HOLLYWOOD, FL--(Marketwired - Jul 19, 2016) - The Luxurious Travel Corp. (OTC PINK: LXRT) ("Luxurious Travel" or the "Company") is pleased to announce it completed the previously announced acquisition of US Lighting Group, Inc. ("US Lighting Group"), an Eastlake, Ohio, based independent designer and manufacturer of patent-pending, transformer less, LED lighting technologies.
On July 13, 2016 ("Closing"), the Company issued 24,500,000 shares of its common stock to the shareholders of US Lighting Group, and Todd Delmay, our then Chief Executive Officer, Chief Financial Officer, and principal shareholder, contributed a like number of shares of our common stock held by him to the capital of the Company. In addition, at Closing, Todd Delmay resigned as the Company's sole executive officer and as a director of the Company, Jeff Delmay resigned as a director of the Company, and Paul Spivak, the founder, president and principal shareholder of US Lighting Group became our principal shareholder and was appointed our sole director and Chief Executive Officer.
Prior to Closing, our board of directors declared and paid a cash dividend of $0.00575 per share to shareholders of record prior to Closing, other than Todd Delmay, who waived the right to receive the dividend on 11,750,000 of the 25,000,000 shares held by him prior to Closing. Accordingly, the aggregate amount dividend to our shareholders was $105,512.50 (the "Dividend").
As the Company intends to focus its ongoing business efforts on the expansion of US Lighting Group's LED lighting business, at Closing, we granted Todd Delmay an exclusive, perpetual, royalty-free license of our "travel shopper" hotel and travel booking software, which the Company had sought to commercialize in our prior operations. We also plan to take the necessary corporate and regulatory action to change the Company's name to "US Lighting Group, Inc." and secure a new trading symbol to better reflect its new corporate name and business focus.
Contemporaneously with Closing, we consummated the private sale of 406,730 shares of our common stock at a price of $0.50 per share to a group of "accredited investors," which generated aggregate proceeds of $203,365. The proceeds from the sale of the shares were and are being used to pay acquisition and offering expenses, pre-Closing liabilities of the Company, and for other working capital and other general corporate purposes.
Paul Spivak, our newly-appointed CEO, commented, "The completion of this going-public transaction is another significantly positive milestone for the US Lighting Group business strategy. Now that we are officially a public company, we are set to begin our planned development and expansion of the business into new markets to meet the growing demand for our cutting edge patent pending LED lighting technologies. I look forward to a bright future for US Lighting Group, our American-made products, and our valued shareholders."
Founded in 2011, US Lighting Group is an independent designer and manufacturer of high quality patent-pending, transformer less, "green" LED lighting tubes for sale and distribution into the commercial and industrial 4' tube lighting sectors in the United States and abroad. Every US Lighting Group LED bulb is made in the USA at the Company's own manufacturing facility located near Cleveland, Ohio.
US Lighting Group's flagship line of LED bulbs is the BH4 Series. BH4 LED bulbs are 4 feet long and intended to replace the harsh, inefficient fluorescent bulbs found in many offices, warehouses, department stores, and corporate buildings. BH4 Series LED bulbs utilize an innovative and patent-pending, transformer less design which decreases manufacturing costs and dramatically increases energy efficiency and brightness. These factors combine to give BH4 Series LED bulbs an incredibly long lifespan -- independently tested to have an average lifespan of 190,000 hours (21 years) -- more than 3x the closest competition. This reduces maintenance costs significantly and is a major pre-buying consideration of end-users.
Market demand for 4' LED tubes is expected to grow dramatically over next several years due to federal/state government and energy provider incentives and rebates for end-users, increasing utilities cost savings for end-users, and the Department of Energy's approval of the green eco-friendly 4' LED tube as the logical replacement for the more than 1.8 billion outdated and energy inefficient fluorescent light tubes currently installed in the United States.
US Lighting Group BH4 Series LED bulbs 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.
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.