TORONTO, ONTARIO--(Marketwired - Apr 25, 2014) - CRS Electronics Inc. ("CRS" or the "Company"), (TSX VENTURE:LED), a developer and manufacturer of LED lighting products, today announced results for the year ended December 31, 2013. Fiscal 2013 was a year of major transition for the Company.
- We exited the retail market, our primary revenue stream, due to negative margins (34% Sales Decrease/ 13% Net Loss Decrease)
- We migrated to an Asian supply chain (60% product cost reduction)
- We introduced the Lumenova™ brand of market leading LED lamps
- We won the TSX Venture 50® Award
- We certified LED lamps to new 2014 Energy Star Standard
- We added North American Sales Directors for Commercial Market
"Our financial statements reflect wholesale changes made in virtually every aspect of our business. Despite deliberate losses, we are prepared to become a profitable and relevant LED provider in the commercial marketplace," said Travis Jones, President & CEO of CRS Electronics.
About CRS Electronics
CRS Electronics Inc. (TSX VENTURE:LED), 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 Electronics include the development, manufacture and sale, primarily in North America, of indoor lighting products such as LED replacement lamps, exterior LED warning lights for school buses, child safety systems for school buses, LED architectural lighting fixtures, 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, which include CRS Electronics and Lumenova™.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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 availability of sufficient working capital for development and operations, availability of a qualified work force, availability of manufacturing equipment and the ultimate ability execute its business plan on economically favourable terms. 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.