LED Holdings and LSG Collaborate to Develop LED Lighting Solutions

LED Holdings, LLC is a global leader in custom LED (Light Emitting Diode) lighting solutions. Lighting Science Group Corporation (OTCBB: LSGP) is a leading developer and integrator of LED technology white light solutions, and the two companies today announced that LED Holdings has Contribute all of its assets, including $15 million in cash, to the Lighting Science Group to exchange preferred stock and common stock portfolios, ie 70% common stock and 80% Lighting Science Group voting rights. Part of Pegasus Capital Advisors, LP is the largest owner of LED Holdings and therefore owns approximately 42% of the shares in Lighting Science Group. With ownership of LED Holdings, Pegasus has the right to elect most members of the Lighting Science Group's board of directors.

We believe this trade will further strengthen our market position and develop the ability to sell digitally controlled lighting solutions from discoloration to full spectrum of white light, Govi ​​Rao, President and CEO of LED Holdings. Mr. Rao goes on to combine the combination of people, technology and strengths, which is a unique opportunity for us to meet the growing demand for classification solutions in major markets around the world.

The combined entity will retain the name of the Lighting Science Group and continue to trade the LSGP on the NASDAQ bulletin board.

The management team is led by the CEO, Mr. RAO. Mr. RAO joined LED Holdings as CEO in July 2007. He was previously the vice president and general manager of the Philips STL North American business unit, responsible for pioneering sustainable technologies such as solid state lighting. Mr. RAO previously held several positions at Philips, including senior director of the professional lighting business unit and vice president of business innovation and branding. Mr. RAO is one of the founders of the Board of Directors of the Institute for Sustainable Enterprise at the University of Fairleigh Dickin. He is also a consultant to the Center for Sustainability.

Ken Honeycutt will retain his position as President and Chief Operating Officer of the Lighting Science Group. He has more than 30 years of experience in the lighting industry, including as CEO and President of Acuity Brands Lighting and Executive Vice President of Acuity Brands Inc. Previously he was President of Lithonia Lighting Group, a major brand of lighting equipment for commercial, industrial, outdoor and residential applications in North America.

Rao and Honeycutt have a senior executive team to support:

Kevin Furry, founder of LED Effects, Inc., has over 15 years of experience in the LED market and will be CTO.

Fred Maxik, founder of Lighting Science, Inc. and the inventor of several LED patented products, will serve as CSO.

Dean Seniff, with over 20 years of strategic finance and leadership experience in the high-tech development industry and across multiple regions, will serve as CFO..

Zach Gibler is a senior in the lighting industry and has held several senior positions at Acuity Brand, as CBDO.

Lynn Vera, former vice president of Dimensional Associates, has more than 15 years of strategic and operational human resources experience at companies of all sizes and will serve as CHRO.

Paul Kallmes, former head of Color Kinetics Licensing, has 10 years of experience in IP management in multiple industries and will serve as IP Strategist.

We are very happy to combine the strength of LED Holdings with the LED technology market. Mr. Honeycutt said that customers looking for a variety of LED solutions will find us in today's market, find the right people, technology and services to deploy the most advanced, creative and sustainable lighting solutions. Ron Lusk, the outgoing CEO of the Lighting Science Group and the re-elected vice chairman of the board, said this was an exciting development for the company and opened up important opportunities for growth and innovation. Mr. Lusk continues to say that I am personally excited about the talents of the new management team and are eager to support their development strategy.

Mr. Weinberg said that LED technology has many advantages over traditional lighting technology - low energy consumption, long life and better design and control flexibility. Now that LEDs are still in the early stages of market adoption, we believe they will replace traditional light sources at an alarming rate in the next few years. He went on to say that I believe the company has positioned itself for innovation and Pegasus is excited to support such a mature management team.

About LED Holdings:
LED Holdings, LLC () is transforming a century-old industry to meet the rapidly growing demand for innovative, sustainable lighting solutions and related technologies. LED Holdings previously acquired the assets of LED Effects, Inc., which was founded in 1993 when LEDs were not considered lighting. LED Effects pioneered the use of LEDs for lighting, a rare company that offers true digital control technology in its interior design. In addition to providing lighting products to the gaming industry, the company provides custom lighting products for architectural and art projects around the world. The company's projects include Chanels Ginza Tokyo store, Saks Fifth Avenues Manhattan store, Macys San Francisco store, New York Plaza Inn and Thames Plaza New Year's party. LED Holdings has offices in New York City, Sacramento, Tokyo, Oxford, England and Glasgow, Scotland.

About Lighting Science Group Corporation:
Lighting Science Group Corporation () designs and sells energy efficient and environmentally friendly lighting solutions for consumer and professional use based on its patented best digital lighting (R) (ODL(R)) technology. The company's patented and patent-pending designs include power supply design, thermal management, manufacturing processes and other areas to reduce lighting energy consumption, save costs, and benefit the environment.

About Pegasus:
Pegasus Capital Advisors, LP is a private equity funder that funds middle-market companies in a variety of industries. The company is both a value buyer and a business operator, and adopts a unique structure to ensure the shareholders' profit balance. Founded in 1995, Pegasus manages more than $18 billion in assets through multiple private equity funds, and has invested more than 65 times since its inception. He currently buys new shares in several key areas, including renewable energy, all-natural human and pet food, non-traditional building materials, LED lighting and home security, and investments in environmental companies related to environmental industries. The company employs more than 50 investment and advisory experts outside of Cos Cob, CT and major offices in New York City.

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