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Article Excerpt
Company Also Announces $20 Million Line of Credit Agreement With Bank of Montreal
NEW YORK, July 29 /PRNewswire-FirstCall/ -- Lighting Science Group Corporation (BULLETIN BOARD: LSCG) ("LSG"), a leading developer and integrator of intelligent and energy-efficient LED lighting solutions, announced today that, through one of its wholly-owned subsidiaries, it has acquired all of the assets of Lamina Lighting, Inc. (Lamina), a leader in the development and manufacture of high-power LED light engines and modules. Year-to-date revenues for the first six months of 2008 for Lamina were approximately $2.1 million.
LSG paid Lamina $4.5 million in cash. LSG may also make "earn-out" payments to Lamina of up to $10.5 million in the second quarter of 2010. The amount of any future earn-out payments will be determined based on 85% of the 2009 sales of Lamina products and certain components developed by Lamina, subject to certain adjustments. Under the purchase agreement, LSG acquired all inventories, accounts receivable, property and equipment and intellectual property of Lamina, and assumed all accounts payable and certain other accrued liabilities....
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