CRS Electronics

CRS Electronics
Podium Capital Corporation

June 02, 2009 07:45 ET

CRS Electronics Reports First Quarter Financial Results

WELLAND, ONTARIO--(Marketwire - June 2, 2009) - CRS Electronics ("CRS"), the operating subsidiary of Podium Capital Corporation (TSX VENTURE:LED), an engineer, designer and manufacturer of LED lighting, today reported its first quarter financial results for the period ended March 31, 2009, representing the final quarterly filing for CRS as its own entity. The Company's next financial statement filing for the quarter ended May 31, 2009, will be that of the consolidated Podium and CRS.

CRS generated sales of $429,997 and a net loss of $105,548 for the quarter ended March 31, 2009 as compared to sales of $385,567 and a net loss of $74,198 in the same period last year.

"We are very excited about the future of CRS and the rapidly expanding LED lighting market," said Scott Riesebosch, President of CRS Electronics, "Our ability to fulfill growing market demand has been limited, the equity injection from the CPC transaction with Podium Capital provides us with the resources to meet orders for our LED lighting products and allows us to increase our sales and marketing efforts."

The unaudited interim financial statements and related MD&A can be found on SEDAR at Statements filed with SEDAR for this quarter are for the CRS entity only.

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, contract manufacturing of LED circuit boards and recently, LED-based space lighting products. The Company currently sells an LED replacement for the MR16 indoor light 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 Podium's public filings, Podium'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 Podium 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 favorable 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 Podium filings at and other unforeseen events or circumstances. Other than as required by law, Podium 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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