Under the terms of the stock purchase agreement, the shareholders of Lumificient Corporation received cash consideration of $1.1 million, 475,000 shares of Nexxus Lighting's Common Stock and, based upon certain future earn-out formulations, additional shares could be earned. Lumificient Corporation had 2007 revenue of approximately $2.2 million and first quarter 2008 revenue of approximately $933,000.
"The acquisition of Lumificient Corporation is very exciting. In addition to Lumificient's current growth rate for its existing solid-state LED lighting products which serve the sign lighting and commercial lighting markets, the team at Lumificient brings expanded research and development capabilities to Nexxus and a platform of new technology that we feel will provide significant opportunities for growth in the general illumination 'white light' market," stated Mike Bauer, president / CEO of Nexxus Lighting.
"We believe that the strength of Lumificient's intellectual property combined with the potential to build on our IP with expanded R&D capabilities positions Nexxus Lighting to bring more new products to market faster. Zdenko Grajcar, founder of Lumificient, will serve as Nexxus Lighting's chief technology officer and will oversee our expanded R&D team. We expect to introduce several exciting new products utilizing patent pending technologies developed by Zdenko and his team at Light Fair in Las Vegas. Carey Burkett will continue in his role as president of Lumificient Corporation managing the day to day operations of the business unit."
"This moment is very special for all of us at Lumificient," stated Zdenko Grajcar, founder and CEO of Lumificient Corporation. "By combining the strengths of both companies, we are creating a dynamic team of highly dedicated professionals. Our new team is committed to the technology and products that save energy and provide exceptional performance and value to our customers."
(Jim Evans)
