Revolution Lighting Technologies, Inc. CEO Issues Letter to Shareholders
STAMFORD, Conn., April 17, 2013
STAMFORD, Conn., April 17, 2013 /PRNewswire/ --In a letter addressed to
shareholders, Robert V. LaPenta, CEO and Chairman of Revolution Lighting
Technologies, Inc. (NASDAQ:RVLT), addressed the company's plans for continued
expansion and development in 2013. Revolution Lighting Technologies designs,
manufactures and distributes high-quality LED lighting products
internationally under the Seesmart, Lumificient and Array brand names.
Dear Fellow Shareholders:
2012 was a transition year for Revolution Lighting and we enter 2013 with
great excitement and promise in the changes taking place in the LED Lighting
marketplace and within Revolution Lighting.
On September 25, 2012, Aston Capital completed its initial capital investment
in Revolution Lighting (formerly known as Nexxus Lighting.) The investment was
used to extinguish the company's outstanding debt and resolve all outstanding
We then repositioned the company's strategic focus from the consumer retail
market, to the larger and rapidly growing commercial, industrial, and
municipal segments. We believe a successful company in this space will require
a broad, state of the art, quality product portfolio, as well as a large well
trained distribution network. We accomplished both of these goals when we
acquired Seesmart Technologies, Inc. on December 20th 2012. The integration is
going extremely well, and with our recently announced equity transactions, we
enter 2013 well capitalized and prepared for the exciting market potential
that we believe lies ahead.
There are many studies documenting the changes taking place in the worldwide
lighting market. The reports describe the transition to solid state LED
sources, with anticipated annual growth rates ranging from 30% to 50% over the
next 5 to 7 years. Today LED lighting represents less than 15% of the
available market. LED penetration by the year 2020 is expected to grow to 75%
with a market total in excess of $100 billion. Revolution is in the right
place at the right time. Our pipeline of opportunities is expanding and
customer acceptance is happening now.
Realizing the potential savings for LED lighting sources, governments around
the world are enacting legislation mandating the transition away from
traditional lighting technologies. In the US, the Energy Independence and
Security Act of 2007 was enacted to facilitate the transition. LED lighting
can be over 80% more efficient than traditional legacy lighting and is being
utilized as a way to not only "Go Green" but also to recognize significant
electricity savings. It is estimated that over 40% of a building's energy
usage is generated from lighting. In addition, most LED lighting is 100%
recyclable and when combined with its 80% plus greater efficiency, it is easy
to see why LED lighting is becoming the new standard around the world. Other
countries including Japan, South Korea, China and Indonesia have recently
enacted legislation mandating the transition to more efficient lighting
technologies. Japan's penetration rate is expected to rise to 73.8% by 2015
while South Korea and China are expected to see significant gains as well.
Our vision at RVLT is simple. We will provide LED lighting solutions that are
innovative, energy efficient, cost effective and with the highest standards
for customer service. We've made progress on fulfilling this vision, but we
have plenty of work ahead. As part of this growing process, we are working to
create better metrics to track our progress, invest in long-term innovation
and build new partnerships to help achieve our performance and goals.
We will continue to invest in technology and state of the art products with
the highest quality and performance. An example of our recent efforts is
highlighted by the recent introduction of the UL-listed 15-watt LED tube lamp
from our Seesmart division, immediately becoming the most efficient four-foot
T8 lamp on the market, utilizing the lowest wattage and generating the highest
light output in its category.
The early trends for 2013 are encouraging and we expect to see significant
gains in topline growth and profitability for the year.
With our management team, our dedicated employees, our portfolio of quality
products and our extensive distribution network, Revolution Lighting is well
positioned to succeed for the benefit of our employees, our customers and our
Robert V. LaPenta
CEO & Chairman
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies Inc. engages in the design, manufacture,
marketing, and sale of light emitting diode (LED) lighting solutions in the
United States, Canada, and internationally. The company sells its products
under the Seesmart, Lumificient and Array brand names. Revolution Lighting
Technologies markets and distributes its product through a network of
independent sales representatives and distributors, as well as through energy
savings companies and national accounts. For more information about Revolution
Lighting Technologies, visit www.rvlti.com.
SOURCE Revolution Lighting Technologies, Inc.
Contact: Charlie Schafer, President and Chief Financial Officer, Revolution
Lighting Technologies, Inc., +1-203-504-1100
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