Evolucia, Inc. has announced
that it has entered into a Letter of Intent to acquire all of the assets of
Affineon Digital Lighting, a private LED fixture and control system company
based in Coral Springs, Florida.
Under the agreement,
Evolucia will pay no more than $12 million in cash.
Evolucia will immediately
expand it’s catalog of LED lighting products to include parking and area, high
bay, panel and canopy operations.
It will also allow the Evolucia sales team to begin working on both
indoor and outdoor lighting. The
acquisition will also strengthen Evolucia’s existing business while it builds
new channels of distribution.
Evolutia also wants to see the merger add expertise to product design,
product commercialization and manufacturing.
“This acquisition will provide us with
several important components for our accelerated growth, including rapid
engineering of LED products, a complementary product line that allows our sales
network to capture additional distribution opportunities in both the interior
and exterior markets, an expanded independent sales rep network and a customer
base that includes Fortune 500 companies, such as CVS and Disney, as well as
the federal government,” said Mel Interiano, CEO of Evolucia,
“This merger will integrate the best light
distribution technology in the industry, ‘Aimed Optics’, and best-in-class
thermal and electronics technology, a combination that will ensure the delivery
of durable, high performance LED lighting products for years to come,” said Woody
Smith, CEO of Affineon Lighting. “In addition, the mass manufacturing
capabilities that Evolucia has developed through its partnership with Leader
Electronics enhances the value of our overall LED lighting offering by leveling
the playing field with larger tier 1 and tier 2 lighting companies.”
Woody Smith has been appointed as Chief
Technology Officer of Evolucia Inc., and reports directly to CEO Mel Interiano.