$25 Million Loan Strengthens Balance Sheet and Provides Financial
Flexibility to Enable Continued Growth
STAMFORD, Conn. -- (Business Wire)
Revolution Lighting Technologies, Inc. (NASDAQ:RVLT) (“Revolution
Lighting”), a leader in advanced LED lighting solutions, today announced
that it has entered into a three year loan and security agreement with
Bank of America. The agreement allows Revolution Lighting to borrow up
to $25 million on a revolving basis.
“This loan agreement is a significant milestone for our company – it
further strengthens our balance sheet and provides us with the financial
flexibility to enable our continued growth as we execute on our business
strategy,” said Robert V. LaPenta, Chairman and Chief Executive Officer,
Revolution Lighting Technologies “With our broad, state-of-the-art,
high-quality product portfolio, our well-trained distribution network, a
strong pipeline of actionable opportunities, and this new partnership
with Bank of America, we are well-positioned for the next chapter of our
growth.”
Borrowings under the agreement are determined on specified percentages
of eligible receivables and inventory, and bear interest either on the
base rate plus specified margins or at LIBOR plus specified margins, at
the election of Revolution Lighting. The loan provides Revolution
Lighting with favorable interest rates with an initial interest rate of
3%. The agreement contains customary covenants and restrictions typical
of these agreements.
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies, Inc. is a leader in the design,
manufacture, marketing, and sale of light emitting diode (LED) lighting
solutions focusing on the industrial, commercial and government markets
in the United States, Canada, and internationally. Through advanced
technology and aggressive new product development, Revolution Lighting
has created an innovative, multi-brand, lighting company that offers a
comprehensive advanced product platform. The company goes to market
through its Seesmart brand, which designs, engineers and manufactures an
extensive line of high-quality interior and exterior LED lamps and
fixtures; Lighting Integration Technologies Inc., which sells and
installs Seesmart products; Lumificient, which supplies LED illumination
for the signage industry; Relume Technologies, a leading manufacturer of
outdoor LED products; and Sentinel, a revolutionary patented and
licensed monitoring and smart grid control system for outdoor lighting
applications. Revolution Lighting Technologies markets and distributes
its product through a network of independent sales representatives and
distributors, as well as through energy savings companies, national
accounts and its wholly owned subsidiary, Value Lighting, a leading
supplier of lighting solutions to the multifamily residential housing
sector and new construction marketplace across the U.S. Revolution
Lighting Technologies trades on the NASDAQ under the ticker RVLT. For
additional information, please visit: www.rvlti.com.
Contacts:
ICR
Anton Nicholas / Cory Ziskind, 203-682-8200
Anton.Nicholas@icrinc.com
/ Cory.Ziskind@icrinc.com
Source: Revolution Lighting Technologies, Inc.
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