CINCINNATI, Oct. 17, 2013 (GLOBE NEWSWIRE) -- LSI Industries Inc. (Nasdaq:LYTS) today provided comments in connection with LSI International Corp., an independently owned entity which does business with LSI Industries.
Headquartered in Montreal with corporate offices in Europe, the Middle East, the United Kingdom and North America, LSI International Corp. is engaged in the business of providing a variety of solid-state LED lighting and media solutions. In particular, LSI International has expertise in integrated video systems applicable to commercial buildings and entertainment productions. LSI International recently advised LSI Industries that it has acquired certain of the assets of CITILED SAS, CITILED SARL and CITILED UK. It was reported in LSI International's press release of today that this acquisition is of a highly strategic nature for LSI International Corp. from both a lighting and video perspective. Their press release went on to say:
CITILED was founded in 2006 and its founders have a combined experience of more than 30 years in the LED Video Industry. As a fast growing international company, CITILED has branch offices in Abu Dhabi (UAE), London (UK), Beirut (Lebanon) and Riyadh (Saudi Arabia). Specializing in the design, engineering, supply and installation of large LED lighting and video systems cladding entire buildings, also known as 'media facade.' LED video lighting has become a new architectural material and allows infinite creative possibilities to build facades. CITILED designs and systems are used for architectural purposes, hotels, hospitals, airports, sports arenas, retail, events and custom applications.
CITILED installed the world's largest LED Media Facade at King's Road Tower, Jeddah, Saudi Arabia. The custom screen measures over 10,000 sqm and has more than 5 million LED's. Having used its patented DMF (Digital Media Facade) technology, the system is virtually transparent and can display graphic images on the facade while still permitting daylight to enter the building. Other notable projects are Agbar Tower designed by architect Jean Nouvel in Barcelona; the Hermes building in Singapore, Maroc Telecom in Morocco, Cocor in Bucharest and SEC in Beirut.
Further information, including comments from Fred Jalbout, President and CEO of LSI International Corp., and Jonathan Labbee, Chief Operating Officer of LSI International Corp., can be found in that company's press release.
Commenting on LSI International Corp. and its recent acquisition, Robert J. Ready, Chairman and Chief Executive Officer of LSI Industries Inc., said:
"By way of background, we began a business relationship with Fred and Jonathan nearly ten years ago when we first became interested in developing solid-state LED lighting products. At the time, they were the principals, along with Bassam Jalbout, of SACO Technologies, Inc., Montreal, Canada. Later, in June 2006, LSI Industries acquired SACO as we further focused on solid-state LED lighting. Fred and Jonathan stayed with SACO until March 2010, when they approached me with their concept of forming a new company to serve primarily Middle Eastern and European countries. I understood their business plan and believed it represented a cost effective way for LSI Industries to enter these markets. As such, we agreed to make available to their company our solid-state LED lighting products on an exclusive agent/distributor basis for those geographic markets. They launched their new company, we wished them well, and subsequently watched them develop business relationships and opportunities. Although we do not have any ownership interest in LSI International Corp., and they are not an affiliate of LSI Industries Inc., we do make available to them our LED product lines, technical support and other related services. We continue to believe that there are substantial opportunities to sell our products to those geographic markets being represented by LSI International Corp. Their recent acquisition of CITILED also has the potential to benefit LSI Industries as our Saco Montreal facility will be supplying the electronic systems that control the video of their media facades. In summary, while sales to these new markets have not been material, we continue to believe we will benefit from the actions and efforts of Fred's and Jonathan's LSI International Corp. as they address those markets not served directly by LSI Industries."
Fred Jalbout, President and CEO of LSI International Corp., said:
"Our acquisition of CITILED will provide the opportunity to drive volume into LSI Industries' Saco operation in order to meet our requirements for video components and systems. This effort further strengthens our mutual relationship. I have assured Bob Ready of this direction and we are already working together with the Saco and ADL operations of LSI Industries on specific products and projects. Also, as LSI International develops and grows its business, we envision many opportunities to involve LSI Industries' LED white light products. Our markets and customers are technically savvy and certainly see LED lighting as the wave of the future. We can look back on a long relationship with LSI Industries and plan to build upon that base to benefit both companies in the future."
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This document contains certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements may be identified by words such as "estimates," "anticipates," "projects," "plans," "expects," "intends," "believes," "seeks," "may," "will," "should" or the negative versions of those words and similar expressions, and by the context in which they are used. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Actual results could differ materially from those contained in or implied by such forward-looking statements as a result of a variety of risks and uncertainties over which the Company may have no control. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, unexpected difficulties in integrating acquired businesses, the ability to retain key employees of acquired businesses, unfavorable economic and market conditions, and the results of asset impairment assessments. You are cautioned to not place undue reliance on these forward-looking statements. In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the SEC constitute risks and uncertainties that may affect the financial performance of the Company and are incorporated herein by reference. The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.
About the Company
Leadership. Strength. Innovation. Those are the key values behind the smart vision upon which LSI Industries Inc. was founded when established in 1976. Today LSI demonstrates this in our dedication to advancing technology throughout all aspects of our business – in both product solutions and production techniques. We are committed to American innovation through technology.
We are a vertically integrated manufacturer who combines assimilated technology, design and manufacturing to produce the most efficient, high quality products possible. We are dedicated to advancing solid-state technology to make affordable, high performance, energy efficient lighting and custom graphic products that bring value to our customers. In addition, we can provide sophisticated lighting and energy management control solutions to help customers manage their energy performance. Further, we offer design support, engineering, installation and project management for custom graphics rollout programs for today's retail environment.
LSI is proud to be an American company with an American work force, building an American product. We are a U.S. manufacturer with marketing / sales efforts throughout the world with concentration currently on North America, Latin America, Australia, New Zealand, Asia, Europe and the Middle East. Our major markets include the commercial / industrial lighting, petroleum / convenience store, multi-site retail (including automobile dealerships, restaurants and national retail accounts), sports and entertainment markets. Headquartered in Cincinnati, Ohio, LSI has facilities in Ohio, Kansas, Kentucky, New York, North Carolina, Oregon, Rhode Island, Texas and Montreal, Canada. The Company's common shares are traded on the NASDAQ Global Select Market under the symbol LYTS.
As we redefine LSI Industries' place in the markets we serve, we will emphasize our commitment to preserving the foundation of a well-managed, financially strong and creatively unique company with even stronger emphasis on a growing technology base. Through the Leadership, Strength and Innovation that is core to our culture, we move forward continuing our transition to a technology-reliant company with lighting and graphics and the ability to provide the stronger performance our many partners expect.
For further information, contact either Bob Ready, Chief Executive Officer, or Ron Stowell, Vice President, Chief Financial Officer, and Treasurer at (513) 793-3200.
Additional note: Today's news release, along with past releases from LSI Industries, is available on the Company's internet site at www.lsi-industries.com or by email or fax, by calling the Investor Relations Department at (513) 793-3200.
CONTACT: BOB READY OR RON STOWELL (513) 793-3200
Source:LSI Industries Inc.