Lightscape Technologies Inc. Announces Spin-Off of Lightscape Technologies (Greater China) Limited
31 Diciembre 2010 - 6:00AM
Marketwired
Lightscape Technologies Inc. (PINKSHEETS: LTSC) (the "Company")
announces the distribution of its assets to all shareholders by way
of spin-off of Lightscape Technologies (Greater China) Ltd.
("LTGC"), its wholly owned Hong Kong subsidiary.
The spin-off of LTGC to all shareholders of the Company will be
made on the book close date of December 31, 2010, on the basis of
one LTGC share for every share held of the Company. All
shareholders of the Company, whose names appear in the register of
members as kept by the stock transfer agent of the Company on the
book close date, will receive the shares of LTGC and become the
shareholders of LTGC on the same date. As a limited company
incorporated in Hong Kong, LTGC is the main operating arm of the
Company which operates LED solutions, Out-of-home advertising, and
media services business in China and Hong Kong, and constitute
substantial portion of business and asset of the Company before the
spin-off.
The Board had considered many factors in making this decision,
which are in the best interest of the Company and its shareholders,
including the following:
- Since the global financial crisis and slow down of the US
economy, the Company's share price has declined substantially, and
the Board believes the current market price of the Company does not
accurately reflect the intrinsic value of the Company.
- The geographical distribution of the Company's various line of
businesses among different subsidiaries of the Company are such
that LTGC focuses on LED solutions and Out-of-home advertising
business in mainland China and Hong Kong market, with increasing
Out-of-home advertising revenue generated from the interactive
advertising and information platform within its ever-increasing
network of large scale outdoor LED screens and other affiliated
networks across the Greater China market. Luminous Lighting
Technology (Asia) Ltd., another Hong Kong subsidiary which will
remain in the Company, on the other hand mainly focuses on the LED
solutions business in Hong Kong and the Asian market.
- The Board believes that, through the spin-off, the true
intrinsic value of LTGC with the added flexibility and
possibilities will be ultimately reflected which will benefit all
shareholders of the Company directly. The more clearly defined
segregation of geographical market will enhance the value of LTGC
and the Company as a whole.
All shareholders and investors are reminded that trading of the
Company's shares in the Pink Sheet market on and after the book
close date should be taken with care that, effective on the book
close date of December 31, 2010, the spin-off shares will no longer
be included in the assets of the Company.
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