Vancouver, BC, January 9, 2006 – Ventures West, one of Canada’s largest private venture capital companies, announced it has invested in TIR Systems Ltd. (TSX: TIR). With this financing, TIR Systems has successfully raised a total principal amount of $30.0 million in convertible debentures, representing the maximum amount approved by shareholders.
"We believe that TIRs Solid State Lighting technology will revolutionize the lighting industry," says David Berkowitz, Senior Vice President of Ventures West. “We look forward to working with the TIR team as they commercialize the LEXEL™ technology.”
Leonard Hordyk, President & CEO of TIR states, “With the successful completion of our financing, the Company now has the funding in place to capitalize on our leadership position in the development of Solid State Lighting solutions and deliver commercial products to our OEM partners, based on our groundbreaking LEXEL™ technology.”
The LEXEL™ is “the essential element for perfect lighting” and targeted to replace the conventional light bulbs used in more than 60% of the US$91 billion general illumination market, including mainstream household and retail market segments. Today 25% of the world’s electricity generated is being consumed for lighting. The LEXEL™ will deliver the same amount of light but offers massive energy savings between 50% to 90% in comparison with conventional lighting and promises to accelerate SSL adoption.
About TIR Systems Ltd.
TIR Systems Ltd., a world leader in delivering specialty lighting systems, is building the foundations for tomorrow’s lighting. Through sound innovation and proven technical capability, TIR is developing, designing and mar keting the core technologies that will allow Solid State Lighting (SSL) to move to the forefront of mainstream lighting. http://www.tirsys.com
About Ventures West
Ventures West Management Inc., a private venture capital investment group, is one of Canada’s leading investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $700 million and has invested in more than 130 companies. Ventures West has the people, the expertise, and the capital to help entrepreneurs develop emerging technology companies into market leaders. Examples of Ventures West portfolio companies in Biotechnology include Caprion Pharmaceuticals Inc., Celator Pharmaceuticals Inc., Novadaq Technologies Inc. and Oncogenex Technologies Inc. For more information, visit www.ventureswest.com.
This News Release contains forward-looking statements concerning the anticipated financing and its expected impact on the Company’s business. Forward-looking statements are statements about the future and include, but are not limited to, our expectations that the offering will be successful, the gross proceeds of the offering and our expectations as to the use of proceeds from the offering. Such statements are inherently uncertain, and the actual events or results could be materially different than those anticipated in those forward-looking statements as a result of numerous factors, including without limitation, the Company’s need for additional future capital, which may not be available in a timely manner, or at all; as well the other risks and uncertainties affecting the Company and its business, as contained in the Company’s most recent Annual Information Form and other subsequent news releases and filings with the Canadian Securities Regulatory Authorities, any of which could cause actual events or results to vary materially from the Company’s expectations. Forward-looking statements are based on the beliefs, opinions and expectations of the Company’s management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change.
