|[March 20, 2017]
Lighting Science Announces Transformative Joint Venture with Chinese LED Manufacturer and Lighting Company MLS
Lighting Science®, a global leader in next-generation LED lighting
solutions and a pioneer in providing retail private label LED solutions,
today announced a joint venture with Chinese LED manufacturer and
lighting company MLS Co., Ltd.
The joint venture will operate under the name Global Value Lighting and
will be based in Rhode Island. Global Value Lighting will capitalize on
Lighting Science's extensive technology and intellectual property,
including the company's nearly 400 LED lighting technology patents, and
MLS's cost-structure and scale as a global LED lighting company.
Global Value Lighting will combine the retail relationships, channel
partnerships and strong customer base that Lighting Science has
developed in North America over the past 15 years, with MLS's
best-in-class manufacturing, processes and cost-efficiencies. Under the
terms of the agreement, Lighting Science will own 51% of the joint
venture, with MLS owning the remaining 49%.
"The joint venture with MLS will deliver to our retail partners the best
value LEDs, while still providing the same or better quality and
innovative solutions as high-priced, name-brand manufacturers," said
Lighting Science Chief Executive Officer Ed Bednarcik. "Ultimately, this
will help our retail partners drive sales, margins and customer
satisfaction through their private label brands."
Global Value Lighting will offer and expand upon Lighting Science's
comprehensive private-label product line, including the company's
patent-protected, industry-leading LED filament offering and
award-winning sustainable Durabulb™, among others. The joint venture
will sell its products under its retail partners' pivate label brands
in retail locations across North and South America.
"We are looking forward to working together with Lighting Science to
offer LED lighting products at an outstanding value for our retail
partners and their customers," said Sun Quinghuan, Chairman of MLS. "Our
two great companies perfectly complement one-another and we are excited
for a long, profitable partnership."
Lighting Science's separate technology business, featuring product lines
such as its proprietary HealthE™, VividGro®, and FreeLED™ will continue
to operate independently of Global Value Lighting and provide the
high-quality service and technological solutions its customers and
channel partners have come to expect. "Lighting Science's revolutionary
technology and significant intellectual property portfolio, alongside
MLS's operational excellence and manufacturing scale position this
transformational partnership as the premier supplier in the fast-growing
LED private label space, while allowing dedicated other teams at
Lighting Science to maintain their focus on bringing life-changing
products in human health, agriculture, and infrastructure to market,"
said Craig Cogut, Chairman of Lighting Science and Managing Partner of
Pegasus Capital Advisors, the company's largest investor. He continued
"we are honored to be partnering with Chairman Sun and MLS."
The agreement with Lighting Science is the latest in a series of recent
expansion moves by MLS, one of the top LED manufacturers in the world
dedicated to innovation, quality and sustainability. MLS products
serving global markets include a wide variety of lamps and luminaires
for indoor and outdoor applications. "Global Value Lighting is a crucial
part of our strategy to expand our private label retail presence in
North America and South America," said Lawrence Lin, General Manager of
MLS, he continued "we believe these markets to be very attractive for
rapid growth given our cost, technological, and operational advantages."
About Lighting Science
Lighting Science (OTCQB:LSCG) is a global leader in innovative LED
lighting solutions that designs, manufactures and brings to market
advanced, intelligent products for consumer and commercial applications.
We are committed to using the science of light to improve the lives and
health of people and our planet by inventing breakthrough,
biologically-friendly LED lamps and lighting fixtures. Lighting Science
is headquartered in West Warwick, RI, with research and development
facilities in Cocoa Beach, Florida, and offices in Shenzhen, China. Find
out more about us and our products at www.lsgc.com
and join us on Facebook (News - Alert), Twitter, LinkedIn and the Lighting Science Blog.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170320006072/en/
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