Click here to close now.


News Feed Item

Lumenpulse Accelerates its Growth Strategy with the Asset Acquisition of Projection Lighting Limited

- Complementary product portfolio increases addressable market

MONTREAL, QUEBEC -- (Marketwired) -- 06/26/14 -- Lumenpulse Inc. (TSX:LMP), a leading manufacturer of high performance, specification-grade LED lighting solutions, announced today that it has signed a definitive agreement to acquire substantially all of the assets of Projection Lighting Limited ("Projection"), a UK-based manufacturer of LED solutions for retail, display and architectural applications. Founded in 1991, Projection is a privately owned company headquartered in Manchester, UK, operating under the name AlphaLED. The company's strong position in the UK was recognized in 2013 with a Lux Award for Manufacturer of the Year.

The transaction will allow Lumenpulse to expand its addressable market with a wide variety of complementary LED solutions; and accelerate its expansion into new geographical markets served by Projection.

"We are pleased to join forces with a reputable player in the LED lighting industry," said Francois-Xavier Souvay, President and CEO of Lumenpulse. "We were drawn to well-designed, versatile and high-performance products, which are in line with the Lumenpulse philosophy. We will also welcome an experienced management team with deep industry knowledge," he said.

"Combining strengths will create added momentum for growth," said Gary Heald, Founder and CEO of Projection. "By expanding our products into each other's channels and markets, there is great potential for revenue enhancement synergies. For Lumenpulse, it opens new doors in the retail, hospitality and museum markets, while Projection's products have the possibility to integrate Lumenpulse's proprietary and patented technologies, and access North American channels," he said.

Transaction details

The definitive agreement provides for a total cash consideration of $30.4 million (GBP 16.6 million), including working capital of $5.3 million (GBP 2.9 million), subject to customary post-closing adjustments. The consideration will be paid using Lumenpulse's available cash on hand. The transaction is expected to close on or about July 1, 2014, subject to customary closing conditions.

During the twelve month period ended April 30, 2014, Projection generated revenues of $20.6 million (GBP 11.3 million) and EBITDA of $4.3 million (GBP 2.3 million). The acquisition is expected to be immediately accretive notwithstanding the investments to be made to integrate Lumenpulse's technologies into Projection's products, obtain necessary North American compliance certification and deploy the required sales force and sales support to promote Projection's products.

As a result of the transaction, approximately 50 new employees will join Lumenpulse. As part of their new remuneration package, Lumenpulse will grant restricted stock units ("RSUs") having an aggregate value of approximately $1.8 million (GBP 1 million) to certain key employees. The RSUs will vest over a three-year period.

Gary Heald, President and CEO of Projection, will serve in an advisory role following completion of the transaction.

Conference Call

Lumenpulse has scheduled a conference call to discuss the acquisition on Thursday, June 26, 2014, beginning at 11:00 A.M. (ET), 4:00 P.M. UK time. This conference call will be broadcast live on the Internet at the following link: Listen to webcast. A slideshow presentation intended for real-time viewing with the conference call will also be available. Alternatively, investors may join by dialing in North America: 1-844-825-4409. Participants in the UK may join by dialing: 0800 028 8438 (or 0203 107 0289 in London). Conference ID for all participants is: 64549808. This webcast will be archived at

Non-IFRS Measures

This press release makes reference to EBITDA, a non-IFRS measure. EBITDA is not a recognized measure under IFRS, does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. This measure is provided to illustrate the potential impact of the acquisition on the operating performance of Lumenpulse. EBITDA is defined as earnings before interest and other financing costs, income taxes, depreciation and amortization.

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes, but is not limited to, information with respect to our objectives and the strategies to achieve these objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. This forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", or "continue", the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Without limiting the generality of the foregoing, statements with respect to Projection's future revenues and EBITDA and to potential benefits and synergies resulting from the transaction constitute forward-looking information. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the failure to satisfy closing conditions or to complete the proposed transaction for any other reason, the failure to achieve the anticipated benefits and synergies from the transaction, and the risk factors identified in the Company's annual information form filed with the Canadian securities regulatory authorities, which is available on the SEDAR website at There can be no assurance that such information will prove to be accurate, and readers are cautioned not to place undue reliance on this forward-looking information. Forward-Looking information is provided for the purposes of assisting the reader in understanding the rationale for, and management's objectives with respect to, the transaction and to help investors measure progress towards management's objectives and the reader is cautioned that such statements may not be appropriate for other purposes. We do not undertake to update or amend such forward-looking information, except as may be required by applicable law.

About Lumenpulse Inc.

Founded in 2006, Lumenpulse designs, develops, manufactures and sells a wide range of high performance and sustainable specification-grade LED lighting solutions for commercial, institutional and urban environments. Lumenpulse is the leading pure-play specification-grade LED lighting solutions provider and has earned many awards and recognitions, including several Product Innovation Awards (PIA), three Next Generation Luminaires Design Awards, a Red Dot Product Design Award and a Lightfair Innovation Award. Lumenpulse has more than 225 employees worldwide, with corporate headquarters in Montreal, Canada, and offices in Boston, Massachusetts and London, UK. Lumenpulse is listed on the Toronto Stock Exchange under the symbol LMP.

Additional information about Lumenpulse, including our 2014 Annual Information Form, is available on our website at and on the SEDAR website at

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...