Original Source: FD (FAIR DISCLOSURE) WIRE
OPERATOR: Good morning. Welcome to the Lighting Science Group conference call. Before we begin I would like to point out that the company will be making forward-looking statements and that they are subject to certain risks and uncertainties. I encourage everyone to look at their SEC filings for additional detail. I will now turn the call over to Mr. Govi Rao, Chairman and Chief Executive Officer.
GOVI RAO, CHAIRMAN, CEO, LIGHTING SCIENCE GROUP: Appreciate that. Good morning, ladies and gentlemen. Thank you for joining us on such short notice here this morning. We want to discuss the acquisition of the Lighting Partner BV that we just announced this morning. Lighting Partner is an innovative manufacturer of LED and HID lighting fixtures, and they have been in the business since '91. This morning we issued a press release announcing this acquisition and more details on this. For those of you who have not seen the release, I suggest you find it on our website at www.LSGC.com.
We've completed the acquisition 100% of the common stock of Lighting Partner BV, and this is a combination of cash and company stock where we also paid the shareholders of -- the former shareholders of Lighting Partner's cash and issued 4.6 million shares of Lighting Science common stock, which is about 16% of the actual and about 13% on a fully diluted basis.
Lighting Partner, just to give you an idea, had revenues of about $23 million in sales. That is positive cash flow last year in 2007. And they are expected to have positive cash flow on a (technical difficulty) basis before the synergies in 2008, as well. The company started as a traditional fixture manufacturer, high-end fixture manufacturer company dealing with (technical difficulty) and halogen fixtures. And over the years they have adopted (technical difficulty) technology.
Today, along with a new productline they have also launched called the Eyeleds, which is a (technical difficulty) platform. The LED part of the business accounts for about 70% of the overall company. …