TORONTO, ONTARIO--(Marketwired - May 26, 2015) - CRS Electronics Inc. ("CRS" or the "Company"), (TSX VENTURE:LED), a developer and manufacturer of LED lighting products, announces it has signed a loan agreement whereby the Lender agrees to make credit facilities of an operating loan of up to $1,000,000 and an uncommitted facility an additional $500,000 to the Company. CRS Electronics has partnered with Optimize Capital Markets, a corporate finance firm which specializes in securing capital for leading growth enterprises.
"Historically, CRS Electronics has been misaligned in the capital markets. We finally have the right financial partner in Optimize Capital Markets as they truly understand the needs of a rapidly growing, innovative, high tech company. Basil Mummery, Senior Financial Analyst has been a terrific partner. My team and I are looking forward to a long and mutually beneficial partnership," said Travis Jones.
The loan has been used to repay the existing line of credit with the bank, with the remainder used for working capital purposes. The credit facilities bear interest at fifteen percent per annum and are secured by general security agreements on company assets.
About CRS
CRS Electronics Inc. (TSX VENTURE:LED) 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 Inc. continues to expand its product portfolio and market presence with business partners and customers. KVIC Lighting(TM) and Lumenova(TM) are two product lines that exemplify CRS Electronics Inc. commitment of expansion.
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.