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NexxusLighting, a manufacturer of fiber optic lighting cables and LED products, has agreed to acquire AdvancedLighting.
Under this agreement, AdvancedLighting's president and sole shareholder will receive approximately $11 million in cash, and NexxusLighting's 260,000 shares of common stock and up to 425,000 additional shares are based on future earnings.
President and shareholder Paul Streitz will be the president of the subsidiary of NexxusLighting, and Mike Bauer, president and CEO of Nexxus, said the acquisition will increase market coverage in the entertainment lighting sector. The acquisition depends on certain trading conditions, including audited financial statements issued by AdvancedLighting.
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