August 13, 2009, Welland, ON – CRS Electronics Inc. (“CRS”), the operating subsidiary of Podium Capital Corporation (TSX-V:LED), an engineer, designer, and manufacturer of LED lighting, is pleased to announce that sales in July have increased 79% to approximately $320,000 from the monthly average for the first six months of the year.
“The increase in revenue is in part a result of the continued success with our traditional LED lighting products for the school bus industry and international LED board contract manufacturing business,” said Scott Riesebosch, President of CRS Electronics, “Significant growth in demand for our new product, the MR16 lamp, is further fuelling our sales growth and creating the opportunity for CRS to expand its business quickly.”
CRS continues to receive follow on orders with customers throughout North America. The economics to our customers are extremely positive with less than one to three years estimated payback periods and 80% to 90% savings in anticipated energy costs. In locations such as Manhattan and urban California, expected payback periods of six to eight months are common. Customers are benefitting from CRS LED lights because they do not require replacement for ten years in a 12 hour operation and as much as six years in a 24 hour operation.
On July 14, Scott Riesebosch, President of CRS Electronics, presented at the Solid-State Lighting
conference sponsored by the US Department of Energy in Chicago. The presentation focused on the
continuing education process to assist buyers in the evaluation of LED products. Not all LED light products are created equal. CRS designs and produces LED products to the highest of industry standards and takes responsibility for educating the marketplace as to how to discern top quality LED products from lower cost, lower quality inferior products. Partly through trial and error and education, buyers are beginning to understand the life cycle value of the quality LED lights offered by CRS.
To simplify its corporate structure the subsidiary company 3542114 Canada Inc. operating as CRS
Electronics has changed its corporate name to CRS Electronics Inc. Podium Capital Corporation and its operating subsidiary CRS Electronics Inc. intend to complete a vertical short form amalgamation on or about September 1, 2009. The single surviving corporation will be named CRS Electronics Inc. and will continue to trade on the TSX Venture Exchange under the symbol LED. The amalgamation and name change are subject to regulatory approval including approval of the TSX Venture Exchange.
CRS Electronics is also announcing that Mark Powell, Vice President, Sales and Marketing, has left the Company to pursue other interests. The Company wishes to acknowledge Mr. Powell for his contributions to CRS and wishes him continued success in his future endeavours.
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.
For more information please contact:
Corporate Communications Tel: 905-788-9039
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responsibility for the adequacy or accuracy of this release.
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 www.sedar.com 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.