HONG KONG, March 10 /Xinhua-PRNewswire/ -- Lightscape Technologies Inc.
(OTC Bulletin Board: LTSC), a provider of large scale LED-based screens, LED
lighting design solutions, and advanced lighting products, announced today a
private placement of 9,375,000 common shares at a purchase price of $0.80 per
share, for anticipated gross proceeds of $7.5 million. The private placement
is expected to close on or about March 12, 2008.
Lightscape intends to use the proceeds to finance its recently announced
joint venture with Beijing Xintong Media & Cultural Development Co. Ltd. (a
New World Group company) to build an LED-based outdoor advertising network in
China, to support its LED lighting design solutions business and for general
working capital and human resources purposes.
For more detailed information on the financing referred to in this release,
reference is made to the Company's Current Report on Form 8-K and related
exhibits filed with the Securities and Exchange Commission on March 10, 2008.
The common stock offered under the private placement has not been
registered under the Securities Act of 1933 and may not be subsequently
offered or sold by investors in the United States, except pursuant to an
effective registration statement or an applicable exemption from the
registration requirements. The company has agreed to file a registration
statement covering resale of such common stock by investors. This press
release does not constitute an offer to sell or the solicitation of an offer
to buy any security and shall not constitute an offer, solicitation or sale of
any securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction.
About Lightscape Technologies
Lightscape Technologies Inc. (OTC Bulletin Board: LTSC) delivers
innovative LED lighting solutions, advanced lighting products and customized
energy management solutions. Through wholly owned subsidiary Lightscape
Technologies (Greater China) Limited, Lightscape Technologies designs, markets
and sells LED-based lighting systems, licenses proprietary LED digital
controller software, and provides LED screen rentals. Through subsidiary
Beijing Illumination (Hong Kong) Limited, Lightscape Technologies manufactures
and sells HID (High-Intensity Discharge) lighting products and Ultra
High-Pressure Mercury Lamps. Through wholly owned subsidiary Tech Team
Development Limited, Lightscape Technologies provides total energy management
products and solutions which optimize energy consumption, lower costs, and
enhance competitiveness for clients. Our headquarters are in Hong Kong, and we
have offices in Singapore, China and Macau. For additional information, please
visit http://www.lightscapetech.com.hk .
Cautionary Disclaimer -- Forward-Looking Statements
This news release contains "forward-looking statements", as that term is
defined in Section 27A of the United States Securities Act of 1933, as amended,
and Section 21E of the United States Securities Exchange Act of 1934, as
amended. Such forward-looking statements include, among others, the estimation,
expectation and/or claim, as applicable, that: Lightscape Technologies expects
to close a private placement financing on or about March 12, 2008 with certain
accredited investors for 9,375,000 shares of common stock at a purchase price
of $0.80 per share for anticipated gross proceeds of $7.5 million. Actual
results could differ from those projected in any forward-looking statements
due to a variety of risks, uncertainties and other factors, including, but not
limited to, the ability of the company to complete the conditions precedent to
the closing of the private placement agreement; downturns in economic
conditions generally; and the availability of financing from equity capital
markets. These forward-looking statements are made as of the date of this news
release and the company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from
those projected in the forward-looking statements. Although the company
believes that the beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance those beliefs,
plans, expectations, or intentions will prove to be accurate. Investors should
consider all of the information set forth herein and should also refer to the
risk factors disclosed in the company's periodic reports filed from time-to-
time with the Securities and Exchange Commission and available at
http://www.sec.gov .
SOURCE Lightscape Technologies Inc.