7th Dec 2010 07:00
7 December 2010
LED International Holdings Limited
("LED" or the "Company")
Operational Update
LED (AIM:LED) is pleased to announce that following the formation of the joint venture between the Company's wholly-owned subsidiary, LED International Energy Conservation Holdings Limited and Mr. So Hing Chung, Mr. Ip Po Kwong, Mr. Hui Shun and Mr. Yung Chiu Hong (further details of which were announced on 2 July 2010) (the "Joint Venture"), Strongbase New Shenzhen Limited, being the Joint Venture vehicle, has signed a framework agreement with Jin Hui Holdings Limited, a Chinese conglomerate, (the "Conglomerate") to provide energy saving solutions, including the installation of led energy saving light bulbs manufactured by the Joint Venture, on an energy management contract ("EMC") basis for its operations and facilities in China.
Under the EMC model LED's group will supply led lighting solutions to the Conglomerate and in return it will receive a proportion of the energy savings made by the Conglomerate as a result of the lighting solutions supplied by LED's group over the next six years. The Directors of LED estimate that the initial expense of supplying the led lighting solutions will be recovered within first 30 months after they have been installed. The Directors anticipate that the first installations under the framework agreement will take place in March 2011.
LED is currently endeavouring to develop and expand its existing business through the development of led energy saving lighting solutions by offering a series of led light bulbs, led spot lights, led candle lights, led par lights, led tubs and led panels under its registered trademark of "Green Pearl". LED's group is currently negotiating with a number of additional potential EMC customers in the hotel, real estate, education and retail (bookstores, chain stores, petrol stations etc.) sectors and in order to launch the EMC model more widely, LED is currently in negotiations with certain banks, both regional and Chinese, to provide debt financing. Further announcements will be made in relation to this at the appropriate time.
**Ends**
For further information:
LED International Holdings Limited | |
Stephen Chan - Chief Financial Officer | +852 2243 3100 |
Allenby Capital Limited | |
Brian Stockbridge/Alex Price | +44 (0)20 3328 5656 |
Notes to Editors:
LED International Holdings Limited and its subsidiaries specialise in the development, manufacture and sale of low powered led screens, outdoor signs, lamps, lighting and building illumination; and high powered / medium powered led energy efficient indoor and outdoor lighting products.
For more information, please visit: http://www.led-intl.com
Related Shares:
Led International Holdings