MEMPHIS, Tenn., Sept. 10, 2013 /PRNewswire/ -- Green Ballast Inc., (OTC BB: GBLL) announced today that CLK Properties, which owns over 135 commercial buildings in 43 cities, is installing Green Ballast Inc.'s (GBI) patented daylight harvesting fluorescent light ballast in a number of its office buildings. The lighting upgrade will reduce electric lighting usage in the facilities by an average of 42% per year, with CLK receiving a payback on its investment in less than 1.1 years for fixtures which have a 10 year life expectancy.
"Being an owner and operator of major office buildings, we are always looking for ways to make our buildings more efficient for our tenants. We see many energy efficient initiatives every day, but many do not make economic sense," said Craig Koenigsberg, CEO of CLK Properties. "Green Ballast met all our financial criteria by offering an overall energy solution, with significant energy savings, in a cost effective manner and with an attractive return on investment."
"We are excited about working with CLK throughout its real estate portfolio, making the buildings more efficient from a lighting perspective, said Kevin Adams, chief executive officer of Green Ballast. "In today's real estate environment, owners, operators and tenants of office buildings are looking for ways to increase operating efficiencies. By implementing GBI's lighting solutions, operating costs are reduced, positively impacting both the owner and the tenants."
About CLK Properties
Founded in 1980 by Maynard Koenigsberg and his son Craig, CLK has grown from a reputable owner/operator of New York City apartment buildings into one of the largest, well respected privately held companies in the national multifamily and commercial real estate industries. With a combined 75 years' experience in the industry, the Koenigsbergs have amassed a diverse portfolio of apartment, office and light industrial properties nationwide. With over 135 buildings in 43 cities, consisting of over 24,000 residential units, and over 4 million square feet of commercial property, CLK continues its quest to acquire properties in target markets, while always evaluating potential new markets to broaden its reach across the nation.
About Green Ballast
Green Ballast Inc., an energy solutions company, headquartered in Memphis, Tennessee, is an innovator, developer and marketer of energy efficient electronic ballasts for fluorescent fixtures in the commercial lighting industry. Green Ballast's patented daylight harvesting ballast technology utilizes an individual photo sensor that measures the amount of ambient daylight to reduce the amount of electrical current flowing to a light fixture thereby reducing lighting energy costs. Green Ballast's products are deployed during retrofit upgrades, new construction and remodeling work. Customers include electrical lighting product distributors, energy service companies, original equipment manufacturers, and real estate developers and managers who own and lease commercial real estate. To learn more about Green Ballast, please visit our website at www.greenballastinc.com.
This press release 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 press release, 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.