TORONTO, ONTARIO--(Marketwired - Dec 31, 2013) - A Correction from Source is issued with respect to the release issued earlier today at 13:32 ET. The change is at the end of first paragraph, where an additional sentence is added with the hold period expiry information.
CRS Electronics Inc. ("CRS" or the "Company"), (TSX VENTURE:LED), a developer and manufacturer of LED lighting products, is pleased to announce the scheduled repayment of its $1 loan from CJL Holding Inc. in shares and the closing of a $2 million private placement equity financing from CJL Holding Inc., a corporation related to Mr. Chang Jiang Wu, the Company's Executive Chairman. The loan from CJL Holding Inc. was repaid through the issuance of 5 million common shares of CRS at an issue price of $0.20 per share. In addition, CRS issued 10 million shares to CJL Holding Inc. at a price of $0.20 per common share for private placement cash proceeds to the Company of $2 million. The 15 million shares issued today are subject to a statutory hold period expiring on May 1, 2014.
CJL Holding Inc., 26 Carat Crescent, Richmond Hill, ON L4S 0B3, acquired ownership of an aggregate of 15 million common shares of CRS, representing 17.4% of the issued and outstanding common shares of CRS. CJL Holding Inc. now owns 45,400,548 common shares of CRS, representing approximately 52.55% of the current issued and outstanding common shares of CRS. CJL Holding Inc. acquired the common shares for investment purposes and it, and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of common shares of CRS or other securities of CRS whether in the open market, by privately negotiated agreement or otherwise.
About CRS Electronics
CRS Electronics Inc., a Lighting Facts partner, is a leader in the emerging, rapidly-growing market of high efficiency light-emitting-diode ("LED"), or, solid state lighting ("SSL"). The principal activities of CRS include the development, manufacture and sale, primarily in North America, of indoor lighting such as LED replacement lamps, exterior LED warning lights on school buses, child safety systems for school buses and contract manufacturing of LED circuit boards. As an innovator of LED solutions since 1998, CRS Electronics continues to expand its product portfolio and market presence with business partners and customers, and under its own product brands.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release regarding the additional private placement closing and the repayment of the loan with shares constitute forward-looking information. Such forward-looking statements are based on a number of material factors and assumptions, including the receipt of all required approvals including the approval of the TSX Venture Exchange and the satisfaction of the other conditions of closing. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including the risk that the proposed private placement may not close or the loan may not be repaid in shares due to failure to obtain regulatory approval or meet other closing conditions to the private placement. Other than as required by law, CRS does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.