Since 2009, NSBI has committed $11 million in capital in the form of preferred shares and a convertible debenture.
The amendment does not include new investment dollars from NSBI, but does include converting a portion of NSBI's preferred shares, along with its debenture, into common shares of the company.
"The company has experienced an average sales growth of 48 per cent a year for each of the past three years, and continues to show significant growth in key markets," said Chuck Cartmill, CEO, LED Roadway Lighting Ltd.
Preferred and common shares both have advantages for the investor and the company. In LED Roadway's debt-to-equity balance sheet, NSBI's preferred shares must be counted as debt, while common shares, counted as equity, allow the company more credit and can bring NSBI a greater return on investment over time.
"NSBI is very pleased with LED Roadway's year-over-year sales performance," said Ron Smith, interim CEO of NSBI. "At a time when the company is growing rapidly, these amendments to LED's balance sheet enable the company to fuel its growth plans, and support NSBI seeing increased return on investment over the long-term."