GreenAngel Energy Writes Down Investment in Light-Based Technologies Inc
December 02 2013 - 7:15PM
Marketwired
GreenAngel Energy Writes Down Investment in Light-Based
Technologies Inc
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 2, 2013) -
GreenAngel Energy Corp ("GreenAngel") (TSX-VENTURE:GAE) reports
that it will write down its $390 thousand investment in Light-Based
Technologies Inc.
Light-Based Technologies Inc was developing LED drivers and
control technologies for the solid state lighting industry. The
company's major investors included VantagePoint Capital Partners
and Chrysalix Energy Venture Capital.
Art Aylesworth, Light-Based's CEO comments: "Although the
company's technology remains impressive and the demand for
intelligent control for LED lighting continues to grow, the
competitive landscape is also shifting. Many large global
manufacturers have starting developing their own in-house solutions
rather than acquiring technology and intellectual property from
companies like ours. Over the past few quarters the company made an
aggressive attempt to sell itself to a wide range of potential
acquirers well suited to exploit our capabilities. However, low
valuations in the "driver" space and in-house solutions did not
make this easy. No offers to acquire or invest were received and
the company is rapidly running out of cash. Unfortunately, given
the capital already invested and challenging valuations in the
space, the board was left with no alternative but to wind down the
company." There will be no capital returned to holders of common
shares.
ON BEHALF OF THE
BOARD
Michael Volker,
Chairman
About GreenAngel
Energy
GreenAngel Energy Corp. is the first publicly traded company
that invests solely in emerging private green technology companies.
We provide an avenue for public investors to gain access to a
portfolio of the most promising angel-stage investments across a
spectrum of green technology sectors. Our focus is commercializing
new technologies that produce renewable energy, improve energy
efficiency, or use renewable energy resources such as water, wind
and solar. We also work with companies that deploy or manage
technologies and processes that reduce greenhouse gas (GHG)
emissions. In addition to providing strategic capital to investor
companies, GreenAngel also mentors and advises investors to help
ensure these companies achieve commercial success. For more
information, please visit www.greenangelenergy.ca.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Disclaimer for
Forward-Looking Information
Certain statements in this release are forward-looking
statements that reflect the expectations of management regarding
the Company's listing of its common shares on the TSX Venture
Exchange. Forward-looking statements consist of statements that are
not purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given
that any of the events anticipated by the forward-looking
statements will occur or, if they do occur, what benefits the
Company will obtain from them.
Investor & Media:GreenAngel Energy Corp.Michael
Volker+1.604.644.1926mike@greenangelenergy.cawww.greenangelenergy.ca
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