Hilco Streambank Extends Offer Deadline for LiteSheet® Inc. to March 8, 2023 – New Litigation Claims Now Included in Sale
New Qui Tam Claims: Recently unsealed litigation claims, in which LiteSheet is a relator on behalf of the U.S. Government, have been added to the assets available for purchase in the sale of the company. Hilco Streambank CEO Gabe Fried commented, “LiteSheet filed litigation in 2021 against nine large Energy Services Companies claiming they falsely reported that products they supplied to the U.S. Government were compliant with the Buy American Act. The Federal District Court presiding over the litigation has unsealed the complaint filed in the case and the Department of Defense continues to investigate the claims.”
Fried continued, “LiteSheet’s position in this lawsuit and/or its interest in this recovery, which could entitle it to 15-25% of the DoD’s judgment, is now being included in the sale offering. In light of the newly included litigation assets, LiteSheet is providing interested parties with an additional two weeks to conduct diligence on this additional asset and all assets of the company.”
Information regarding the litigation is available in a virtual data room. Parties interested in learning more can click here or contact Hilco Streambank directly using the contact information provided below.
About LiteSheet Solutions: LiteSheet is the creator of patented, energy-saving, low-maintenance LED lighting products manufactured in the United States and compliant with the Buy American Act. The company’s BriteCor AC Direct Technology has proven itself to last for decades in demanding applications by eliminating the need for failure-prone DC drivers that are ubiquitous in the industry. LiteSheet’s improvements in the field make its products more energy-efficient and lower-maintenance, thereby reducing the total cost of ownership by up to 40%-80% compared to competitors.
About Hilco Streambank: Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation. Having completed numerous transactions including sales in publicly reported Chapter 7 and 11 bankruptcy cases, private transactions, and online sales through IPv4.Global, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet, and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global, the world’s leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate and strategic capital equity investments.