CRS Electronics
TSX VENTURE : LED

CRS Electronics

December 01, 2010 15:01 ET

CRS Electronics MR16 Approved by Two Major Utility Rebate Programs in US

WELLAND, ONTARIO--(Marketwire - Dec. 1, 2010) - CRS Electronics Inc. ("CRS"), (TSX VENTURE:LED), an inventor, developer and manufacturer of LED lighting, is pleased to announce that two undisclosed major electric utilities in the US have approved the CRS LED MR16 lamps for an incentive program offered to their commercial customers. The CRS lamp currently is the only LED MR16 approved for a rebate under their program. The Company anticipates shipping product in the first quarter of 2011 with orders starting to be placed over the next month as the utilities roll out the program to their commercial customers.

"The quality and performance of our products continues to be our competitive edge. Producing LED MR16 replacement lamps which exceed the performance standards prescribed by major utility suppliers for a rebate approval has always been a top priority at CRS," said Scott Riesebosch, President, CRS Electronics. "Customers that qualify for the rebate in these regions will be able to purchase our product at a small fraction of the regular cost, creating a substantial, solid value proposition for their businesses. They can enjoy the benefit of ongoing energy cost savings of approximately 80% and have the highest quality of light available in an LED MR16 lamp on the market today."

The two undisclosed major utilities service a combined area of more than 100,000 sq. mi. in 40 counties within the continental United States. The opportunity for CRS to capitalize on these rebate programs is significant.

About CRS 

CRS Electronics Inc., an Energy Star and 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 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.

Contact Information