Philips will acquire all of the outstanding shares of TIR Systems for a total consideration of approximately C$ 75 million, or approximately EUR 49 million, to be paid in cash upon completion. This transaction is subject to the terms and conditions of the merger agreement and and is expected to close in the second quarter of 2007. TIR Systems, based in Vancouver, Canada, is a company in Solid State Lighting (SSL) technology for products that generate high quality white light. The company is commercializing its newly-developed Lexel technology for SSL-based spotlighting with a platform of fully integrated SSL modules. The revenue of TIR in 2006 was US$15.5 million, the net loss was US$ 20.2 million.