TORONTO, ONTARIO and HONG KONG, HONG KONG--(Marketwired - May 2, 2013) -
NOT FOR RELEASE IN THE UNITED STATES
CRS Electronics Inc. ("CRS" or the "Company"), (TSX VENTURE:LED), a developer and manufacturer of LED lighting, is pleased to announce the proposed entering into of an agreement for a private placement by the Company to Ms. (Jennifer) Yan Li (the "Investor"), of up to 16,330,974 common shares of the Company at a price of $0.1837 per common share for total aggregate proceeds to the Company of approximately $3,000,000 (the "Private Placement") in reliance on the minimum amount investment exemption. Ms. (Jennifer) Yan Li is the Chief Administrative Officer of the Company.
Travis Jones, President and CEO of the Company said "We are thrilled to have investment in the Company by Ms. (Jennifer) Yan Li. This will allow for exciting strategic developments going forward". Ms. (Jennifer) Yan Li stated, "I am excited about the direction and evolution of the Company and look forward to the future".
Closing of the Private Placement is subject to the receipt of all necessary regulatory approvals. The Private Placement is expected to close on or about June 15, 2013, subject to extension in certain circumstances. Assuming the closing of the Private Placement, Ms. (Jennifer) Yan Li will own approximately 18% of the issued and outstanding common shares of the Company.
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, 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. CRS plans to be a major supplier of LED lighting solutions for a variety of applications to be developed by CRS on its own and in conjunction with its customers.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws which can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other CRS filings, and include 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 but not limited to risks and uncertainties disclosed in other CRS filings at www.sedar.com and other unforeseen events or circumstances. 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.