DataSight, Inc. and LED Lighting Company Complete Share Exchange
DataSight is a leader in the field of customized UAS/USV workflows utilizing drones and ground-based sensor systems to provide safe, accurate data, yielding valuable actionable information for customers
DataSight Corporation (f/k/a LED Lighting Company) is a voluntary SEC filer
LAS VEGAS, Oct. 09, 2018 (GLOBE NEWSWIRE) -- DataSight Corporation (f/k/a LED Lighting Company) (“DataSight” or the “Company”), a leading provider of customized data solutions using unmanned aircraft system/unmanned surface vessel (UAS/USV) workflows, announced today that it closed a Share Exchange Agreement (the “Exchange Agreement”) on October 8, 2018 with DataSight, Inc. and certain of its shareholders and option holders of DataSight, Inc. DataSight is a voluntary SEC filer and plans, in the future, to apply for a stock symbol and become publicly trading, subject to shareholder approval and regulatory approvals.
DataSight implements cutting edge data solutions using customized UAS/USV craft equipped with specialized sensors, providing data deliverables ranging from routine inspection of powerlines to a complicated rockfall risk evaluation in a steep mountain canyon. DataSight’s technical leadership comes from a long history of professional consulting expertise in survey, geology, engineering, hydrology and data analysis, and the Company has strong industry partners, including expert flight aviation and unmanned surface vessel partners. Communicating data directly through DataSight’s specialized sensors and advanced drones means time-to-collect and analyze data goes from an average of five days to just hours.
“Collecting data via UAS comes with a lower risk at a lower cost than manned aerial inspections,” said Lyle L. Probst, CEO and Founder of DataSight. “We get more data at significantly better quality and speed, which allows our customers to reduce system and infrastructure failures through regular inspection and preemptive service.”
Probst continued, “We believe that becoming a public company and the access to capital markets that provides will enable us to grow our business faster and more effectively, therefore creating value for stockholders.”
Pursuant to the Exchange Agreement DataSight has 27,890,537 shares of common stock outstanding and 7,317,767 shares of Series A preferred stock. During this calendar quarter the Company expects to reverse split its common stock at a ratio of 26:1, at which time the preferred stock will convert to common, resulting in the Company having a single class of common stock with 8,390,480 shares of outstanding, based on the share counts as of closing.
Full details of the Exchange Agreement will be available on the Form 8-K filed with the Securities and Exchange Commission, which the Company expects on or about October 10, 2018.
About DataSight CorporationDataSight develops high-value UAS based data workflows for customers within the Power/Utility, Environmental, Oil/Gas, and Infrastructure Markets. We utilize a combination of advanced sensor capabilities and unique data production solutions to meet complex project challenges. For more information visit us at https://datasightusa.com/
Statements in this press release about our future expectations, including without limitation, the likelihood that DataSight plans, in the future, to apply for a stock symbol and become publicly trading, subject to shareholder approval and regulatory approvals; the likelihood that that becoming a public company and the access to capital markets that provides will enable the Company to grow its business faster and more effectively, therefore creating value for stockholders; the likelihood that during this calendar quarter the Company expects to reverse split its common stock at a ratio of 26:1, at which time the preferred stock will convert to common, resulting in the Company having a single class of common stock with 8,390,480 shares of outstanding, based on the share counts as of closing; constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the Company’s ability to raise capital; the Company’s ability to complete the reverse stock split; the Company’s ability to target the UAS/USV markets; the Company’s ability to successfully commercialize its products; as well as other risks. Additional information about these and other factors may be described in future filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
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