Lumenpulse Completes Going-Private Transaction
Lumenpulse Inc. ("Lumenpulse" or the "Company"), the parent company of the Lumenpulse Group, a leading manufacturer of high performance, specification-grade LED lighting solutions, is pleased to announce that the transactions contemplated by the previously-announced statutory plan of arrangement under the provisions of the Canada Business Corporations Act involving the Company and 10191051 Canada Inc. were completed earlier today. Pursuant to the plan of arrangement, a group led by Mr. François-Xavier Souvay, the Founder, President and CEO of Lumenpulse, several other existing shareholders of the Company and Power Energy Corporation, a wholly-owned subsidiary of Power Corporation of Canada, have indirectly acquired all of the issued and outstanding common shares of Lumenpulse for $21.25 per share in cash.
Consideration for the purchased Lumenpulse shares has been paid to TSX Trust Company, as depositary under the arrangement, and will be forwarded to former shareholders as soon as reasonably practicable after the date hereof (or, in the case of registered shareholders, as soon as reasonably practicable after a properly completed and signed letter of transmittal is received by the depositary together with the share certificate(s) and/or Direct Registration System (DRS) Advice(s) representing shares formerly held by them).
As a result of the transaction, the common shares of Lumenpulse will be de-listed from the Toronto Stock Exchange shortly and the Company will apply to cease to be a reporting issuer in all the provinces and territories of Canada.
About Lumenpulse Group
Founded in 2006, the Lumenpulse Group designs, develops, manufactures and sells a wide range of high performance and sustainable specification-grade LED lighting solutions for commercial, institutional and urban environments. The Lumenpulse Group is a leading pure-play specification-grade LED lighting solutions provider and has earned many awards and recognitions, including several Product Innovation Awards (PIA), three Next Generation Luminaires Design Awards, two Red Dot Product Design Awards, a Lightfair Innovation Award, and an iF Design Award. The Lumenpulse Group now has 670 employees worldwide, with corporate headquarters in Montreal, Canada, and offices in Vancouver, Québec City, Boston, Paris, Florence, London and Manchester. Lumenpulse Inc., the parent company of the Lumenpulse Group, is listed on the Toronto Stock Exchange under the symbol LMP. For more information, visit www.lumenpulsegroup.com.
About Power Energy
Power Energy Corporation is a wholly-owned subsidiary of Power Corporation of Canada established in 2012, with an objective to invest in the sustainable and renewable energy sector. Power Energy invests in and develops companies that can provide stable and growing long-term recurring cash flows. Power Energy currently holds investments in two companies: Potentia Renewables Inc., a renewable energy power producer active in North America, and Eagle Creek Renewable Energy, a U.S.-based owner and operator of hydropower facilities.
In connection with the above, 10191051 Canada Inc. has filed an early warning report under the Company's profile on SEDAR. The address of 10191051 Canada Inc. is 751 Square-Victoria Montreal (Québec) H2Y 2J3.
For additional information (or to obtain a copy of the early warning report filed by 10191051 Canada Inc. in connection with this press release), contact:
Executive Vice President and Chief Financial Officer