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LED Holdings, LLC, a leading global developer of custom LED lighting solutions, and LightingScienceGroup Corporation, a leading developer and integrator of LED technology white light solutions, announced that LED Holdings has contributed all of its assets (including $15 million in cash) to LightingScienceGroup. The exchange of fully diluted preferred shares and common shares equivalent to 70% of the shares of LightingScienceGroup and 80% of voting rights. PegasusCapitalAdvisors, the LP affiliate, is the largest owner of LED Holdings, and has acquired approximately 42% of the fully diluted common stock of LightingScienceGroup. With its ownership of LED Holdings, Pegasus will be eligible to elect a majority of Board members of the LightingScienceGroup.
GoviRao, President and Chief Executive Officer of LED Holdings, said: "We believe this transaction will further strengthen our market position and enhance our ability to develop and sell a complete range of color-changing solutions from color-changing to white light. The transaction can be combined with both parties. The advantages of manpower, technology and complementarity are a unique opportunity for us to meet the growing demand for differentiated solutions in key market segments around the world by providing innovation."
The merged entity will retain the LightingScienceGroup name and will continue to trade in the NASDAQ bulletin board system with the LSGP code. Mr. Rao will lead the management as CEO. Mr. Rao joined LEDHoldings in July 2007 as CEO. Mr. Rao is a former vice president and general manager of Philips' North American solid-state lighting business unit, responsible for pioneering sustainable technologies such as solid-state lighting, and has held several leadership positions at Philips Lighting (including senior executives in the professional lighting business unit and Vice President, Business Creation and Branding). In addition, Mr. Rao is a founding member of the Advisory Board of the School of Sustainability Business School at Fairleigh Dickinson University and a consultant to the China-US Center for Sustainable Development.
About Lighting Science Group
Lighting Science Group designs and sells highly energy-efficient and environmentally-friendly lighting solutions based on its proprietary and optimized digital lighting technology. The company's patented and pending patented design and production processes enable efficient, energy-efficient, long-life LED lighting systems to be rapidly deployed in existing lighting applications, with immediate cost savings and environmental benefits. Products include low-light fixtures for parking lots and industrial facilities, including MR-16, R30, R25, R20, R16 (elevator lights), G11, G25, S6.
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