EASTLAKE, OH--(Marketwired - Sep 21, 2016) - US Lighting Group, Inc. (OTC PINK: USLG) ("US Lighting Group" or the "Company") today announced it has entered into Letter-of-Intent (the "Agreement") to acquire 100% of Corby, LLC ("Corby"), an Ohio-based automotive electronics company and developer of the Highway Guardian automotive safety technology.
Developed by Dan and Kim Mager, two veteran Ohio law enforcement officers, Highway Guardian is an electronic GPS-based device that limits the top speed of a vehicle to help prevent speed-related accidents and deaths. Motor vehicle crashes are the leading cause of death for U.S. teens and 40% of those crashes are speed-related. Powered by the vehicle's electrical system, the device can be easily installed in about one hour in a simple three-wire installation that can be handled by any novice mechanic in nearly any vehicle manufactured after 1990.
Dan Mager, co-developer of Highway Guardian, commented, "The development of Highway Guardian has been a process of several years. The concept arose after I witnessed the devastating impact of high-speed crashes involving teenagers in my community. With Highway Guardian simply installed on your vehicles, you will have the confidence and assurance knowing that your teen's car will never reach dangerously high speeds on the highway."
Paul Spivak, founder and CEO of US Lighting Group, commented, "We'll be very pleased to add Highway Guardian to our growing list of cutting-edge "Made in the USA" technologies. We see many synergies for this product and brand with our current electronics manufacturing and marketing expertise, and anticipate expanding awareness and demand for the Highway Guardian solution across the country and potentially international markets."
For additional information regarding Highway Guardian, visit www.highwayguardian.com.
As per the Agreement, subject to certain terms and conditions, US Lighting Group intends to acquire one hundred percent (100%) of the outstanding limited liability company membership interests of Corby in an all-stock transaction; in exchange for the issuance to the members, pro rata, of 800,000 "restricted" shares of USLG common stock. Following the completion of the proposed acquisition, Corby will become a wholly-owned subsidiary of the Company.
The closing of the transaction contemplated by the Agreement is subject to terms and conditions, including, but not limited to, completion of due diligence, execution of definitive transaction documents between the parties, and preparation of audited and unaudited financial statements. The Company anticipates that a definitive agreement will be signed by all parties within 30 days.
About US Lighting Group, Inc.
Founded in 2011, US Lighting Group is an American independent designer and manufacturer of high quality patent-pending transformerless "green" LED lighting tubes for sale and distribution into the commercial and industrial 4' tube lighting sectors in the United States and abroad. US Lighting Group's flagship line of LED bulbs is the BH4 Series which are distributed throughout the United States to various commercial and industrial end-users and resellers, and also available at several online retailers, including The Home Depot. Every US Lighting Group LED bulb is 'Made in the USA' at the Company's own manufacturing facility located near Cleveland, Ohio.
For additional information regarding US Lighting Group, Inc., visit www.uslightinggroup.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Statements included in this press release, other than statements of historical fact, are "forward-looking statements" made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
Disclaimer: This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.