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September 16, 2004... VANCOUVER, BRITISH COLUMBIA-- Canlyte is the Canadian Division of The Genlyte Group, one of the largest Lighting Manufacturers in North America
TIR Systems Ltd. (TSX: TIR), a world leader in light enabling technology, today announces another significant milestone in its strategy to enable Solid State Lighting (SSL) for the USD$40 - $70 billion general lighting market. TIR and the Canlyte division Of The Genlyte Group (GG) (NASDAQ: GLYT), one of the largest companies exclusively dedicated to lighting in North America, have signed an agreement to jointly develop SSL products that take advantage of TIRs enabling technologies and GGs extensive design, manufacturing and distribution Capability.
The agreement establishes the framework under which TIR and Canlyte/GG will co-develop new SSL products. It gives Canlyte access to TIRs leading SSL technology, while allowing TIR to retain all of its intellectual property rights. The products developed as a result will have TIR branded SSL components that use Light Emitting Diodes (LEDs) as a light source and will be marketed in the North American markets under the Lightolier brand name and other Canlyte/Genlyte brands, in markets where they will not compete with TIRs existing Solid State Lighting Product portfolio. The agreement also sets a benchmark for the lighting industry with its focus on developing successful lighting solutions in an open and holistic approach that addresses market requirements. In keeping with an open approach to the market, the agreement does not exclude either company from Working with others in the industry to promote the adoption of SSL.
Solid State Lighting is positioned to become a dominant technology in lighting. This agreement will benefit both companies by providing Canlyte/GG with access to the best technology available in the market and TIR with a partner that has the size and strength to deliver products into the Mainstream, said Rene Marineau, President of Canlyte. TIR is an acknowledged leader in SSL technology and by having the SSL components branded with TIR, combined with the Canlyte brands, the products we jointly develop will have instant credibility in the marketplace.
TIR has established itself as a leader in SSL with its multi-winning Destiny Series of architectural products that are competing successfully with conventional lighting, and continues to develop and market new products for its own distribution channels and markets. In addition TIRs long term strategy Is to enable new lighting applications for SSL, leveraging its knowledge and technology by developing products with partners who value TIRs technical expertise and whose strengths are complementary to TIRs. To this end the company has built a research and development team made up of over 30 scientists And engineer in mechanical design; optics; thermal management; electronics; software design and control; and systems integration. This team islocated focused on developing the building blocks, or enabling technologies, for SSL systems, and have to date filed for a total of 22 patents in this area.
As part of this partnering strategy, TIR recently became a founding member of the Luxeon Lighting Network, established in partnership with Lumileds, the leading producer of high performance LEDs, to provide the lighting industry with the confidence of predictable performance in SSL lighting products. Development agreement with Canlyte/GG is the next step for TIR in opening up new opportunities for SSL.
TIRs President & CEO, Leonard Hordyk states: Our long term goal is to ensure that the enormous potential of Solid State Lighting is realized by working openly with partners who share our vision. TIR is very pleased that a company with the solid reputation and extensive market Presence that the Canlyte/GG recognizes TIRs leadership in SSL and is committed to opening markets for the technology where we do not currently have a presence.
The Genlyte Group LLC (GLYT - Nasdaq) is a leading manufacturer of lighting fixtures and controls for commercial, industrial and residential markets, with revenues last year in excess of $1 billion. The company was formed in 1998 when The Genlyte Group Inc. and the Lighting Group of Thomas Industries Inc. joined forces to create a powerful new entity, positioned as one of the largest lighting manufacturers in North America.
Canlyte is Canadas leading designer, manufacturer and supplier of lighting equipment operating from three manufacturing facilities in Canada and headquartered in Montreal. Canlyte brands include CFI Fluorescent, Keene, Lightolier, Lightolier Controls, Stonco, Wide-Lite and Uniglo.
TIR is developing, designing and marketing the core technologies that will allow Solid State Lighting (SSL) to TSI is developing a foundations for tomorrows lighting. Move to the forefront of mainstream lighting.
To find out more about TIR Systems Ltd. (TSX: TIR - News), visit
This News Release contains forward-looking statements concerning exposure developments in the Companys business, which statements can be identified by the use of forward-looking terminology or any other variations monoclonal or comparable terminology reference to future expectations, events or results. Forward-looking statements Are statements about the future and are inherently uncertain involving unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future performance or achievements expressed or implied in such statements. There are numerous factors, which may operate to cause Actual performance or achievement to be materially different than are expected or implied by such forward-looking statements, including without limitation, that there can be no assurance the that the Company and Canlyte/GG will successfully co-develop foreign viable SSL products, timing for The introduction or enhancement of new SSL
Product may be delayed; increasing competition in the SSL market, as well other risks and uncertainties affecting the Company and its business, as outlined in the Companys most recent Annual Information Form and other subsequent news releases and filings with the Canadian Securities Regulatory Authorities. -looking statements are based on the beliefs, opinions and expectations of the Companys management at the time they are made, and the Company does not measures any obligation to update its forward-looking statement if those beliefs, opinions or expectations, or other circumstances should Change.
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Contact:
TIR Systems Ltd.
J. Caren Holtby
Investor Relations Manager
Phone: 604-473-2318
Email: caren.
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Linda Krenz
Campbell & Company Strategies Inc.
Communications and Public Relations
Vancouver, BC
Canada
Telephone: 604.888.5267
Fax: 604.888.5269
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