Great, Great, News CRS will be in the mainstream of the LED business. What a great marriage. CRS has the technology and the energizer contract. CJL is bringing the money, the management support and the an indepth understanding of the market. The related supply contract will help reduce CRS LED costs and selling prices.
TORONTO, ONTARIO and HONG KONG, CHINA, May 1, 2012 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION 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 entering into of a binding agreement for a private placement (the "Purchase Agreement") by the Company to CJL Holding Inc. (the "Investor"), a corporation related to Mr. Chang Jiang Wu, of 30,400,548 common shares of the Company at a price of
.2921 per common share for total aggregate proceeds to the Company of $8,880,000 (the "Private Placement") in reliance on the minimum amount investment exemption. Mr. Wu is the Chairman and Chief Executive Officer of NVC Lighting Technology Corporation, the leading lighting manufacturer in Asia, whose stock trades on the Hong Kong Stock Exchange. As part of the transaction, Mr. Wu will also become the Executive Chairman of the Company
.