CRS Electronics

CRS Electronics

October 14, 2009 08:00 ET

CRS Electronics Revenues Continue to Increase in September

Distribution Partnership Reached and New National Sales Director Hired

WELLAND, ONTARIO--(Marketwire - Oct. 14, 2009) - CRS Electronics Inc. ("CRS"), (TSX VENTURE:LED), an engineer, designer, and manufacturer of LED lighting, is pleased to report that sales for the month of September were approximately $255,000, representing a 46% increase over the same period last year.

CRS revenue for the three month period ended September 30, 2009 was approximately $875,000 which represents an increase of 31% over the same period in 2008. The Company launched the sales and marketing of its new MR16 LED light in March of this year and has experienced exceptional response from customers and potential customers who are conducting pilot projects.

CRS has reached a distribution agreement with Sea Lion Corporation ("Sea Lion"), an Alaska Native Corporation, to promote and distribute CRS LED lighting to US Federal Government Departments, the State of Alaska and Native Corporation owned casinos. Sea Lion provides energy efficiency expertise in LED lighting technologies to US federal and state agencies, and local municipalities.

"We chose to work with CRS because of the top rating the CRS LED MR16 received in the latest round of testing under the US Department of Energy's CALiPER program," said Desiree Pfeffer, CEO of Sea Lion. "We believe our expertise in government contracting and established relationships will enable us to successfully promote the CRS line of LED lighting products."

In an effort to maintain and rapidly grow the business, the Company welcomes to the team Carina Betts as Sales Director, National Accounts. The Company will draw from Ms. Betts' 12 years of OEM, commercial lighting and national account experience to further drive sales opportunities of CRS LED replacement lamps in the retail, hospitality, restaurant and energy saving retrofit lighting markets in the U.S. and Canada. Prior to joining CRS, Ms. Betts served as National Accounts Sales Manager for Nexxus Lighting Inc. and began her career in lighting sales in 1997. Ms Betts holds a Masters Degree from Florida International University and a Bachelors Degree from Tulane University.

"Sea Lion is one of the pioneers in understanding and educating purchasers on the benefits of energy efficient LED lighting and the differences in quality of products in the marketplace. We are very excited to gain access to their US government agency network to promote and distribute our indoor and outdoor lighting solutions," said Scott Riesebosch, President of CRS Electronics. "We are thrilled to have Carina Betts join our team. Her knowledge of the lighting business, experience, and desire to represent best-in-class products will help deliver on our sales objectives."

About Sea Lion

Sea Lion Corporation was formed in 1978 as an Alaska Native Corporation, established as a result of the Alaska Native Claims Settlement Act. The Company has numerous subsidiaries specializing in telecommunications, sustainable energy, security services, and construction. The company primarily provides its services to the US Government and Native Organizations. Sea Lion's corporate head office is located in Anchorage, Alaska with regional offices located in Alabama, Colorado, Florida, Georgia and Washington DC.

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. The Company currently sells one of the very few replacement LED MR16 lights capable of replacing a halogen 50 watt MR16.

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 Podium's public filings, Podium'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 Podium filings, and include 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 Podium filings at and other unforeseen events or circumstances. Other than as required by law, Podium does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

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