Revolution Lighting Technologies, Inc. Announces $5 Million Equity Investment
From New Investor
CHARLOTTE, N.C., March 11, 2013
CHARLOTTE, N.C., March 11, 2013 /PRNewswire/ --Advanced LED lighting
technology provider, Revolution Lighting Technologies, Inc. (NASDAQ: RVLT),
announces the completion of a $5 million equity investment from a new
unaffiliated investor. The investment will be in the form of common stock and
the proceeds will be used for general purposes, including working capital and
expansionof the company's distribution network.
"I am pleased to announce a new equity investment in RVLT by a large, highly
regarded, Midwestern financial institution. This latest investment not only
provides additional capital to fund our increasing growth, but also expands
our shareholder base with an important new investor. Revolution is well
positioned to significantly increase revenue and profitability in 2013 and
beyond," commented Robert V. LaPenta, Chairman and CEO of Revolution Lighting
"This investment expands our capital base and better positions us to support
our dynamic growth and aggressively pursue our growing pipeline of
opportunities. We continue to invest in our unique and expansive platform to
take advantage of the significant opportunities in the marketplace," said
Charlie Schafer, Revolution's President and Chief Financial Officer.
The $5 million investment has been completed through the sale of a newly
issued common stockat a price of $1.17 per share. The transaction closed
March 8, 2013 and has been approved by the board of directors of RVLT. 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.
About Revolution Lighting Technologies
Revolution Lighting Technologies, Inc. engages in the design, manufacture,
marketing, and sale of light emitting diode (LED) lighting solutions in the
United States, Canada, and internationally. The company sells its products
under the Seesmart, Lumificient, and Array brand names. Revolution Lighting
Technologies, Inc. markets and distributes its product through a network of
independent sales representatives and distributors, as well as through energy
savings companies and national accounts. For more information about Revolution
Lighting Technologies, visit http://www.rvlti.com/ and
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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