Lighting Science Receives $20 Million in Equity Investments and Commitments by its Major Shareholders

Lighting Science Receives $20 Million in Equity Investments and Commitments by its Major Shareholders

SATELLITE BEACH, Fla.--(BUSINESS WIRE)-- Lighting Science Group Corporation (OTCBB: LSCG), one of the world's premier LED lighting companies, announced today that it has closed a $20 million preferred stock financing led by affiliates of Pegasus Capital Advisors, L.P. (“Pegasus”) with participation from Riverwood Capital Partners, L.P. (“Riverwood”), the Company’s two largest shareholders. The Company received $17.4 million of the funds at the closing of the financing and has received a commitment to fund the balance of $2.6 million. The funding will be used to finance the Company's growth and solidify its leadership position in the LED lighting marketplace, with a strong focus on the Company's technology platforms and product innovations.

The Company issued an aggregate of 17,394 shares of its newly designated senior Series J Convertible Preferred Stock (the “Series J Preferred Stock”) at a price of $1,000 per share. The Company issued 15,000 shares of Series J Preferred Stock to affiliates of Pegasus and 2,394 shares of Series J Preferred Stock to an affiliate of Riverwood.

“We are extremely excited about closing this round of financing as it will provide capital to help fuel the Company’s transformation and growth agenda,” said Jeremy Cage, CEO of Lighting Science. “And we are proud to have strategic capital partners like Pegasus and Riverwood who, through continued financial support, have demonstrated their conviction in Lighting Science’s ability to execute upon its long-term strategic plan.”

Additionally, the Company’s Board of Directors has appointed Philip Handy, who has been a member of the Board since May 2013, to serve as Chairman of the Board. He succeeds Nic Brathwaite, who served as Chairman of the Board since June 2012 and who will continue to serve as a member of the Board of Directors. Mr. Handy has served as the Chief Executive Officer of Strategic Industries, a worldwide diversified service and manufacturing company, since 2001. He has held leadership positions with Equity Group Corporate Investments, Chart House, Donaldson, Lufkin and Jenrette and Fidelity Management and Research. Mr. Handy has also served as a director of public companies Anixter International, Inc., Rewards Network, Inc. and Owens Corning during the past five years. Mr. Handy was twice appointed by President George W. Bush to the National Board of Education Sciences and served as its Vice Chairman from 2002 to 2010.

“We are grateful to Nic for his significant contributions to the Company as our Chairman for the past 15 months,” added Cage, “and I am proud to welcome Phil as the new Chairman of the Lighting Science Board. He brings a wealth of experience to this position and I am confident that he will help us reach our goals.”

About Lighting Science

Lighting Science Group Corporation (OTCBB: LSCG) is a global leader in lighting solutions that are environmentally-friendlier and more energy-efficient than traditional lighting products. Lighting Science is committed to UNLEASH THE SCIENCE OF LIGHT TO MAKE PEOPLE AND OUR PLANET LOOK, FEEL AND HEAL BETTER with award-winning, innovative LED lamps and lighting fixtures. Find out more at: http://www.lsgc.com or join us on Twitter, Facebook, LinkedIn and the Lighting Science Blog.

About Pegasus Capital Advisors, L.P.

Pegasus Capital Advisors, L.P. is a private equity fund manager that has over 15 years of experience providing creative capital solutions to companies impacted by global trends in resource scarcity. By creating a close working partnership between their experienced investment professionals and a seasoned team of Operating Partners, Pegasus is able to create substantial growth within its portfolio. Pegasus manages approximately $2.9 billion in assets.

About Riverwood Capital

Riverwood Capital is a globally-focused private equity firm that invests in high-growth businesses in the technology and services industries, across a variety of verticals and geographies. Riverwood has offices in Menlo Park, CA and New York, NY and currently has more than 20 investments in North America, Latin America and Asia. Please visit www.riverwoodcapital.com.

Forward Looking Statements

Certain statements in this press release may constitute "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements concerning the anticipated growth and performance of Lighting Science Group and its products and/or use terminology such as "achieve," "anticipate," "believe," "estimate," "expect," "goal," "intend," "plan," "project," "seek," "target," "will," “agenda” and variations of such words and similar expressions. Such statements reflect the current view of Lighting Science Group with respect to future events and are subject to certain risks, uncertainties and assumptions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by these statements. In evaluating these statements, you should carefully review the risk factors detailed under "Risk Factors" in our most recent filings with the Securities and Exchange Commission that may cause our actual results to differ materially from these forward-looking statements.



Lighting Science®
Samantha Wood McLarty, Director of Marketing
321-610-9608
Samantha.McLarty@lsgc.com

KEYWORDS:   United States  North America  Florida

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