CRS Electronics
TSX VENTURE : LED

CRS Electronics

May 20, 2010 14:30 ET

CRS Electronics Appoints Paul Haber as Interim Chief Financial Officer

WELLAND, ONTARIO--(Marketwire - May 20, 2010) - CRS Electronics Inc. ("CRS"), (TSX VENTURE:LED), an inventor, developer and manufacturer of LED lighting, today announced that Mr. Paul Haber has been appointed Chief Financial Officer effective immediately. Mr. Haber replaces Colin Digout, who has resigned as Chief Financial Officer of the Company for personal reasons.

"We would like to thank Colin for his tremendous contribution to the company over the years. Colin was instrumental to our successful listing on TSX Venture Exchange and a pleasure to work with." said Scott Riesebosch, President of CRS Electronics "We wish him continued success in his future endeavors."

Paul Haber, C.A. and currently Audit Committee Chair will assume the role of interim CFO and Jason Sparaga, C.A. an independent director will assume the position of Audit Committee Chair. The Company is in the process of hiring a corporate controller who is expected to fulfill the majority of the day to day accounting and financial reporting requirements of the Company. Mr. Haber is an experienced public company CFO having held this role for several companies including Migao Corporation (TSX:MGO), QuStream Corporation (TSX VENTURE:QVC) and Oremex Resources Inc. (TSX VENTURE:ORM).

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. Several of CRS's customers use CRS LED MR16 lamps to replace up to 50 watt halogen MR16s.

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 CRS's public filings, CRS'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 CRS filings, and include the effect of capital market conditions and other factors on capital availability and the ability to complete additional closings; 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 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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