LEDs ♦ news digest
Soraa wins Red Dot Design Award again
The firm’s GaN on GaN based SNAP System LED lamp/ accessory solution has won an award following the firm’s win for its VIVID MR16 LED lamp last year
lighting scenes with dedicated light distributions, colours, and directions,” said George Stringer, Senior VP of North American Sales at Soraa.
“Designers love the SNAP System, because it provides them with endless possibilities and enormous flexibility to change beam characteristics without having to change the light source. It’s a real honour that the Red Dot judges chose to recognise its innovative design.”
The annual Red Dot Award: Product Design is one of the world’s largest design competitions. In 2014, the Red Dot jury received 4,815 entries from fifty-three countries, but only the best 1,120 received an award. This year only seventeen LED lamp products received an award.
This is the second year in a row that Soraa has won a Red Dot Award. Last year, the company received the award for its VIVID MR16 LED lamp.
Soraa, a specialist in GaN on GaN LED technology, has announced its SNAP System has received the Red Dot Award: Product Design 2014.
The forty person jury featured renowned specialists tasked with selecting products that excel in design innovation, functionality and ecological compatibility.
The Soraa SNAP System is a set of innovative, easy-to-use magnetic lamp attachments which allow the user to flexibly adjust the colour, shape, and (in the near future) direction of the beam.
Cree increases its Stock Repurchase Program
The aggregate purchase price has been increased to $300 million
On May 6th, 2014, the board of directors of Cree, Inc. approved an increase in the amount of the company’s stock repurchase program.
Pursuant to the program, the company is now authorised to repurchase shares of its common stock having an aggregate purchase price not exceeding $300 million for all purchases from June 20th, 2013 through the new expiration of the program on June 28th, 2015.
The company recently repurchased 2.1 million shares of its common stock under the program at an average price of $47.11 per share with an aggregate value of $99.6 million. After this repurchase, there is $200.4 million in aggregate purchase price value remaining in the company’s stock repurchase program through June 28th, 2015.
Soraa SNAP System
Due to their bright, point source GaN on GaN LED and prismatic optic, Soraa’s lamps can accept a magnet in the centre of the lens without major impact on light output or efficiency, enabling a simple attachment mechanism.
With the SNAP System, light can be customised directly on lamps at the application site, opening up a new and exciting world of design possibilities for lighting.
“Accessories are an important tool in lighting designers’ palettes as they allow designers to configure and fine-tune
June 2014
www.compoundsemiconductor.net 73
The repurchase program can be implemented through open market or privately negotiated transactions at the discretion of the company’s management. Cree will continue to determine the time and extent of any repurchases based on its evaluation of market conditions and other factors.
In addition, the board of directors of Cree, Inc. authorised the company securing an up to $150 million working capital line of credit facility. The working capital line of credit will provide the company short term flexibility to optimise its net investment return on its cash and investments while funding its general business needs.
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