VC Firm To Increase Stake In Retail Supplier, Get Board Seat

Matrix Partners XII, LP and Weston & Co. XII LLC (together, "Matrix") have entered into a transaction to acquire up to an additional 8.5% of the outstanding equity of Light Technology, LLC (Light Technology), which indirectly wholly owns retail energy supplier Light Energy

If purchasing the full 8.5% of the equity contemplated under the transaction, Matrix would own about 14.2% of the outstanding voting interests in Light Technology

Matrix would also receive a non-independent board seat at Light Technology, LLC

Matrix is an early-stage venture capital firm

Light Energy is currently active in Texas and "will" act as a retail energy supplier in several states in the PJM region, with such PJM expansion first reported by EnergyChoiceMatters.com

Matrix Partners XII, L.P. and Weston & Co. XII LLC are managed and controlled by Matrix XII Management Co., LLC (Matrix XII Management)

The following individuals are each a Managing Member of and individually and collectively control Matrix XII Management: Antonio Rodriguez, Timothy Barrows, Stan Reiss, Dana Stalder, and Ilya Sukhar.

Matrix presently holds 6.2% of outstanding voting interests in Light Technology.

Under the transaction, Matrix will purchase 38.6% of the Series A Preferred Stock in Light Technology, which represents 8.5% of the outstanding voting interests in Light Technology

Upon consummation of the Transaction, Matrix would hold 14.2% of the outstanding voting interests in Light Technology and have the right to appoint a non-independent board member.

Currently, the following persons and entities own ten percent or more of the interests in Light Technology:

• Baker Shogry (25.30%)

• Adam Compain (25.30%)

• Mischief 2, LP / Mischief-LI-0603 Fund 1 (14.07%)

• Spark Capital Founders Fund VII, LP / Spark Capital VI, L.P. (11.22%)

Post-transaction, if the full 8.5% is purchased, the following persons and entities would own ten percent or more of the interests in Light Technology:

• Baker Shogry (23.15%)

• Adam Compain (23.15%)

• Mischief 2, LP / Mischief-LI-0603 Fund 1 (12.88%)

• Spark Capital Founders Fund VII, LP / Spark Capital VI, L.P. (10.27%)

• Matrix Partners XII, LP Weston & Co. XII LLC (14.16%)