CRS Electronics
TSX VENTURE : LED
OTCQX : LEDCF

CRS Electronics

November 01, 2011 08:30 ET

CRS Electronics Announces Appointment of New Board Members

WELLAND, ONTARIO--(Marketwire - Nov. 1, 2011) - CRS Electronics Inc. ("CRS" or the "Company"), (TSX VENTURE:LED)(OTCQX:LEDCF), a developer and manufacturer of LED lighting, is pleased to announce the appointment of Mr. Bernard J. Erickson, Mr. Donald B. Hathaway and Mr. Larry D. Taylor to the Board of Directors effective immediately.

Bernard Erickson has over 31 years experience in the electrical lighting industry with successful projects at many Fortune 500 company facilities throughout the United States. He currently holds the position of Division Manager at Facilities Solutions Group ("FSG"), a national distributor of top-brand lighting and electrical products and the 18th largest electrical contractor in the United States. In 2006, Bernard and his team from O.K. Electric Supply Company joined FSG. He began working at O.K. Electric in 1980 and held the position of President and Chief Executive Officer. Bernard is currently the President of The National Council on Qualifications for the Lighting Professions. The NCQLP is a non-profit organization founded in 1991 to serve and protect the well-being of the public through effective and efficient lighting practice. Mr. Erickson holds a BA in Communications from Rutgers, the State University of New Jersey and an MBA in Marketing from Montclair State University in Montclair, New Jersey.

Donald Hathaway is currently the President and Chief Executive Officer of the Global Risk Institute in Financial Services, a public-private partnership in Toronto, Ontario. He is currently a member of the Independent Review Committee for three mutual funds and serves either as a director or advisor of four businesses. He sits on the Dean's Advisory Council of the Faculty of Business and Economics at Wilfred Laurier University, and plays a supporting role with the Canadian Board Diversity Council. He is the Vice Chair, Small Business, of the Ontario Chapter of the Institute of Corporate Directors. He has strong skills in board operations, the board-management interface and board committee work, particularly audit, governance and compensation. He is a member of the Institute of Corporate Directors and holds its ICD.D designation. He graduated in electrical engineering and then in mathematics at Sir George Williams University (now Concordia), followed by an MBA from York University and the executive program in economic value analysis (EVA) from the Kellogg School at Northwestern University.

Larry Taylor joins the Company with over 25 years of Chief Executive Officer and executive leadership experience growing financial and professional services organizations. Most recently, Larry served as President, National Money Mart, a subsidiary of Dollar Financial Corporation (NASDAQ:DLLR) a leading financial services company with over 1400 store locations in Canada, US and UK. Money Mart's annual revenue is more than $300 million and is the largest business unit of Dollar Financial. Previously, Larry was CEO of Travelex Americas, a privately held global financial services firm specializing in the worldwide money services business with revenue greater than $1 billion. Prior to Travelex, Larry was Chief Operating Officer and Senior Vice President, Cap Gemini Ernst & Young Canada Inc., and, Managing Partner of Ernst & Young Management Consultants. Larry is an Independent Board Member for Kubra Data Transfer Limited, a privately held company that provides a comprehensive suite of interaction management solutions across print and electronic delivery platforms. Larry is a Certified Management Accountant and a Certified Management Consultant.

Departing from the Board are Jason Sparaga and Kevin Reed.

"I would like to thank Jason Sparaga and Kevin Reed for their significant contributions made as board members of CRS. They played instrumental roles in bringing CRS public and establishing a solid foundation for the Company," said Scott Riesebosch, President of CRS Electronics. "We are excited to welcome the new board members and look forward to their combined experience that will take CRS to the next level of growth."

The resulting members of the Board of CRS Electronics are Scott Riesebosch, President and Chairman, Al Hussey, COO and Corporate Secretary, Paul Haber, Interim Chief Financial Officer, Bernard Erickson, Larry Taylor and Donald Hathaway.

About CRS

CRS Electronics Inc., a Lighting Facts partner, 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 lighting such as LED replacement lamps, exterior LED warning lights on school buses, child safety systems for school buses and contract manufacturing of LED circuit boards. CRS plans to be a major supplier of LED lighting solutions for a variety of applications to be developed by CRS on its own and in conjunction with its customers. CRS recently signed a license agreement with Eveready Battery Company Inc., a subsidiary of Energizer Holdings Inc., for CRS to manufacture a suite of LED lighting products under the brand name Energizer. The initial LED suite of products includes the MR16, PAR 20, PAR 30 and PAR 38. Future products developed by CRS may also be considered by Energizer.

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.

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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