Revolution Lighting Technologies, Inc. Announces Seesmart LED Lighting Order
CHARLOTTE, N.C., Jan. 24, 2013 /PRNewswire/ -- Revolution Lighting Technologies, Inc. (NASDAQ: RVLT), a leader in advanced LED lighting technology, announces the receipt of a $5 million order for LED lighting products with a total potential value of $10 million. The energy-efficient LED products will be manufactured by U.S.-based Seesmart, Inc., a wholly owned subsidiary of Revolution Lighting Technologies, and will be installed in retail stores, office complexes, warehouses and storage facilities. The majority of the order will be installed within the first quarter of 2013. Revolution Lighting Technologies expects to receive a second order totaling $5 million immediately thereafter.
"This initial order further validates our belief that there is an acceleration of the LED lighting market taking place in the U.S. and abroad. We continue to see a significant increase in our addressable market and believe this will continue for the remainder of 2013 and beyond," said Robert V. LaPenta, Chairman of Revolution Lighting Technologies, Inc.
"We are anticipating tremendous growth in 2013 as the millions of dollars of quotes in our pipeline begin to convert to sales," said Ken Ames, Director of Sales for Seesmart, Inc. "We have worked diligently in creating a solid network of 50 exclusive distributors and 300 representatives to educate the end-user about LED technology and its benefits. Seesmart is poised for rapid growth this year while continuing to bring high quality, value engineered products into the marketplace with key technology leaders."
For more information, please visit the Revolution Lighting Technologies, Inc. web site at www.rvlti.com.
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties, including the satisfaction of closing conditions prior to the consummation of the acquisition of Seesmart and the anticipated benefits of such acquisition. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Revolution Lighting's filings under the Securities Exchange Act for additional factors that could cause actual results to differ materially. Revolution Lighting Technologies, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
SOURCE Revolution Lighting Technologies, Inc.