CRS Electronics (Podium Capital Corporation)

May 22, 2015 15:51 ET

CRS Electronics Announces Q1 2015 Financial Results

TORONTO, ONTARIO--(Marketwired - May 22, 2015) - CRS Electronics Inc. ("CRS" or the "Company"), (TSX VENTURE:LED), a developer and manufacturer of LED lighting products, announces first quarter 2015 financial results. CRS Electronics reported Q1 revenue for the three months ended March 31 of $495,300. Highlighting financial results was a year over year 50% reduction in operating expenses brought about by a continuation of leadership's cost reduction plan.

"We continue to aggressively reduce expenses to meet our goal of profitability in 2015," said Travis Jones, President & CEO of CRS Electronics.

The company introduced KVIC Lighting™ in Q1, the company's newest brand featuring best-in-class LED linear, cove and graze fixtures. "Our new product line represents the highest margin product portfolio in the company's history. Ramping up KVIC Lighting™ sales is our highest priority, and its success will be the driving force in the company's financial turnaround," said Jones.

Early indicators for KVIC Lighting™ sales success are positive. The largest privately held property management company in North America has renovated its headquarters using $150,000 of KVIC Lighting products. A top 5 lighting design firm recently approved KVIC Lighting™ on a massive hotel project requiring 19,471 feet of linear cove products. "We expect this order of over $530,000 in Q4," Jones said.

About CRS

CRS Electronics Inc. (TSX VENTURE:LED) 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 Electronics include the development, manufacture and sale, primarily in North America, of indoor lighting products such as LED replacement lamps, exterior LED warning lights for school buses, child safety systems for school buses, LED architectural lighting fixtures, and contract manufacturing of LED circuit boards. As an innovator of LED solutions since 1998, CRS Electronics Inc. continues to expand its product portfolio and market presence with business partners and customers. KVIC Lighting™ and Lumenova™ are two product lines that exemplify CRS Electronics Inc. commitment of expansion.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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 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.