Nexxus Lighting Closes Acquisition of Lumificient

Nexxus Lighting, of Charlotte, North Carolina USA has closed the previously announced acquisition of solid-state LED lighting manufacturer, Lumificient Corporation. Nexxus reports that the newly acquired company will be operated as a wholly owned subsidiary which will continue operation from its manufacturing facility in Maple Grove, Minnesota. According to the stock purchase agreement, the shareholders of Lumificient Corporation received cash consideration of $1.1 million, 475,000 shares of Nexxus Lighting’s Common Stock. Lumificient could earn additional shares based upon certain future earn-out formulations. Lumificient Corporation reported 2007 revenue of approximately $2.2 million and first quarter 2008 revenue of approximately $933,000.