Company Receives Update Regarding Acquisition Proposal
March 08 2019 - 6:10PM
Revolution Lighting Technologies, Inc. (NASDAQ: RVLT)
(“Revolution Lighting” or the “Company”), a global provider of
advanced LED lighting solutions announced today that on March 7,
2019, the Transaction Committee of the Board of Directors of the
Company received a notification from from RVL 1 LLC, an affiliate
of the Company’s Chairman and CEO, Robert V. LaPenta, that it has
concluded that it is not the right time to pursue a transaction to
acquire all of the outstanding common stock of the Company.
The text of the letter to the Transaction Committee of the
Company’s Board of Directors appears in full below:
RVL 1, LLCc/o Aston Capital
LLC177 Broad StreetStamford, CT 06901
March 7, 2019
William D. IngramDennis McCarthyStephen G. VirtueMembers of the
Special Committee of the Board of DirectorsRevolution Lighting
Technologies, Inc.177 Broad Street, 12th FloorStamford, CT
06901
Gentlemen:
We write in connection with our October 16, 2018 and November
14, 2018 letters (the “Offer Letters”) regarding an offer to
acquire all of the common stock of Revolution Lighting
Technologies, Inc. (the “Company”) on behalf of RVL 1, LLC
(together with its affiliates and certain related persons, “we” or
“us”).
While we continue to believe in the desirability of the Company
ceasing to continue as a publicly traded enterprise, given the
publicly disclosed developments since our Offer Letters, we have
reluctantly come to the conclusion that now is not the right time
for us to pursue such a going private transaction.
We remain fully committed to the Company’s success and seeking
ways to ultimately maximize value for the Company and all of its
stockholders.
We are available at your convenience, and look forward to
constructively working with you to determine the best path for the
Company to realize value for all of its stockholders.
Very truly yours,
RVL 1, LLC
By: /s/ Robert V. LaPentaName: Robert V. LaPentaTitle: Chief
Executive Officer
About Revolution Lighting Technologies,
Inc.
Revolution Lighting Technologies, Inc. is a
leader in the design, manufacture, marketing, and sale of LED
lighting solutions focusing on the industrial, commercial and
government markets in the United States, Canada, and
internationally. Through advanced LED technologies, Revolution
Lighting has created an innovative lighting company that offers a
comprehensive advanced product platform of high-quality interior
and exterior LED lamps and fixtures, including signage and control
systems. Revolution Lighting is uniquely positioned to act as
an expert partner, offering full service lighting solutions through
our operating divisions including Energy Source/TNT, Tri-State LED
and Revolution Lighting Multi-family to transform lighting into a
source of superior energy savings, quality light and well-being.
Revolution Lighting Technologies markets and distributes its
products through a network of regional and national independent
sales representatives and distributors, as well as through energy
savings companies and national accounts. Revolution Lighting
Technologies trades on the NASDAQ under the ticker RVLT. For more
information, please visit www.rvlti.com and connect with
the Company on Twitter, LinkedIn and Facebook.
Investor Relations Contact:Amato and Partners, LLCInvestor
Relations Counseladmin@amatoandpartners.com
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