Air Temp de Mexico Acquired by Lumiere International Corp.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Lumiere International Corp. ("Lumiere" or the "Company") (Pink Sheets:LMRE LMRE Lorain Medina Rural Electric (Ohio) ) today announced that, effective December 12, 2006, it completed the acquisition of almost all of the outstanding capital stock of Air Temp de Mexico ("Air Temp"). As a result of the acquisition, the former majority shareholder of Air Temp owns 75% of the outstanding common stock of Lumiere and Lumiere owns 99% of the capital stock of Air Temp. Further, Lumiere announced today that it has secured $12 million in financing for working capital for its new subsidiary, Air Temp, through a Series A Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. issuance to a group of private investors. Air Temp is an original equipment manufacturer of air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. components primarily for the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Air Temp designs and manufactures heat exchangers, radiators, condensers, evaporators, heaters and coolers. Air Temp's customers include General Motors, Ford, Volkswagen and Nissan. Air Temp owns its manufacturing facilities in Merida, Mexico. Air Temp generated approximately $16 million in revenue for 2005. In connection with the acquisition of Air Temp, Lumiere changed its name to "Air Temp North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Inc." It expects that the stock symbol for its common stock will also change shortly. The majority shareholder of Air Temp North America, Inc. has elected Jorge Habib, founder and President of Air Temp de Mexico, to serve as its Chairman and President and Chief Executive Officer. Mr. Habib commented, "We are very excited to have completed the acquisition and financing. Our company has world-class manufacturing facilities and excellent customers to grow with. Our acquisition by our public holding company and the financing will allow us to grow our revenue and profitability at a much faster rate. The automotive parts sector in Mexico, as well as in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , is growing rapidly and with this new capital we believe we will be able to capture more of the market." Capital Investment Services acted as the private placement agent for the Series A Preferred Stock and as the transaction advisor to Air Temp. Capital Investment Services is a retail and institutional broker dealer and investment banking firm based in Coral Gables, Florida Often called "The Gables," Coral Gables is a city in Miami-Dade County, Florida, southwest of Miami, in the United States. The city is best known as the home of the University of Miami, and as an example of City Beautiful urban planning. . Forward-Looking Statements This press release contains, or may contain forward-looking statements, such as statements regarding the growth and profitability, growth strategy, liquidity and access to public markets and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are subject to other risks and uncertainties. The Company assumes no obligation to update these forward-looking statements to reflect actual results, change in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect. |
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