13 September 2016
PhotonStar LED Group Plc
Working Capital Facility
PhotonStar LED Group Plc (AIM: PSL, "PhotonStar" or "the Group"), the British designer and manufacturer of smart LED lighting solutions, is pleased to announce that it has extended its £1.65m working capital facility with ABN AMRO Commercial Finance PLC which was announced on 30 November 2015 (the "ABN AMRO Facility").
The ABN AMRO Facility was implemented to provide a greater flexibility to the Group in its drawdown arrangements and in the concentration limits applied for larger customers.
The quantum available under the terms of the ABN AMRO Facility remains unchanged but its applicability has now been extended in order to support the Group's subsidiary company PhotonStar Technology Limited ("PST"), which has recently been focussing on the development of PhotonStar's HalcyonTM business.
James McKenzie, the CEO of PhotonStar commented that:
"We are delighted that ABN AMRO Commercial Finance PLC has agreed to provide a much wider working capital facility which will provide further support of the expansion of the HalcyonTM business which we see as a key growth driver for the Group."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information:
About PhotonStar LED Group Plc
PhotonStar LED Group Plc is a leading British designer and manufacturer of intelligent lighting & building control solutions. The Group's proprietary technology Halcyon™ is a scalable, secure wireless IoT platform for retrofit into commercial buildings, for energy reduction, asset monitoring & control, and real time environmental, behavioral and energy insights.
PhotonStar is based in Romsey, Hampshire with a manufacturing facility in Wales.
This information is provided by RNS