Lighting Science Group Completes $18 Million Private Placement
SATELLITE BEACH, Fla., Jan. 27, 2011 /PRNewswire via COMTEX/ -- Lighting Science
Group Corporation (LSCG), a leading American maker of LED lighting, completed an
$18 million private placement of its common stock on January 26, 2011. The
purchase price of the shares purchased in connection with this private placement
represents a discount of less than 3% to the closing price of the company's
common stock on the date the company's Committee of Independent Directors
approved the transaction. Pegasus Partners IV, L.P., the company's largest
equityholder, and two of its operating advisors purchased 3,167,333 shares of
common stock for an aggregate purchase price of $10,452,200. Michael Kempner, who
is also an operating advisor of Pegasus and a director of the company, and Leon
Wagner, a director of the company, purchased 60,606 and 634,394 shares of common
stock, respectively, for a purchase price of $200,000 and $2,093,500. The
remainder of the shares were purchased by trusts affiliated with, and business
associates of, Mr. Wagner, including Irwin Simon, founder, chairman and chief
executive officer of Hain Celestial; Richard Ruben, chief executive officer of
Ruben Companies, which owns and manages over five million square feet of office
and residential properties in New York, Washington, D.C. and Boston, and chairman
of Workspeed Holdings; Stanley Fleishman, president and chief executive officer
of Jetro Cash & Carry Enterprises, one of the fastest growing suppliers of
grocery stores and foodservice operators in the country and the parent company of
Restaurant Depot, a wholesale restaurant supplier with 49 locations in the U.S.;
and Beny Alagem, owner of the Beverly and Cabo San Lucas Hilton Hotels.
"Lighting Science Group has seen rapid sales growth over the past year and this
private placement will help us continue our market expansion strategy," said
Richard Weinberg, chairman and chief executive officer of Lighting Science Group.
The securities were offered and issued only to a limited number of accredited
investors in a private placement transaction under Section 4(2) of the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder.
Accordingly, the securities offered in this placement have not been registered
under the Securities Act of 1933, as amended, or state securities laws, and
cannot be offered or sold in the United States absent registration with the
Securities and Exchange Commission or an applicable exemption from the
registration requirements.
About Lighting Science
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
450 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.
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.
SOURCE Lighting Science Group Corporation |
