Business
Nexxus Lighting Confirms Expiration of Agreemen...
Nexxus Lighting Confirms Expiration of Agreemen....
About this update from Nexus Infrastructure Plc
[{"type":"text","content":"\n \n \n Nexxus Lighting Confirms Expiration of Agreement to Sell Its Legacy \n Commercial and Pool Businesses\n \n \n\n \n Nexxus Lighting, Inc.Gary Langford, Chief Financial OfficerGary Langford, Chief Financial Officer704-405-0416704-405-0416\n \n\n \n Nexxus Lighting, Inc. (NASDAQ: NEXS) confirmed that an agreement to sell \n certain assets of its legacy commercial and pool businesses expired at \n 5:00pm EDT on October 22, 2010. The Company had been approached with the \n opportunity to sell certain assets of its legacy commercial and pool \n businesses to Next Step Products LLC (“Next Step†or the “Buyerâ€), a \n company organized by management of the two business units. After lengthy \n negotiations, Nexxus entered into an Asset Purchase Agreement with Next \n Step on October 18, 2010. On October 22, 2010, the Purchase Agreement \n terminated in accordance with its terms due to Next Step's failure to \n fulfill all of the conditions to closing by the time frame required. \n Under the terms of the Purchase Agreement, Nexxus has retained $750,000 \n of non-refundable deposits previously made by Next Step.\n \n \n Nexxus continues to communicate with Next Step but has not determined \n whether it will continue to pursue the sale of the businesses to Next \n Step. During this process Nexxus will continue to operate the businesses \n under existing management.\n \n \n Nexxus Lighting (www.nexxuslighting.com) \n is a leader in advanced lighting technology, including solid-state LED \n and fiber optic lighting systems and controls used in commercial, \n architectural, signage, swimming pool, entertainment and retail \n lighting. Nexxus Lighting sells its products through its Commercial \n Lighting, Lumificient and Nexxus Lighting Pool & Spa divisions under the \n Arrayâ„¢ Lighting, Savi®, Super Vision® and Lumificientâ„¢ brand names.\n \n \n Certain of the above statements contained in this press release are \n forward-looking statements that involve a number of risks and \n uncertainties. Such forward-looking statements are within the \n meaning of that term in Section 27A of the Securities Act of 1933 and \n Section 21E of the Securities Exchange Act of 1934. Reference is \n made to Nexxus Lighting’s filings under the Securities Exchange Act for \n factors that could cause actual results to differ materially. Ne...