Streetlight Intelligence Inc. announces asset sale to LED Roadway Lighting Ltd
November 19 2011 - 1:26AM
PR Newswire (Canada)
VICTORIA, BC, Nov. 21, 2011 /CNW/ - Streetlight Intelligence Inc.
("SLQ" or the "Corporation"). The Receiver-Manager of Streetlight
Intelligence Inc., G. Powroznik Group Inc. of G-Force Group,
announces that on November 15, 2011, the Supreme Court of British
Columbia approved the sale of substantially all of the assets of
the Corporation and its subsidiary, Streetlight Intelligence
International Ltd., to LED Roadway Lighting Ltd. of Halifax, Nova
Scotia (the "Sale"). The Sale closed on November 18,
2011. LED Roadway intends to continue to operate the
Streetlight business out of Victoria, B.C. for the immediate
future. The Sale culminated an extensive four-month marketing
and sales program by the Receiver, during which over 100 targeted
parties generated 23 serious prospects, ranging from small
investment groups to large conglomerates, and a range of industries
and countries. The proceeds of the Sale are anticipated to cover
the costs of the receivership, certain statutory secured claims,
including from former employees, and a partial payment to the first
priority creditor, Hydro Ottawa Holding Inc. There will
be no recovery for the remaining secured or unsecured creditors or
the shareholders of the Corporation. About Streetlight Intelligence
Inc. Streetlight Intelligence Inc. develops advanced street light
optimization systems. Trademarked as Lumen IQ™, SLQ's
technologies provide improved lamp performance, adaptive lighting
control, and system-wide communications for centralized street
light management. SLQ's systems enable street light operators
to significantly reduce their community's energy consumption,
maintenance costs and environmental impact. About LED Roadway
Lighting Ltd. LED Roadway Lighting Ltd ("LRL") is a leading
provider of LED-based outdoor lighting solutions with more than 300
municipal, utility and commercial customers in 24 countries.
Located in Nova Scotia, Canada, with corporate headquarters and a
research and design facility in Halifax and a 55,000 square foot
LED and electronics manufacturing facility in Amherst, LRL offers a
complete range of LED-based street and area lighting fixtures that
meet or exceed IES, CIE and IDA requirements. LRL's products
are RoHS compliant (free of lead and mercury), provide energy
savings of up to 80% and substantially reduce maintenance costs.
SLQ is a public company listed on the TSX Venture Exchange under
the symbol "SLQ". Neither 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 and
accuracy of this release. Streetlight Intelligence Inc. CONTACT:
For more information, visit www.StreetlightIQ.com or contact
theReceiver:Ali Pourdad, CAG. Powroznik Group Inc. Receiver-Manager
of Streetlight IntelligenceInc.(778)
371-0016apourdad@g-forcegroup.ca
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