GLG Invests $3mn in Illumitex as Part of LED Company's Private Equity Funding

GLG invests $3 million in Illumitex as part of the LED company's latest round of private equity funding. AUSTIN, Texas--(BUSINESS WIRE)--Illumitex, Inc., developers of industry-shifting high-brightness LEDs and emerging LED technology, announced today that it has signed a Strategic Alliance Agreement with Gerard Lighting Group Limited (ASX: GLG), the largest lighting manufacturer and distributor in Australia and New Zealand. In addition, GLG has invested $3 million into Illumitex for a small minority interest as part of the LED company's latest round of private equity financing. "Gerard Lighting's commitment to our technology and enterprise provides an extraordinary opportunity for Illumitex to grow and be recognized as an industry leader" Under the strategic agreement, effective immediately, GLG will become the exclusive general lighting integrator and distributor of Illumitex's innovative LED products in Australia, New Zealand and the Pacific Islands. "Gerard Lighting's commitment to our technology and enterprise provides an extraordinary opportunity for Illumitex to grow and be recognized as an industry leader, " said Matt Thomas, CEO of Illumitex. "We are gearing up for a strong entry into the Australian market and look forward to a productive and long-term strategic alliance with GLG. " GLG Managing Director Simon Gerard said, "The strategic alliance with Illumitex is consistent with our approach of working with the world's best suppliers of lighting components, in this case an innovative light source, that can be integrated with many of our existing and future luminaires. "Additionally, our investment in Illumitex will provide Gerard Lighting with a direct link to the company's growth and provide Illumitex with additional capital to continue developing their unique technologies. " Illumitex has transformed traditional LED design and greatly increased functionality with the creation of an LED package that emits light in a uniform, highly-precise beam directly from the source, increasing lighting efficiency and eliminating the need for secondary optics to control the angles of emitted light beams. GLG will incorporate Illumitex's technology and components into a number of its LED lighting products, enhancing the range of high-end lighting solutions available to its customers. Source: www. businesswire. com