Nexxus Lighting to buy ALS
- Details
Under the terms of the agreement, the sole shareholder of ALS would receive cash consideration of approximately $1.1 million, 260,000 shares of Nexxus Lighting's Common Stock, and based upon certain future earn-out formulations, up to an aggregate of approximately 425,000 additional shares of Nexxus Lighting's Common Stock.
Paul Streitz, the president and sole shareholder of ALS, is expected to remain as president of the new, wholly-owned Nexxus Lighting subsidiary.
"We believe that Advanced Lighting Systems has significant opportunities for growth," stated