CRS Electronics
TSX VENTURE : LED
OTCQX : LEDCF

CRS Electronics

November 30, 2011 09:00 ET

CRS Electronics Reports 2011 Third Quarter Financial Results

WELLAND, ONTARIO--(Marketwire - Nov. 30, 2011) - CRS Electronics Inc. ("CRS" or the "Company") (TSX VENTURE:LED)(OTCQX:LEDCF), a developer and manufacturer of LED lighting, today reported financial results for the three and nine month period ended September 30, 2011.

For the three months ended September 30, 2011, the Company reported sales of $460,960 and a net loss of $158,497 or $0.00 per share. For the nine months ended September 30, 2011, the Company reported sales of $1.62 million and a net loss of $1.24 million or $0.03 per share. This compares to sales of $2.16 million and a net loss of $599,558 or $0.02 per share for the same nine-month period last year. Working capital at September 30, 2011 was $3.11 million, including $2.74 million in cash.

"The LED industry is continuously evolving and CRS is constantly developing and introducing leading products to set the standard. The team has been working hard to prepare the Energizer® brand LED lights for large-scale production," said Scott Riesebosch, President of CRS Electronics. "We recently received the largest purchase order in the Company's history for our Energizer® branded products and we expect further retailer announcements over the next three to six months."

On August 23, 2011, CRS announced a supply agreement with a major retailer to provide a range of Energizer branded LED lighting products. The retailer has committed to showcasing the lights as one of their main LED lighting products and will display the merchandise throughout all of its retail locations. The initial purchase order has been received and production is underway. Expectations are that inventory for this customer will turn three to four times in 2012. Under the terms of the agreement, CRS will announce the retailer's name at the time of the rollout to the retail locations.

Commercial response to our new high output MR16 (470+ lumens) replacement lamp announced in May this year has resulted in shipping of the product to numerous test sites. Production of the bulb began in response to retailers feedback requesting brighter light to showcase their products.

Subsequent to the quarter end, CRS announced the appointment of Bernard Erickson, Donald Hathaway and Larry Taylor to the Board of Directors. Departing from the Board are Jason Sparaga and Kevin Reed. The resulting members of the Board of CRS Electronics are Scott Riesebosch, President and Chairman, Al Hussey, COO and Corporate Secretary, Paul Haber, Interim Chief Financial Officer, Bernard Erickson, Larry Taylor and Donald Hathaway.

For ongoing financial reporting, the Company has successfully transitioned to International Financial Reporting Standards ("IFRS"). As such, all figures from January 1, 2011 onwards will be expressed in US dollars, unless otherwise specified, and will incorporate IFRS. Comparative information for 2010 has been restated in US dollars and in accordance with IFRS.

The unaudited condensed interim financial statements and related MD&A can be found on SEDAR at www.sedar.com.

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 suite 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.

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.

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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