CRS Electronics

CRS Electronics

September 09, 2009 08:39 ET

CRS Electronics Inc. Announces August Revenue Gain

Grants of $100,000 from Ontario Government

WELLAND, ONTARIO--(Marketwire - Sept. 9, 2009) - CRS Electronics Inc. ("CRS") (TSX VENTURE:LED), an engineer, designer, and manufacturer of LED lighting, is pleased to announce revenue in August reached approximately $290,000. In the five month period from January to May, the average monthly sales were $160,000; the average for June, July and August was $300,000, representing an increase of 88% in sales since introducing the new MR16 product to market. Total sales have increased 33% over the same three month period last year.

CRS has received confirmation that the Government of Ontario has approved a grant of $50,000 through the Yves Landry Foundation for training in new technologies and processes, and the maximum allowed grant of $50,000 from CME's (Canadian Manufacturers & Exporters) SMART Program to help small and medium-sized manufacturers in Ontario improve their productivity to compete more effectively in the global economy.

"Receiving acknowledgement and support from the Ontario Government is another milestone to our success," said Scott Riesebosch, President of CRS Electronics, "These funds will be injected into our innovative manufacturing processes to expand and increase efficiency to meet customer demand without compromising our recognized industry leading quality in the production of LED light products."

Through funding by the Ontario Government, CME's SMART Program ( was successful in helping many Ontario manufacturers by supporting manufacturing productivity improvement, quality, energy, IT best practices and environmental impact initiatives. The program received over 1800 applications and provided funding to 430+ Ontario manufacturers. Applicants were strictly rated in a number of categories including management skills and commitment, perceived significance of outcome on the Company`s operations and the probability of success.

The Yves Landry Foundation's Achieving Innovation & Manufacturing Excellence Training Fund ("AIME") ( is funded by the Ontario Government. One of the objectives of the AIME Fund is to encourage training to support the adoption of new technologies, processes and or procedures or any changes within the company to support innovation.

About CRS

CRS 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, primarily in North America, of indoor and outdoor lighting such as LED replacement lamps, LED streetlights, exterior LED warning lights on school buses, child safety systems for school buses and contract manufacturing of LED light boards. The Company currently sells an LED replacement for MR16 halogen bulbs and LED light engines ("replacement lamps") for decorative streetlights. CRS is a well-established supplier to both the school bus industry and the LED contract manufacturing industry, providing a stable and growing revenue source. CRS plans to be a major supplier of LED light engines 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, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in CRS Electronics' public filings, CRS's future outlook and anticipated events or results and 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 and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of markets for products, availability to develop and manufacture products, availability of sufficient financing, receipt of approvals, satisfaction of escrow requirements, satisfaction of closing conditions, obtaining debt financing for capital expenditures, and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. 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 sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime 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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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