Lighting Science Group Announces New $15 Million Credit Facility With Wells Fargo
Capital Finance
SATELLITE BEACH, Fla., Nov. 30, 2010 /PRNewswire via COMTEX/ -- Lighting Science
Group (LSCG), a leading American maker of LED lighting, today announced the
closing of a secured revolving credit facility with Wells Fargo Capital Finance,
part of Wells Fargo & Company (WFC). The asset-based credit facility provides for
borrowings up to $15 million for working capital requirements, letters of credit
and other general corporate purposes.
The credit facility has a three-year term and is subject to a borrowing base
calculated as a percentage of eligible inventory and accounts receivable that,
among other assets, are pledged as collateral against the loan. The loan
agreement contains customary representations and warranties as well as
affirmative and negative covenants.
"The Wells Fargo Capital Finance credit facility, combined with our existing cash
position, provides Lighting Science Group with increased flexibility and capacity
as we seek to execute our strategy for growth as a leader in the global lighting
technology market," stated Greg Kaiser, chief financial officer of Lighting
Science Group.
Additional information can be found in a current report on Form 8-K filed with
the Securities and Exchange Commission.
About Lighting Science Group Corporation
Lighting Science Group Corporation (LSCG) designs, develops, manufactures and
markets LED lighting solutions that are environmentally friendlier and more
energy efficient than traditional lighting products. Lighting Science Group
offers retrofit LED lamps in form factors that match the form factor of
traditional lamps or bulbs and LED luminaires for a range of applications
including public and private infrastructure for both indoor and outdoor
applications. Lighting Science Group Design Works business unit designs, develops
and manufactures custom LED lighting solutions for architectural and artistic
projects. Lighting Science Group is headquartered in Satellite Beach, Florida;
the Company's European operations are based in Goes, The Netherlands; and, the
Company has a sales office in Sydney, Australia. Lighting Science Group has over
400 workers in its Satellite Beach, Florida manufacturing facility that build
lighting products from domestic and imported parts. Lighting Science Group is a
Pegasus Capital Advisors portfolio company. More information about Lighting
Science Group is available at lsgc.com.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending,
accounts receivable and purchase order finance services of Wells Fargo & Company
and its subsidiaries, and provides traditional asset-based lending, specialized
senior secured financing, accounts receivable financing and purchase order
financing to companies across the United States and Canada. Dedicated teams
within Wells Fargo Capital Finance provide financing solutions for companies in
specific industries such as retail, software publishing and high-technology,
commercial finance, staffing, government contracting, timeshare development and
others. For more information, visit wellsfargocapitalfinance.com
Forward Looking Statements Certain statements in this press release may
constitute "forward-looking statements" made under the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. The statements include,
but are not limited to statements regarding the performance of LSG and the
performance of LSG's products using terminology such as "will," "should,"
"would," "could," "expect," "intend," "plan," "anticipate," or "believe." Such
statements reflect the current view of LSG with respect to future events and are
subject to certain risks, uncertainties and assumptions. Known and unknown risks,
uncertainties and other factors could cause actual results to differ materially
from those contemplated by the statements. In evaluating these statements, you
should specifically consider various factors that may cause our actual results to
differ materially from any forward-looking statements. Readers should carefully
review the risk factors detailed under "Risk Factors" in our most recent Form
10-K, and subsequent Form 10-Qs on file with the Securities and Exchange
Commission filings.
SOURCE Lighting Science Group Corporation |
