TIR Systems retains Montgomery & co. to explore strategic opportunities

TIR has appointed a Strategic Review Committee of independent directors chaired by Jean-François Heitz who, along with Stephen Rooney, are mandated to oversee this process and make a recommendation to the Board.

“TIR has received indications of interest regarding potential strategic options which may include partnerships, investments or other types of transactions”, said Leonard Hordyk, President and CEO, TIR Systems Ltd. “The industry is beginning to recognize TIR’s unique position at the center of the emerging shift towards solid state lighting for the general ‘white light’ lighting market. Today, we have a global network of partners, including many of the industry’s largest and most innovative lighting manufacturers, a high quality portfolio of SSL-related intellectual property, and a growing base of lighting designers who are embracing the Lexel for high-end retail and residential, museum, restaurant and hotel applications. Additionally, we are shipping low volumes of the Lexel today and remain on track to begin shipping high volumes of commercial product, manufactured by an established group of world-class contract manufacturers, by year end.”

TIR’s strategic review is underway and preliminary discussions with interested parties have begun. No timetable has been set for completion of the review, and there can be no assurance that this process will result in any specific strategic or financial transaction. TIR does not intend to update its progress or disclose developments with respect to potential initiatives unless the Board of Directors has approved a definitive course of action or transaction.