Vitec announced that it has acquired the assets and business of LitepanELs. The initial consideration is paid in cash of $1.45 million, and the deferred consideration will be calculated based on future profits.
Litepanels, based in North Hollywood, California, has developed a range of LEDs and stand-up lighting systems for television using powerful patents behind it. In recent years, lighting and professional broadcasting have also been recognized. Vitec claims that Litepanels is a leader in the media lighting industry. Products manufactured by Litepanels can be used in specific regional and studio environments, including the White House Newsletter Room. LED lights are attractive, especially in studio and film applications, because they save more power and heat than traditional light sources, and the LED industry is expected to grow rapidly as more people start using it.
In 2007, Litepanels' audited and adjusted revenue and pre-tax profit were $5.8 million and $1.3 million, respectively. Unaudited revenue for the first half of 2008 was $5 million. The potential profitability of 2008-2011 is up to $50 million per year. The previous consideration plus the cumulative profitability is 5 times EBIT (ie, EBIT).
The first full LED TV news studio
In March 2008, Litepanels announced that Florida CBS affiliate WPEC has become the world's first TV news studio with 100% LED lighting. The TV station uses Litepanels' 1 x 1 ft, 5600K spotlights to enjoy both HD comfort and reduced lamp power consumption and studio temperature. Although the Litepanels LED spotlights must illuminate more places due to the larger set, the actual power consumption is reduced from the previous 52kW of tungsten lamps to 3kW of Litepanels LEDs. Similar effects are also seen in studio air conditioning. The WPEC Engineering Director stated that the power savings promised by Litepanels are real. It is realized in two aspects: first, the power saving of the electric lamp itself; secondly, the heat generated by the tungsten lamp is saved by the electric power consumed by the air conditioner.
When TV stations began to consider the transition to high-definition news, it had to face the challenge of providing a larger 16:9 aspect ratio. Lighting must also work for the studio's second newsroom so that the radio can provide news coverage for West Palm Beach FOX affiliate WFLX.
Moreover, the energy saving is not at the expense of the quality loss of the TV station. When the 64 LED groups are lit, the high image quality is obvious.
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