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BOSTON , June 19 /PRNewswire-FirstCall/ -- Color Kinetics Incorporated(Nasdaq: CLRK), a leading innovator of LED lighting systems and technologies,today announced that it has entered into a definitive agreement to be acquiredby Royal Philips Electronics (NYSE: PHG, AEX: PHI). Philips will pay
Color Kinetics is widely acknowledged as the first to deliver complete,integrated systems for LED-based illumination that have since become acommonly adopted standard. The company has achieved over 15,000 installations,developed critical control and power technologies to enable next-generationsystems, amassed a powerful patent portfolio encompassing 71 issued patents todate, licensed its technology in diverse markets beyond the lighting industry,and worked alongside government agencies to promote the advancement of LEDlighting as the best long-term choice for energy efficiency. The acquisitionby Philips will dramatically fortify the combined company's reach and effortsto make its technology the de facto platform for intelligent LED lightingworldwide.Upon close of the transaction: - The merged entity will operate under the name Philips Solid-State Lighting Solutions, with intelligent and premium LED product lines ultimately co-branded Philips/Color Kinetics. - Philips' and Color Kinetics' LED fixtures and Color Kinetics' OEM modules will be marketed under the co-brand in the United States and Canada by Color Kinetics' sales force. - The merged entity will be headquartered in Burlington, Massachusetts and will become the leading global research & development center of innovation for all LED-based fixture or "luminaire" product lines. The LED luminaire portion of Philips' existing North American operation in New Jersey will be merged with the Burlington operation. - Color Kinetics will cease to be publicly listed on the Nasdaq stock exchange.
"We have long said that LEDs are the future of illumination - not apassing novelty - and we've supported that view with unwavering focus on theresearch and development of new technologies, sales channels, partnerships andindustry initiatives to make it a reality. Today we announce our biggest andmost significant step towards putting our core technology and IP at the heartof every future application of intelligent LED lighting," said Bill Sims ,President and CEO, Color Kinetics. "We believe that joining Philips, theglobal lighting leader, is in the best interest of our shareholders,customers, partners, and employees, and that our combined resources willproduce the best possible entity to drive the LED lighting revolutionforward."
"This acquisition uniquely positions Philips as a major player in thefast-growing solid-state lighting business with technology, expertise andintellectual property in all parts of the value chain of integrated LED-basedlighting solutions," said Theo van Deursen, Chief Executive of Philips'Lighting division. "The technological platform obtained through thisacquisition will serve as a springboard for Philips to further createsustainable value through making innovative LED lighting solutions widelyavailable. We admire Color Kinetics' expertise, which they built up in only 10years of existence, and we will foster the company's creative andentrepreneurial flair in the future while boosting growth by integrating itinto the global lighting leader."
About Color Kinetics
Celebrating its 10th anniversary this year, Color Kinetics Incorporated(Nasdaq: CLRK) transforms environments through new, dynamic uses of light. Itsaward-winning lighting systems and technologies apply the benefits of LEDs asa highly efficient, long lasting, environmentally friendly, and inherentlydigital source of illumination - reinventing light itself as a highlycontrollable medium. Color Kinetics also enables widespread adoption of LEDlighting through OEM and licensing partnerships in diverse markets. Thecompany is headquartered in Boston , MA with offices in the UK and China . Moreinformation is available at http://www.colorkinetics.com.