Out of cash, Longmont’s Terralux shuts down and searches for buyer

Please note, this article is regarding our former owner, TerraLUX Inc, and does not affect LightStar Corporation or our Terralux-branded product.  (Please note, we are currently rebranding our Terralux portable product to LightStar.)

http://www.denverpost.com/2017/08/15/terralux-sielo-longmont-shuts-down/

A fast-growing maker of LED and smart lighting doesn’t have enough cash to keep its own lights on.  Longmont-based Terralux, now known as Sielo, ceased all operations on Aug. 3 and is now looking for a buyer to get things running again.  Chief Financial Officer Martin Lundie said Tuesday that the company is now in talks with potential acquirers. An announcement could be forthcoming within days, he said.  “We’re in the process of entertaining offers for the company to be acquired, we are continuing to satisfy orders and shipping product,” Lundie said. “We really would like to maintain the jobs in the area.”  As of December 2016, the company employed 57 people, according to the Longmont Economic Development Partnership. Lundie declined to comment on current workforce numbers.  Lundie said the shutdown was necessary because “there wasn’t money to continue.” He declined to answer further questions, citing ongoing negotiations.  Calls to President and CEO Steve Hane and Director of Business Development Matthew Sallee were not returned. Emails to the executives returned a message that the two no longer were with the company as of Aug. 3, and included instructions to contact Lundie.

Read the full story at DailyCamera.com.