HONG KONG, March 18 /Xinhua-PRNewswire/ -- Lightscape Technologies Inc.
(OTC Bulletin Board: LTSC), a provider of large scale LED screens and
installations, LED lighting design solutions, and advanced lighting products,
announced today that it closed a private placement on March 17, 2008 with
certain accredited investors of 9,375,000 common shares at a purchase price of
$0.80 per share for gross proceeds of $7.5 million.
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 Lightscape Technologies' Current Reports on Form 8-K and
related exhibits filed with the Securities and Exchange Commission on Monday
March 10, 2008 and on Tuesday March 18, 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 htt://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. Forward-looking statements are statements that are not historical
facts. Such forward-looking statements are based upon the current beliefs and
expectations of the company's management and are subject to risks and
uncertainties, which could cause actual results to differ from the forward-
looking statements. The following factors, among others, could cause actual
results to differ from those set forth in the forward-looking statements:
unanticipated changes in product and service demand; downturns in the Chinese
economy; supply chain delays; changes in China government policies and/or
regulations; and the company's ability to protect its proprietary technology.
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 www.sec.gov.
SOURCE Lightscape Technologies Inc.