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
LSI Industries (NASDAQ:LYTS)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
LSI Industries (NASDAQ:LYTS)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024