CRS Electronics
TSX VENTURE : LED

CRS Electronics

December 01, 2009 08:49 ET

CRS Electronics Reports Third Quarter Financial Results

Sales of MR16 Lighting Units Up 286% Over 2008

WELLAND, ONTARIO--(Marketwire - Dec. 1, 2009) - CRS Electronics Inc. ("CRS"), (TSX VENTURE:LED), an engineer, designer, and manufacturer of LED lighting, today reported its financial results for the three and nine month periods ended September 30, 2009.

For the three months ended September 30, 2009, the Company reported sales of $878,704 and a net loss of $265,919, or $0.01 per share. For the nine months ended September 30, 2009, the Company reported sales of $1.96 million and a net loss of $637,841 or $0.03 per share. This compares to sales of $1.84 million and a net loss of $63,880 for the same nine-month period last year.

"We are very excited to have reached a corporate milestone with the recent sale of our 10,000th MR16 replacement lamp," said Scott Riesebosch, President of CRS Electronics. "Our core product lines continue to contribute to the success of CRS and allow us to develop and market our new innovative lighting products. We remain focused on delivering our superior products to establish CRS as a trusted, reliable brand name."

Several new customers during the quarter include Starbucks' head office in Seattle, Washington, Ikea Property Inc. in Conshohocken, Pennsylvania, Humber College in Toronto, Ontario and Harvard University in Cambridge, Massachusetts.

CRS received approval for two grants in the third quarter equal to $100,000 from the Government of Ontario under the Yves Landry Foundation for training in new technologies and processes, and through the SMART Program administered by the Canadian Manufacturers & Exporters to purchase equipment and improve productivity.On October 2, 2009, the Company announced the successful completion of a private placement for gross proceeds of $525,000. The capital raised is being used to benefit sales and marketing activities, and enhance production capacity. Working capital for the quarter was $375,477 including $184,328 of cash.

The unaudited interim financial statements and related MD&A can be found on SEDAR at www.sedar.com.

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 circuit boards. 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. The Company currently sells one of the very few replacement LED MR16 lights capable of replacing a halogen 50 watt MR16.

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 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 Podium filings at www.sedar.com 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 the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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