News Article
Luminus Reaches Agreement with Hercules Technology Growth Capital
Luminus- Investors and Board of Directors Strongly Support The Company-s Growth-Oriented Business Plan for 2010/2011
Luminus Devices, developer and manufacturer of high light-output, "Big Chip" PhlatLight® LEDs, today announced it has settled its lawsuit against Hercules Technology Growth Capital, filed on December 21, 2009. The legal action taken against Hercules has been withdrawn. The companys investors and share holders are committed to supporting the growth-oriented 2010/2011 business plan. Luminus is committed to its customers, applications and markets that enable PhlatLight LEDs to power their next-generation products.
"Luminus has complete and unwavering support from its investors, a committed board of directors, a strong internal leadership team and the best employees in the LED industry"
"From the outset, Luminus was confident of a full and cooperative outcome to the recent legal action we took against Hercules Technology Growth Capital. This is the outcome we expected and today we focus on customers and profitably growing the business," said Keith T.S. Ward, president and CEO, Luminus Devices.
"Luminus has complete and unwavering support from its investors, a committed board of directors, a strong internal leadership team and the best employees in the LED industry," said Ward. "We are committed to our 2010/2011 vision of continued growth in projection display, general illumination lighting and UV industries. Our superior products are used by the worlds largest electronics companies such as Acer, LG, Sony, Samsung and Toshiba. In general illumination lighting markets such as architectural, retail, residential, roadways, digital signage, industrial high-bay and in entertainment lighting applications, companies such as Vari-Lite have validated use of our large-chip PhlatLight LEDs in many new and innovative lighting applications."
Luminus won a 2009 Wall Street Journal Innovation Award and a 2009 LightFair Technical Innovation Award for its SST-90-W PhlatLight LED. It was named a 2009 GoingGreen Top 50 Private Company and the 2009 Small Business of the Year by Enterprise Bank. In addition, Luminus won the 2008 Display Component of the Year Gold Award from the Society of Information Display (SID) and a 2008 SBANE Innovation Award. The companys founder and CTO Alexei Erchak was named a 2008 All-Star by Mass High Tech. In 2007, Luminus won the Display Component of the Year Silver Award from SID.
About Luminus Devices
Luminus Devices, Inc. develops and manufactures high performance solid-state light sources PhlatLight® LEDs - for a variety of lighting applications. Its headquarters and primary manufacturing facilities are located in Billerica, Massachusetts, U.S.A. For more information, visit www.luminus.com
PhlatLight is a registered trademark of Luminus Devices.
Contacts
Luminus Media Contacts:
Schwartz Communications
Bill Keeler or Nicole Slein, 781-684-0770
luminus@schwartz-pr.com
