CRS Electronics
TSX VENTURE : LED

CRS Electronics

October 09, 2015 17:56 ET

CRS Electronics Defaults on Loan Agreement Covenants

TORONTO, ONTARIO--(Marketwired - Oct. 9, 2015) - CRS Electronics Inc. ("CRS" or the "Company") (TSX VENTURE:LED), a developer and manufacturer of LED lighting products, today announced it is in default of its loan agreement with Divinci Private Debt Fund. The loan amount is $1,000,000 at 18% for a total of $1,014,559.08. While coordinating next steps with Divinci Private Debt, CRS Electronics has laid off all workers.

Scott Riesebosch resigned from the Board of Directors but remains as the company's Chief Technology Officer.

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 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.