CRS Electronics

CRS Electronics

June 12, 2012 08:00 ET

CRS Electronics Announces Repayment of Bridge Facility

TORONTO, ONTARIO--(Marketwire - June 12, 2012) -


CRS Electronics Inc. ("CRS" or the "Company"), (TSX VENTURE:LED), a developer and manufacturer of LED lighting, is pleased to announce that it has repaid the principal and interest payable pursuant to the secured debenture with Diocles Capital Inc. ("Diocles") which provided the Company with $300,000 in short term bridge financing (the "Bridge Facility"). Pursuant to the repayment terms of the Bridge Facility, the Company repaid the principal amount of $300,000 and paid interest in the amount of $6,000 to Diocles. The Company also issued 275,682 common shares of the Company to Diocles as bonus shares (the "Bonus Shares"). The quantum of the Bonus Shares was based on a closing price on June 8, 2012 of $0.29 per common share and a Discounted Market Price of $0.2175. The Bonus Shares are subject to a statutory hold period which expires on October 12, 2012.

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 range of LED lighting products under the brand name Energizer®. The CRS LED product line includes the MR16, GU10, PAR 20, PAR 30, PAR 38 and A19. Future products developed by CRS may also be considered by Energizer. © 2011 Energizer. Energizer, Energizer bunny design and related graphics are trademarks of Eveready Battery Company, Inc. and are used by CRS Electronics Inc. All other brand names are trademarks of their respective owners. Neither CRS Electronics Inc. nor Eveready Battery Company, Inc. is affiliated with the respective owners of their trademarks.

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 the receipt of the final approval of the TSX Venture Exchange. 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 the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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