TIR Signs Development and Supply Agreement With Zumtobel
Source/Type: News - Staff reports

Author: LIGHTimes Staff

January 13, 2006... At the end of December, TIR System Ltd. signed a non-exclusive strategic development and supply agreement with Zumtobel AG, of Dornbirn, Austria, a manufacturer of lighting fixture products. According to the agreement Zumtobel will Zomtobel will develop and market products based on TIR’s Lexel technology. As TIR explained, their much-touted Lexel technology is not merely a single device or breakthrough, but it’s a wide range of breakthroughs in all aspects of LED lighting that can be mixed and matched to create the ideal lighting solution.

TIR said that as part of the agreement, Zumtobel invested $4.0 million into TIR Systems through the purchase of $4,000,000 in debentures and warrants to purchase 800,000 common shares. This action brings the total funds raised (pursuant to the company’s previously announced convertible debenture financing) to $27.2 million. In addition, according to the agreement, Zumtobel will be purchasing an undisclosed amount of SSL products from TIR.

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