VICTORIA, BC, Nov. 21, 2011 /CNW/ - Streetlight Intelligence Inc. ("SLQ" or the "Corporation"). The Receiver-Manager of Streetlight Intelligence Inc., G. Powroznik
Group Inc. of G-Force Group, announces that on November 15, 2011, the
Supreme Court of British Columbia approved the sale of substantially
all of the assets of the Corporation and its subsidiary, Streetlight
Intelligence International Ltd., to LED Roadway Lighting Ltd. of
Halifax, Nova Scotia (the "Sale"). The Sale closed on November 18,
2011. LED Roadway intends to continue to operate the Streetlight
business out of Victoria, B.C. for the immediate future. The Sale
culminated an extensive four-month marketing and sales program by the
Receiver, during which over 100 targeted parties generated 23 serious
prospects, ranging from small investment groups to large conglomerates,
and a range of industries and countries.
The proceeds of the Sale are anticipated to cover the costs of the
receivership, certain statutory secured claims, including from former
employees, and a partial payment to the first priority creditor, Hydro
Ottawa Holding Inc. There will be no recovery for the remaining
secured or unsecured creditors or the shareholders of the Corporation.
About Streetlight Intelligence Inc.
Streetlight Intelligence Inc. develops advanced street light
optimization systems. Trademarked as Lumen IQ™, SLQ's technologies
provide improved lamp performance, adaptive lighting control, and
system-wide communications for centralized street light management.
SLQ's systems enable street light operators to significantly reduce
their community's energy consumption, maintenance costs and
About LED Roadway Lighting Ltd.
LED Roadway Lighting Ltd ("LRL") is a leading provider of LED-based
outdoor lighting solutions with more than 300 municipal, utility and
commercial customers in 24 countries. Located in Nova Scotia, Canada,
with corporate headquarters and a research and design facility in
Halifax and a 55,000 square foot LED and electronics manufacturing
facility in Amherst, LRL offers a complete range of LED-based street
and area lighting fixtures that meet or exceed IES, CIE and IDA
requirements. LRL's products are RoHS compliant (free of lead and
mercury), provide energy savings of up to 80% and substantially reduce
SLQ is a public company listed on the TSX Venture Exchange under the
Neither 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 and accuracy of this release.
SOURCE Streetlight Intelligence Inc.
For further information:
For more information, visit www.StreetlightIQ.com or contact the Receiver:
Ali Pourdad, CA
G. Powroznik Group Inc. Receiver-Manager of Streetlight Intelligence Inc.