5 Million Investment
CHARLOTTE, N.C., Feb. 21, 2013
CHARLOTTE, N.C., Feb.21, 2013 /PRNewswire/ --Revolution Lighting
Technologies, Inc. (NASDAQ: RVLT), a leader in advanced LED lighting
technology, announces the receipt of an additional $5 million investment from
an affiliate of Aston Capital LLC. The investment will be in the form of
convertible preferred stock and will be used to fund recent customer orders as
well as to fund future growth.
"I am encouraged by our progress in converting our growing sales pipeline into
executable customer orders. We expect this trend to continue as we assist our
customers in evaluating the significant benefits of efficient LED lighting
systems," stated Robert V. LaPenta, Chairman of Revolution Lighting
"We are on track with operational improvements that will result in a more cost
effective, efficient organization that will best serve our stakeholders. Our
sales and distribution platform is well positioned to take advantage of the
increased adoption the market is experiencing," said Charlie Schafer,
Revolution's President and Chief Financial Officer.
The $5 million investment contemplated will be derived from the sale of a new
convertible preferred stock to RVL Holdings, an entity managed by Aston
Capital, LLC and controlled by Robert V. LaPenta. The preferred stock will be
convertible into common stock at a price of $1.17 per share and carry a 5%
annual dividend payable in cash or stock. The transaction is expected to close
on February 21, 2013 and is subject to the satisfaction of certain conditions
which the Company anticipates will be satisfied. The Company will provide a
more detailed description of the terms and conditions of the transaction in a
Current Report on Form 8-K to be filed with the SEC.
For more information, please visit the Revolution Lighting Technologies, Inc.
web site at www.rvlti.com.
Certain of the above statements contained in this press release are
forward-looking statements that involve a number of risks and uncertainties,
including the satisfaction of closing conditions prior to the consummation of
the acquisition of Seesmart and the anticipated benefits of such acquisition.
Such forward-looking statements are within the meaning of that term in Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Reference is made to Revolution Lighting's filings under the
Securities Exchange Act for additional factors that could cause actual results
to differ materially. Revolution Lighting Technologies, Inc. undertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise. Readers
are cautioned that any such forward-looking statements are not guarantees of
future performance and involve risks and uncertainties, and that actual
results may differ materially from those indicated in the forward-looking
statements as a result of various factors. Readers are cautioned not to place
undue reliance on these forward-looking statements.
SOURCE Revolution Lighting Technologies, Inc.
Contact: Charlie Schafer, President and Chief Financial Officer, Revolution
Lighting Technologies, Inc., +1-203-504-1100
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