CINCINNATI, July 22, 2009 (GLOBE NEWSWIRE)
LSI Industries Inc. (Nasdaq:LYTS) today announced it has completed the acquisition of AdL Technology and related companies (AdL Engineering and Kelmilfeen), privately owned and based in Columbus, Ohio. Consideration for the asset purchase of these businesses consisted of 2,469,676 shares of LSI's unregistered common stock, cash of $1,328,000, and assumed indebtedness of $3,526,000. The management team of AdL has entered into employment agreements and will continue in their current positions to manage the business for LSI.
AdL Technology engineers and manufactures custom designed circuit boards, assemblies, and sub-assemblies used in various applications including the control of solid-state lighting. AdL has a history of profitable operations and the acquisition is expected to be accretive before giving effect to one-time transaction costs and non-cash amortization expenses.
Commenting on the completed acquisition, Robert J. Ready, President and Chief Executive Officer, stated, "We are very pleased to welcome AdL to the family of LSI companies and look forward to many meaningful contributions, particularly as they relate to our solid-state LED lighting initiatives." As stated in our earlier press release, "So as to further establish and advance our leadership position in LED lighting, we made the decision to vertically integrate our capabilities in connection with designing, engineering, and producing the solid-state electronics that control and power LEDs. For the past two years, we and our Montreal-based engineers at LSI Saco Technologies have been working with the talented engineering and manufacturing people at AdL Technology. As part of the LSI family, AdL will allow us to stay on the leading edge of product development while at the same time providing opportunities to drive down manufacturing costs and control delivery of key components. AdL's capabilities will also have applications in our other LED product lines such as digital scoreboards, and advertising ribbon boards and billboards...."
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