Merger Transaction between TCP and QLS Closes
The transaction is complete and the organizations will begin to combine
AURORA, Ohio, Feb. 28, 2018 /PRNewswire/ -- TCP International Holdings, Ltd. (TCP) and Quality Light Source GmbH (QLS), an entity affiliated with Ellis and Solomon Yan, today announced the closure of their merger transaction announced in December 2017. The entities are now able to work together as one and make a stronger impact in the lighting industry.
"The lighting market continues to evolve with the new technology," said Ellis Yan, newly announced CEO of the combined QLS and TCP organization. "We see this as an opportunity to take all of the great resources and recognition that TCP has in the lighting market and combine that with a new and fresh approach to products and manufacturing that we have developed at QLS."
"This merger will allow TCP to refocus and do what we do best; design, develop and deliver exceptional lighting products into the market," said Brian Catlett, outgoing CEO of TCP.
At this time, daily operations of both companies will start to transition to one organization over the next several months to ensure a positive experience for all customers. The combined organization will be communicating directly with customers during this transitional period regarding progress and improvements.
TCP shareholders will receive $1.00 in cash per share that will be dispersed by the individual's investing institution. Shareholders should contact their investing institution directly with questions regarding the payout.
About TCP
TCP International Holdings, Ltd. (OTC: TCPIF) is a leading global manufacturer and distributor of energy efficient lighting technologies. TCP's extensive product offerings include LED and CFL lamps and fixtures and other energy efficient lighting products. TCP is a proud ENERGY STAR® partner of the U.S. Environmental Protection Agency. TCP's products are currently offered through thousands of retail and C&I distributors. Since TCP's inception, it has sold more than one billion energy efficient lighting products. For more information, visit www.tcpi.com.
About QLS
Quality Light Source LLC (QLS) manufactures and sells the latest, most-innovative LED lamps. With over 100 years of cumulative experience, we, a group of seasoned industry experts took a challenge and formed QLS in 2017. We are dedicated to providing the very best solutions that the solid state lighting industry has to offer. For more information, visit www.qlightsource.com
Contact
Lesley Matt
330.995.1040
[email protected]
SOURCE TCP International Holdings, Ltd.
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