The company says it intends to use the net proceeds from the financing for continuing technology and product development efforts, an expansion of its sales force, growth in its diverse markets and channels, and the continued support of its intellectual property portfolio. "This additional funding will strengthen the company's balance sheet and support our efforts to continue improving our technology, market and intellectual property position in intelligent LED illumination," said George Mueller, chairman and CEO. "We're committed to growing the business by re-investing in research and development, building a world-class sales organization and expanding our intellectual property portfolio, which we expect will fuel new OEM and licensing opportunities."
(Lee Baldock)
