Ardour Capital Initiates Equity Research Coverage on TIR Systems Ltd.

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This is the commencement of Ardour’s roll out of the Candadian E-Tech sector coverage.

Ardour Capital Investments, a leading research institution focused on Energy Technology/Alternative Energy & Power/Clean & Renewable Technologies, announced today that it has initiated equity research coverage on TIR Systems Ltd with an accumulate rating and a 12 month price target of $2.20 cdn.

This marks the onset of coverage by Ardour analyst Mark Manley, CFA who will be continuing to ramp up coverage of the Canadian E-Tech sector over the coming months. According to Walter Nasdeo, Director of Research at Ardour, “the Canadian Energy Technology sector is very robust with a number of high quality companies with exciting technologies. Canada is an important area for the firm and we look forward to rapidly increasing our presence going forward.”

TIR Systems Ltd. is an innovative lighting technology company with roots in total internal reflection, light guide products. The company has evolved into a developer and integrator of optical, electronic, software and fixture components for light emitting diode (LED) based solid state lighting (SSL). One of TIR’s key goals is to bridge the integration gap between the semi-conductor diode light source and an easy to operate, mass-produced LED based fixture. TIR also develops, manufactures and markets SSL fixtures for the architectural, specialty lighting, and corporate identity markets.

Manley stated, “Solid State Lighting is a fast growing and exciting segment in the energy technology sector, with a significant potential for reducing electricity use. We believe TIR’s LEXEL technology is a breakthrough development that will catalyze SSL’s further move into mainstream applications.”

For a copy of the research report please contact Brian Greenstein at (212) 375-2956.

About Ardour Capital Investments, LLC

Ardour Capital is a leading research institution and investment bank focused on Energy Technology/Alternative Energy & Power/Clean & Renewable Technologies. The firm distinguishes itself through its high level of technology based expertise and knowledge.

Contact Information:

Mark Manley, CFA- 212-946-6828

Vice President


Walter Nasdeo - 212-375-2958

Managing Director

Director of Research

Brian Greenstein - 212-375-2956

Managing Partner

Director of Capital Markets

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Walter Nasdeo
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