Attached files
Exhibit 99.1
TRANS-LUX LOGO
FOR IMMEDIATE RELEASE
EDITORIAL CONTACT
Sara Chaput
LRG Marketing Communications, Inc.
phone: 845-358-1801
fax: 845-358-1899
e-mail: sara.chaput@lrgmarketing.com
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web: www.lrgmarketing.com
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Trans-Lux Board Approves Comprehensive Restructuring Package
Norwalk, CT (June 23, 2011) - Trans-Lux Corporation (OTCBB: TNLX), a leading
supplier of LED technology for digital signage and lighting applications, today
announced a proposed complete financial restructuring and re-capitalization of
the Company. Trans-Lux President and Chief Executive Officer J.M. Allain made
the announcement. "For over a year now we have worked with our debt holders to
create a positive and viable way forward. Over the next few weeks we will be in
communication with all parties in order to seek acceptance of the proposed
restructuring package in its entirety. The acceptance of the terms of the
restructuring plan by our creditors would allow us to avoid a bankruptcy
solution," said Mr. Allain.
"Throughout this process we have continued to improve every aspect of the
Company through carefully orchestrated and comprehensive initiatives including
significant cuts in SG&A, a significant reduction in raw material costs,
consolidation of manufacturing facilities and the recruitment of top notch
senior staff," continued Mr. Allain. "The proposed restructuring will allow
our new team the ability to close and deliver on new and exciting partnerships
in the business, media and entertainment arenas."
The Company also announced that it has raised an aggregate of $650,000 via the
issuance of a 4% Promissory Note that is due and payable on June 16, 2012, which
Note is secured by a mortgage on a parcel of land owned by a subsidiary of the
Company located in Silver City, New Mexico. In connection with the issuance of
the Note, the subscriber received a five-year warrant to purchase 1,000,000
share of Common Stock of the Company at an exercise price of $1.00, subject to
adjustment as provided in the warrant.
Trans-Lux Corporation's history of innovation dates back to 1920 and boasts over
100,000 installations worldwide. Over the years, the Company has built a global
reputation as a recognized leader in digital signage solutions for numerous
markets including sports and entertainment, financial, gaming, commercial,
education, government and leasing. Trans-Lux continues to evolve with new
business propositions and technologies that deliver the ultimate viewing
experience. The Company's dynamic new management team has assembled a
completely innovative product portfolio that includes TL Vision LED Large Screen
Systems, TL InfoVision LED Digital Displays, Fair-Play Scoreboard systems, and
TL Energy LED Lighting Solutions. Trans-Lux's portfolio of end-to-end solutions
unlocks a whole new realm of new business development opportunities.
TL Vision LED Large Screen Systems
Trans-Lux branded TL Vision LED Large Screen Systems deliver bright, high
resolution images with breathtaking clarity. LED pitches range in size from 3mm
to 45mm and can be configured in virtually any size and shape for indoor or
outdoor use. The Company's groundbreaking 3mm LED display is ideal for high
resolution applications with image quality that rivals HD flat screen displays -
but with the ability to be customized to meet the most demanding installations.
For added value and convenience, the high resolution LED displays and control
systems complement existing Trans-Lux displays.
TL InfoVision LED Digital Displays
Trans-Lux branded TL InfoVision LED Digital Displays are available in virtually
any size, shape and configuration for any indoor and outdoor application. From
turnkey multi-screen LED display systems, time and temperature and price changer
LED digital displays to single line tickers capable of displaying full-color
animated or monochrome alphanumeric content, TL InfoVision LED solutions deliver
outstanding clarity and brightness. Trans-Lux also offers a selection of
controllers and interfaces to stream live data from virtually any content
provider, as well as software solutions that make it easy for customers to
customize content on-site.
Fair-Play Scoreboards
Trans-Lux's Fair-Play branded Data Walls and Scoreboard Systems are by far the
industry's leading line of digital displays for schools and universities, casino
sports books and financial institutions. The Company has further expanded the
Fair-Play line-up to include TL Vision LED Large Screen Displays, along with a
new line of hand-held remote control solutions with the industry's first 100%
guarantee.
TL Energy LED Lighting Solutions
Trans-Lux offers a comprehensive line of innovative LED lighting solutions under
the newly established TL Energy brand. These innovative LED lighting products
provide facilities and public infrastructure with "green" lighting solutions
that deliver a tremendous return on investment and virtually pay for themselves.
They emit less heat, conserve energy and enable creative lighting effects. The
TL Energy LED Lighting products include a wide array of LED commercial and
street lighting solutions, as well as LED replacement bulbs that fit into
existing fixtures.
About Trans-Lux
Trans-Lux Corporation is a leading designer and manufacturer of digital signage
display and LED lighting solutions for the financial, sports and entertainment,
education, commercial, gaming and leasing markets. With a comprehensive
offering of LED Large Screen Systems, LCD Flat Panel Displays, Data Walls and
our Fair-Play Scoreboards, Trans-Lux delivers comprehensive digital signage
solutions for any size venue's indoor and outdoor display needs. For more
information, please visit www.Trans-Lux.com.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
The company may, from time to time, provide estimates as to future performances.
These forward-looking statements will be estimates and may or may not be
realized by the company. The company undertakes no duty to update such
forward-looking statements. Many factors could cause actual results to differ
from these forward-looking statements, including loss of market share through
competition, introduction of competing products by others, pressure on prices
from competition or purchasers of the company's products, interest rate and
foreign exchange fluctuations, terrorist acts and war.
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*EDITORS' NOTE: Electronic files and photos are available upon request by
emailing Sara Chaput at LRG Marketing at sara.chaput@lrgmarketing.com.
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