"Advanced Lighting Systems is an excellent strategic fit with Nexxus Lighting, not only in terms of LED lighting/fibre optic products, but also with respect to technology and market coverage," stated Mike Bauer, president and CEO of Nexxus Lighting. "They have an excellent team of people and our strategy is to provide ALS the infrastructure and resources to help them flourish as a brand and accelerate new product development.
"Paul Streitz, the President of Advanced Lighting Systems, brings over 15 years of experience working with LED and fibre optic lighting technology. He understands and believes in our vision and how to effectively implement that vision at ALS. Paul is expected to become a significant part of the team driving Nexxus Lighting to gain market share," added Bauer.
"All of us at Advanced Lighting Systems are very excited about becoming a part of the Nexxus Lighting team," stated Paul Streitz. "We believe that this is the time for companies like ours to consolidate in order to grow market share. As part of the Nexxus Lighting organisation we hope to increase the rate of new product development and quickly bring new ALS product designs to market."
The plan calls for ALS to remain at its current location and maintain its brand identity under the Nexxus Lighting corporate umbrella. Streitz will remain as president of ALS reporting to Bauer. Both parties have agreed that no other details of the proposed transaction will be disclosed at this time.
(Jim Evans)
