Lighting Science Group Announces New $15 Million Credit Facility With Wells Fargo Capital Finance

SATELLITE BEACH, Fla., Nov. 30, 2010 /PRNewswire/ -- Lighting Science Group (Pink Sheets: LSCG), a leading American maker of LED lighting, today announced the closing of a secured revolving credit facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). The asset-based credit facility provides for borrowings up to $15 million for working capital requirements, letters of credit and other general corporate purposes.

The credit facility has a three-year term and is subject to a borrowing base calculated as a percentage of eligible inventory and accounts receivable that, among other assets, are pledged as collateral against the loan. The loan agreement contains customary representations and warranties as well as affirmative and negative covenants.

"The Wells Fargo Capital Finance credit facility, combined with our existing cash position, provides Lighting Science Group with increased flexibility and capacity as we seek to execute our strategy for growth as a leader in the global lighting technology market," stated Greg Kaiser, chief financial officer of Lighting Science Group.

Additional information can be found in a current report on Form 8-K filed with the Securities and Exchange Commission.

About Lighting Science Group Corporation

Lighting Science Group Corporation (Pink Sheets: LSCG) designs, develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy efficient than traditional lighting products.  Lighting Science Group offers retrofit LED lamps in form factors that match the form factor of traditional lamps or bulbs and LED luminaires for a range of applications including public and private infrastructure for both indoor and outdoor applications.  Lighting Science Group Design Works business unit designs, develops and manufactures custom LED lighting solutions for architectural and artistic projects.  Lighting Science Group is headquartered in Satellite Beach, Florida; the Company's European operations are based in Goes, The Netherlands; and, the Company has a sales office in Sydney, Australia.  Lighting Science Group has over 400 workers in its Satellite Beach, Florida manufacturing facility that build lighting products from domestic and imported parts. Lighting Science Group is a Pegasus Capital Advisors portfolio company. More information about Lighting Science Group is available at www.lsgc.com.

About Wells Fargo Capital Finance

Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, timeshare development and others. For more information, visit wellsfargocapitalfinance.com

Forward Looking Statements Certain statements in this press release may constitute "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.  The statements include, but are not limited to statements regarding the performance of LSG and the performance of LSG's products using terminology such as "will," "should," "would," "could," "expect," "intend," "plan," "anticipate," or "believe."  Such statements reflect the current view of LSG with respect to future events and are subject to certain risks, uncertainties and assumptions.   Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by the statements.  In evaluating these statements, you should specifically consider various factors that may cause our actual results to differ materially from any forward-looking statements.  Readers should carefully review the risk factors detailed under "Risk Factors" in our most recent Form 10-K, and subsequent Form 10-Qs on file with the Securities and Exchange Commission filings.  

SOURCE Lighting Science Group Corporation