|By Marketwired .||
|December 2, 2013 08:15 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/02/13 -- GreenAngel Energy Corp ("GreenAngel") (TSX VENTURE: GAE) reports that it will write down its $390 thousand investment in Light-Based Technologies Inc.
Light-Based Technologies Inc was developing LED drivers and control technologies for the solid state lighting industry. The company's major investors included VantagePoint Capital Partners and Chrysalix Energy Venture Capital.
Art Aylesworth, Light-Based's CEO comments: "Although the company's technology remains impressive and the demand for intelligent control for LED lighting continues to grow, the competitive landscape is also shifting. Many large global manufacturers have starting developing their own in-house solutions rather than acquiring technology and intellectual property from companies like ours. Over the past few quarters the company made an aggressive attempt to sell itself to a wide range of potential acquirers well suited to exploit our capabilities. However, low valuations in the "driver" space and in-house solutions did not make this easy. No offers to acquire or invest were received and the company is rapidly running out of cash. Unfortunately, given the capital already invested and challenging valuations in the space, the board was left with no alternative but to wind down the company." There will be no capital returned to holders of common shares.
ON BEHALF OF THE BOARD
Michael Volker, Chairman
About GreenAngel Energy
GreenAngel Energy Corp. is the first publicly traded company that invests solely in emerging private green technology companies. We provide an avenue for public investors to gain access to a portfolio of the most promising angel-stage investments across a spectrum of green technology sectors. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investor companies, GreenAngel also mentors and advises investors to help ensure these companies achieve commercial success. For more information, please visit www.greenangelenergy.ca.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements that reflect the expectations of management regarding the Company's listing of its common shares on the TSX Venture Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.