Green Ballast CEO Provides Update for Shareholders
MEMPHIS, Tenn., April 23, 2013
MEMPHIS, Tenn., April 23, 2013 /PRNewswire/ -- J. Kevin Adams, Chief Executive
Officer of Green Ballast Inc. (OTCBB: GBLL), today provided the following
letter to shareholders.
We have achieved much in this past year, and we are very excited and
optimistic about our future. But there are still challenges ahead of us. The
sales cycle in lighting is 3 to 9 months which is causing a strain on our
current cash resources. We have started to build the sales pipeline which
should help address this issue going forward. In addition, we have sought out
and are in discussion with strategic investors who we also expect to be
significant customers of Green Ballast. The challenges of managing a growing
business are formidable, but one fact is clear: the hard work that everyone at
Green Ballast has invested in the company is now producing tangible results.
Below is a brief list of the highlights of our operations over the last 12
o4^th Quarter 2012 revenue was $639,003. Our products are being accepted
by our customers and the sales pipeline is continuing to grow with new and
oWe recently completed a total lighting project for 11 Shelby County,
Tennessee Schools. In addition to incorporating its patented daylight
harvesting fluorescent light ballasts, Green Ballast performed a complete
energy efficient lighting upgrade on the 11 schools that included new
lights in the classrooms, hallways, offices and some of the gyms and
auditoriums. We believe that the school market could be a large one for
our ballasts. We are targeting markets in Indiana, Texas, New York and
New Jersey for additional sales to school districts.
oBelz Enterprises ("Belz"), a leading US real estate developer, owner and
operator for over 70 years, installed vapor tight florescent fixtures
equipped with Green Ballast's patented fluorescent light ballasts in a
structured parking garage facility in Memphis, Tennessee. The new
fixtures are expected to reduce electric lighting usage in the facility by
over 50% per year, with Belz receiving a payback on its investment in less
than 3 months for fixtures which have a 10 year life expectancy.
oTalcott Realty, a Real Estate Investment Trust with Class A properties
across the United States, is implementing a lighting retrofit equipped
with Green Ballast's patented daylight harvesting fluorescent light
ballasts for the 420,000 square foot Thousand Oaks office park in Memphis,
Tennessee, which is managed and leased by CB Richard Ellis Memphis. Work
has now commenced and this project should be completed by summer 2013.
oLong Island Power Authority ("LIPA") has qualified Green Ballast's
daylight harvesting ballast for a significant rebate. This rebate
significantly reduces the cost of purchasing and owning our ballasts and
we believe will be a big driver for sales going forward. We have begun
projects on Long Island, New York, and expect to have continued sales
traction in this region.
oThe company formed working/strategic relationships with 2 large national
electronics contractor groups. These 2 companies have seen the value of
including Green Ballast's products in their product offering set, and have
specified Green Ballast in dozens of jobs in Long Island totaling
thousands of our daylight harvesting ballasts. These jobs are starting to
be released now by LIPA.
There are many more reasons to be optimistic and excited about our future.
Several fixture manufacturers have approached us about private labeling our
ballasts and the response at various industry trade shows has been
tremendous. New customers often test our ballasts in one or more locations
prior to placing an order with us. These tests demonstrate the energy and
cost savings of installing our ballasts. We have completed tests for Fortune
500 companies in the following industries: banking, logistics, pharmaceuticals
and real estate management. Our goal is to initiate a nationwide roll-out of
our products for one of these Fortune 500 companies.
Despite facing some initial headwinds, you can see we have started to gain
market traction and success. Green Ballast is on the right path and with the
proper capital base, its future is bright. The demand is there. The
customers are there. The company and its products provide real savings to its
customers, and the message is getting out there.
If we continue to execute upon our business plan, we expect that our revenues
will continue to grow in 2013 and beyond.
Thank you all for your support.
J Kevin Adams
Chief Executive Officer
This letter contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
for Green Ballast reflect current expectations, as of the date of this letter,
and involve certain risks and uncertainties. Forward looking statements
include statements herein with respect to the company's successful execution
of its business strategy. Actual results could differ materially from those
anticipated in these forward- looking statements as a result of various
factors. Factors that could cause future results to materially differ from
the recent results are described in form S-1 filed with the Securities and
Exchange Commission on April 12, 2012.
SOURCE Green Ballast Inc.
Contact: Investor & Press Contact: Paul G. Henning, Cameron Associates, (212)
554-5462, Paul@cameronassoc.com; or William Bethell, CFO, Green Ballast, (901)
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