By Alyssa Dalton
March 13, 2014 – Earlier this week, Nova Scotia Business Inc. (NSBI)—a private sector-led business development agency—announced it has amended its terms and conditions of investments in LED Roadway Lighting Ltd. Since 2009, NSBI has committed $11 million in the form of preferred shares and a convertible debenture.
“NSBI is very pleased with LED Roadway’s year-over-year sales performance,” said Ron Smith, interim CEO of NSBI. “At a time when the company is growing rapidly, these amendments to LED’s balance sheet enable the company to fuel its growth plans, and support NSBI seeing increased return on investment over the long-term.”
According to NSBI, the amendment does not include new investment dollars from NSBI, but does include converting a portion of its preferred shares, along with its debenture, into common shares of the company.
“The company has experienced an average sales growth of 48% a year for each of the past three years, and continues to show significant growth in key markets,” said Chuck Cartmill, CEO, LED Roadway Lighting.