US Lighting Group, Inc. spins off Intellitronix to focus on bigger markets
US Lighting Group (OTC:USLG) has partnered with Evergreen Cooperatives to transition its subsidiary Intellitronix Corp. into an employee-owned model. This move aims to enhance the subsidiary's operations in the automotive aftermarket sector. The Fund for Employee Ownership acquired certain assets of Intellitronix, facilitating additional capital for US Lighting Group's subsidiaries, including Cortes Campers and Fusion X Marine. CEO Paul Spivak stated this transition aids in growth and prepares the company for a potential NASDAQ uplisting.
- Transition of Intellitronix to an employee-owned model may enhance employee engagement and productivity.
- Acquisition of assets by the Fund for Employee Ownership provides additional capital for growth.
- Additional capital can support the development of subsidiaries like Cortes Campers and Fusion X Marine.
- None.
Euclid, Ohio, May 17, 2021 (GLOBE NEWSWIRE) -- The US Lighting Group, Inc. (OTC:USLG), announced today that it has teamed up with Evergreen Cooperatives, an internationally recognized nonprofit focused on revitalizing urban neighborhoods by preserving jobs that build middle-class wealth, to transition its wholly owned subsidiary, Intellitronix Corp. to an employee owned model.
Intellitronix, a wholly owned subsidiary of the US Lighting Group (OTC: USLG), manufactures automotive aftermarket digital gauges for the antique and muscle car markets.
Fund for Employee Ownership, an Evergreen Cooperatives social impact initiative designed to fund company transitions to employee ownership, acquired certain assets of Intellitronix Corp. The Fund’s mission is “to make a positive impact on America’s economy, our capital markets, and people’s lives.”
The transaction benefits the remaining subsidiaries of the U.S. Lighting Group, Cortes Campers (www.cortescampers.com), Fusion X Marine (www.fusionxmarine.com) and our upcoming product line of composite off grid houses (www.futurohouses.com) which will now have additional capital to focus on new business opportunities, fuel growth, and ensure that manufacturing operations of those companies continue to expand. The influx of additional capital will provide US Lighting Group, Inc. with resources to focus on its newest ventures in the Composites and the Recreational Vehicle industry.
Paul Spivak, CEO of US Lighting Group, added that “this transaction strengthens the development and growth of our other companies and provides additional equity needed for up listing to NASDAQ.”
Jeanette Webster, Chief Investment Officer of the Fund for Employee Ownership at Evergreen, stated “this transaction represents the first manufacturing company conversion for the Fund. We are excited to add Intellitronix to our growing network of employee-owned businesses in the Cleveland area.”
About U.S. Lighting Group, Inc.
US Lighting Group (OTC:USLG) is a holding company that currently consists of Cortes Campers, a revolutionary manufacturer of recreational vehicles utilizing vacuum infusion and the highest quality marine materials to create lighter weight and stronger RV travel trailers and campers. Fusion X Marine is boat manufacturer and franchisor that is in the process of selling worldwide mini powerboat rental franchises to fill an untapped niche. Futuro houses plans to manufacture composite off grid houses for the tiny house market. The companies have manufacturing and R&D facilities in Cleveland, Ohio. All divisions are in the process of setting up a worldwide exclusive territory sales distribution network. uslightinggroup.com
Forward-Looking Statements
Statements included in this press release, other than statements of historical fact, are forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
Contact
US Lighting Group
1148 East 222nd Street
Euclid, OH 44117 USA
T: +1 216.896.7000
shareholder-relations@uslightinggroup.com
FAQ
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