|By Marketwired .||
|June 26, 2014 07:30 AM EDT||
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.
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.
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 www.lumenpulse.com/en/investors.
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.
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 www.sedar.com. 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.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Feb. 26, 2017 11:45 PM EST Reads: 6,187
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 26, 2017 11:45 PM EST Reads: 2,044
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Feb. 26, 2017 11:15 PM EST Reads: 8,744
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Feb. 26, 2017 10:00 PM EST Reads: 13,684
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Feb. 26, 2017 09:15 PM EST Reads: 2,434
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Feb. 26, 2017 09:00 PM EST Reads: 8,976
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Feb. 26, 2017 08:45 PM EST Reads: 5,157
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).
Feb. 26, 2017 08:45 PM EST Reads: 2,004
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Feb. 26, 2017 08:30 PM EST Reads: 713
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Feb. 26, 2017 08:30 PM EST Reads: 7,179
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 26, 2017 07:45 PM EST Reads: 2,069
In his session at 20th Cloud Expo, Chris Carter, CEO of Approyo, will discuss the basic set up and solution for an SAP solution in the cloud and what it means to the viability of your company. Chris Carter is CEO of Approyo. He works with business around the globe, to assist them in their journey to the usage of Big Data in the forms of Hadoop (Cloudera and Hortonwork's) and SAP HANA. At Approyo, we support firms who are looking for knowledge to grow through current business process, where even ...
Feb. 26, 2017 07:30 PM EST Reads: 1,160
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Feb. 26, 2017 06:45 PM EST Reads: 2,370
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
Feb. 26, 2017 06:00 PM EST Reads: 956
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Feb. 26, 2017 05:30 PM EST Reads: 2,008