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December 29, 2005... Strategic agreement to develop Solid State Lighting products incorporating LEXEL technology
Vancouver, BC ? TIR Systems Ltd., a world leader in light enabling technologies for LED-based Solid State Lighting (SSL) and the developer of the first and only fully integrated solid state light source, announces the signing of a non-exclusive strategic Development and supply agreement with Zumtobel AG, of Dornbirn, Austria, one of the world?s largest manufacturers of lighting fixture products and the largest in Europe, to develop and market LEXEL-based products through its newly formed LEDON Lighting GmbH. The initial focus The resulting from this agreement is expected to be the development of products for the architect or lighting designer specified retail, restaurant, commercial and residential markets that demand the precise white-color temperature control and dimming, as well as the energy efficiency that only TIR, through The LEXEL, has achieved.
In addition to the development agreement, Zumtobel has invested $4.0 million into TIR Systems through the purchase of $4,000,000 in debentures and warrants to purchase 800,000 common shares. This brings the total funds raised, pursuant to the company?s previously announced convertible debenture financing, to $27.2 million.
Dr. Andreas Ludwig, CEO of Zumtobel Group stated, ?We have entered into this agreement with, and invested in TIR because we are committed to serve leadership in delivering products based on Solid State Lighting and LEXEL technology. From a strategic point of view, This cooperation with TIR Systems is a perfect enrichment of our adult... LED LED activities within the Zumtobel Group.?
Leonard Hordyk, President and CEO of TIR Systems, added, ?We are extremely pleased that a company of the stature of Zumtobel, with its reputation as one of the world?s leading suppliers of innovative lighting solutions and with a correspondingly extensive breadth of products , has chosen to develop products based on TIR?s technology. In addition to Zumtobel?s selection of TIR as one of their SSL technology partners, their investment of $4.0 million further validates the LEXEL as a viable alternative to conventional light sources and also increases The momentum for adoption of this disruptive technology by the market.?
This joint development agreement will leverage the industry leading capabilities of each firm in the design and development of lighting products that advance LEXEL? technology within the target lighting markets. Both companies are committing significant resources to this effort and it is expected that LEXEL-based products Will be available to Zumtobel?s markets in 2006. As part of the agreement, Zumtobel will be purchasing an undisclosed amount of SSL products from TIR.
About Zumtobel AG
With production facilities in Europe, North America, Australia and Asia, and sales and consultancy centres in almost 100 countries, the Zumtobel Group is one of the few global players in the lighting industry. The Group is based in Dornbirn, Austria, and including two Sub-groups: Zumtobel Lighting Division, with the Zumtobel Staff and Thorn lighting brands; and the TridonicAtco Group, which manufactures lighting components.
To find out more about Zumtobel AG please visit http://
About TIR Systems Ltd.
TIR Systems Ltd., a world leader in delivering specialty lighting systems, is building the foundations for tomorrow?s lighting. Through sound innovation and proven technical capability, TIR is developing, designing and marketing the core technologies that will allow Solid State Lighting (SSL ) to move to the forefront of mainstream lighting.
To find out more about TIR Systems Ltd. (TSX: TIR), visit http://
About LEXEL
The LexeL is a perfectly controllable new solid state light source incorporating light emitting diodes (LEDs) that uses up to 80% less energy to produce the same amount of light as a conventional light source and does not de grade its output or color over its 50,000 hour LEXEL? combines breakthroughs in thermal design, optics, and feedback to provide precise color temperature control and dimming in a cost effective design, resulting in a truly intelligent light source for illumination.
J. Caren Holtby
Investor Relations Manager
Tel: 604-473-2318
Zumtobel Group:
Astrid K?hn
Head Corporate Communications
Tel: +43 (0)5572 509-1570
Steve Campbell
Campbell & Company Strategies Inc.
Communications and Public Relations
Vancouver, BC
Canada
(O) 604.888.5267
(F) 604.888.5269
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