Revolution Lighting Technologies Inc to Acquire Seesmart Technologies Inc

Revolution Lighting Technologies Inc announced that it has entered into a definitive agreement to acquire Seesmart Technologies Inc in a stock and cash transaction valued at approximately $20 million. The transaction has been approved by both Board of Directors and is expected to close by December 31, 2012. Seesmart based in Simi Valley, California is a LED solutions provider with a broad range of solutions serving the commercial, industrial and institutional lighting markets. Under the terms of the agreement, Seesmart will receive approximately 50% of the purchase price consideration in shares of Revolution stock and 50% in cash. The $10 million of stock consideration will be based on the volume weighted average price of the stock over up to 20 consecutive days ending with the second trading day preceding closing, and to the extent the number of shares would exceed 9.1 million shares, Revolution at its discretion may elect to pay the difference in cash. The $10 million of cash consideration contemplated will be derived from the sale of a new convertible preferred stock to RVL Holdings, an entity managed by Aston Capital, LLC and controlled by Robert V. LaPenta.