LITEPANELS™ TO BE ACQUIRED BY THE VITEC GROUP
Los Angeles - Litepanels, Inc. announces today it has signed an agreement to be acquired by The Vitec Group plc. Litepanels is the market leader in light emitting diode (“LED”) lighting systems for the television, broadcast, video and film industries. Its groundbreaking lighting products are a complementary addition to the Vitec Group Broadcast Systems Division, which includes such brands as Sachtler®, Vinten®, Autoscript, and Anton/Bauer®.
Litepanels has developed an innovative range of LED on-camera and stand-mounted lighting systems, which have gained broad acceptance with lighting and broadcast professionals. Backed by a strong patent portfolio, the company is known as a leader in the professional lighting industry. The products created by Litepanels, which have won various awards, are used both on-location and in studio environments, including installations at the White House press briefing room and on CNN’s mobile broadcast studio. Additionally, Litepanels has recently delivered lighting systems to NASA for use in the International Space Station.
Litepanels’ LED lights are extremely beneficial due to their low power consumption, low heat generation and wireless battery capability. The trend toward LED lighting is expected to continue to grow rapidly as lighting directors convert to this superior technology.
Based in North Hollywood, California, Litepanels was founded in 2005 by five partners with extensive hands-on lighting experience. All will stay with the company and continue their operational responsibilities.
According to Litepanels partner, Ken Fisher, “We are certain that this new strategic alliance with The Vitec Group will allow us to continue to bring the most innovative products and technology to our customers and dealer network.
Joop Janssen, Chief Executive of Vitec Group’s Broadcast Systems Division states, “We are really excited to welcome Litepanels’ entrepreneurial team of professionals to the Vitec Group. Litepanels will give us the best LED lighting products in the industry and we all expect LEDs to be the future in broadcast and film lighting.”
More information on Litepanels can be found at www.litepanels.com. The following links give information on the products and their applications, together with some comments from end-users.
About The Vitec Group plc
The Vitec Group plc is acknowledged as a global leader in the supply of equipment and services to the broadcasting, entertainment and photographic industries and has established a reputation for technical excellence and superior engineering along with an astute business strategy which has seen it grow by acquisition. Innovation is a cornerstone of the Group’s activities and the organization is committed to a policy of continuous product development. With revenues (2007) of $546m (£274m) and over 2200 employees worldwide, its products are distributed in almost 100 countries, through a strong, fully-resourced distribution network or direct to the end user or corporate customer.
More information can be found at www.vitecgroup.com
10932 Burbank Blvd.
North Hollywood, CA 91601
Effective: August 22, 2008