Vancouver, BC, September 19, 2011 — GreenAngel Energy Corp (“GreenAngel”) (TSX-V: GAE) reports that investee company Light-Based Technologies Inc. (“LBT”) have closed the second tranche of a financing round totaling 7.5 million US dollars. LBT specializes in control technology for LED lighting, including dimming and light temperature.
The Series B round of investment was lead by VantagePoint Venture Partners based in San Bruno, CA and Chrysalix Energy Venture Capital of Vancouver, BC. As part of the investment, LBT has added to their management team, appointing Art Aylesworth as CEO, Matthew Watson as COO, and Barry Hagglund as CTO.
New CEO Art Aylesworth is an award-winning executive who has held senior management positions in the technology industry for more than 25 years, most notably as CEO of the solid state lighting company, Carmanah Technologies, where he built the team from 12 to 250 people and grew sales to over $60 million in 5 years.
GreenAngel currently holds 1,560,000 shares in LBT (http://www.greenangelenergy.ca/financials). In addition to fortifying the management team the funding will be used primarily to expand sales efforts to Tier 1 customers, as well as to build on and expand the existing intellectual property portfolio that LBT is commercializing.
Jeanette Jackson, LBT’s founding CEO, will transition to CMO, focusing on strategic customer relationships and LED / Solid State Lighting industry association participation. “As a founder of LBT, and on behalf of the entire team, I’m incredibly excited we’ve been able to attract such relevant and experienced talent to fill out our executive team,” said Jeanette Jackson. “I’m also appreciative of the continued support from the GreenAngel team and look forward to great success ahead.”
Michael Volker, Chairman of GreenAngel comments, “The addition of this experienced management team will help drive LBT’s already rapid rise to a leadership position in developing the world’s most advanced controls for LED lighting. We look forward to continued progress.”
About GreenAngel Energy
GreenAngel Energy Corp. is the first publicly traded company that invests solely in emerging private green technology companies. We provide an avenue for public investors to gain access to a portfolio of the most promising angel-stage investments across a spectrum of green technology sectors. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investee companies, GreenAngel also mentors and advises investees to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Carbon Assets, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies.
ON BEHALF OF THE BOARD
Bob de Wit
CEO and Director
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Bob de Wit, CEO
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s listing of its common shares on the TSX Venture Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.