WELLAND, ONTARIO -- (Marketwired) -- 04/25/13 -- CRS Electronics Inc. ("CRS" or the "Company") (TSX VENTURE: LED), a developer and manufacturer of LED lighting, reports that it has released its audited financial statements for the year ended December 31, 2012 and the related management's discussion and analysis of financial position and results of operations ("MD&A").
Fiscal 2012 was a very challenging year for CRS. The Company experienced various production issues which led to significant cost overruns for its retail sales campaign and resulted in lower than budgeted revenues and an overall $5.2 million net loss for the year.
For Fiscal 2013 the Company will be focusing on increasing revenues by launching a new commercial sales initiative of both lamps and lighting fixtures in North America and achieving Energy Star certification and DLC certification to support this commercial effort. The Company has commenced restructuring efforts to move production of our LED lamps and new lighting fixtures overseas and use the Canadian base as a distributor center for our LED products as well as a catalogue of synergistic products sourced through our new investors.
"We are very excited with our executive management team and our plans for 2013. We believe that, under the leadership of Mr. Jones, our new CEO, we will be able to gain new market shares and improve the results of the Company," said Mr. Chang Jiang Wu, Executive Chairman of CRS Electronics Inc.
Copies of the audited financial statements and related MD&A can be found on SEDAR at www.sedar.com.
CRS Electronics Inc., a Lighting Facts partner, is a leader in the emerging, rapidly-growing market of high efficiency light-emitting-diode ("LED"), or, solid state lighting ("SSL"). The principal activities of CRS include the development, manufacture and sale, primarily in North America, of indoor lighting such as LED replacement lamps, exterior LED warning lights on school buses, child safety systems for school buses and contract manufacturing of LED circuit boards. CRS plans to be a major supplier of LED lighting solutions for a variety of applications to be developed by CRS on its own and in conjunction with its partners and customers.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws which can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other CRS filings, and include availability of sufficient working capital for development and operations, availability of a qualified work force, availability of manufacturing equipment and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other CRS filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, CRS does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Chief Financial Officer
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