11 Dec 2015 07:00
11 December 2015
PhotonStar LED Group Plc
Supply Contract Cancelled
PhotonStar LED Group Plc (AIM: PSL, "PhotonStar" or "the Group"), the British designer and manufacturer of smart LED lighting solutions, has terminated the supply contract with a UK-based professional electronics company that was previously announced on the 27 July 2015.
This contract was won by the Group's Camtronics Vale contract manufacturing business and was expected to generate substantial revenues for the Group during the second half of 2015. The contract was for the manufacture of a high value consumer product at the Camtronics Vale factory in Tredegar, South Wales.
Only a small amount of revenue was actually generated from this contract and it has been terminated by the Group as a result of the customer entering creditors' voluntary liquidation. The termination of this contract is not expected to have a significant adverse effect on the balance sheet of the Group.
The Group will act to protect its financial position, although at this stage, the level of compensation that the Group is likely to receive is difficult to assess. PhotonStar will provide an update on this process when appropriate.
James McKenzie, CEO of PhotonStar, said:
"We are disappointed that the company placing the order has not been able to complete the consumer product that they contracted Camtronics Vale to manufacture. PhotonStar will act to protect its reputation and financial position as a result of the company filing for a creditors voluntary liquidation."
For further information:
PhotonStar LED Group Plc (www.photonstarled.com) | +44 (0)2381 230381 |
James McKenzie - Group Chief Executive | |
finnCap | +44 (0)20 7600 1658 |
Adrian Hargrave/Geoff Nash/Giles Rolls (Corporate Finance) | |
Malar Velaigam (Corporate Broking) | |
Instinctif Partners | +44 (0)20 7457 2020 |
Kay Larsen/Chantal Woolcock |
About PhotonStar LED Group Plc
PhotonStar LED Group Plc is a leading British designer and manufacturer of intelligent lighting solutions. The Group's proprietary technology Halcyon™ is a connected lighting platform that includes hardware and software for wireless, microprocessor controlled retrofit LED lighting and control systems, optimised for energy saving, circadian and data-centric applications.
As light is needed wherever there are people, the halcyon platform can also provide a connected grid that will enable rich data collection, as well as an ecosystem to enable other devices to operate.
PhotonStar is based in Romsey, Hampshire with a manufacturing facility in Wales.