Sunovia Energy Technologies Partners With Fifth Third Bank

SARASOTA, Fla., March 10  /PRNewswire-FirstCall/ -- Sunovia Energy Technologies (OTC Bulletin Board: SUNV) and Fifth Third Bank announced today that they have finalized a partnership whereby eligible customers can now finance the costs of purchasing and installing Sunovia's LED products.

By installing Sunovia's LED Light Fixtures, which are sold under the brand name EvoLucia®, customers generally save more than 50% in energy and more than $500 in bulb replacement and maintenance costs during the life of the new EvoLucia LED fixture. The savings that the customer enjoys from converting to the new EvoLucia LED fixture more than covers the entire costs of the financing. All Fifth Third Bank loans are subject to credit review and approval.

Sunovia believes that the new financing program resolves the final sticking point (up-front costs) for customers who are contemplating switching to its EvoLucia line of LED lighting.  The EvoLucia LED lights already increase visibility, save energy, reduce carbon emissions, last 5x longer, and provide a more evenly distributed cool white light than existing street lights; and now, there is no additional costs to customers who step into the future of lighting.

The specialized program provides financing packages of up to five years with no money down at prevailing market interest rates. A client will have the option to pay monthly, quarterly or annually to amortize their investment in a period of five years. At the end of the lease term, the client will own the lights outright with no additional lease buyout required. Typically, the reduced maintenance costs and energy savings more than cover the monthly lease payment, and all savings accumulated after the financing period go to the customer's bottom line (for governmental installations, these are savings to taxpayers).

On average, the maintenance and energy savings enjoyed by customers who convert to EvoLucia LED light fixtures results in a payback period between 2 and 4 years.  This means that the customers break even during year 2 to year 4, and all savings thereafter go to the bottom line.    

"Our products dramatically reduce energy and maintenance costs.  The primary complaint that we have received from potential customers has been the up-front cost associated with switching to LED lighting; and our new partnership with Fifth Third Bank eliminates those expenses.  We have now slanted the ball field in our favor in all aspects of street lighting," said Jim Perkins, Sunovia Energy's VP of Sales and Finance. "The benefits of our Aimed Optics™ technology, when combined with these flexible terms, makes EvoLucia LED lighting an overwhelming solution for the global markets."

For more information on EvoLucia LED lighting products or the financing program, contact the company directly at [email protected] or (941) 751-6800.

About Sunovia Energy Technologies, Inc.

Sunovia Energy Technologies is a Sarasota, FL-based company that commercializes and markets products within the LED lighting and solar markets that reduce carbon emissions, promote national security and preserve the environment. Sunovia owns the exclusive marketing rights to products produced by EPIR Technologies, Inc., including infrared sensors and devices for the civilian and military night vision markets.

Sunovia's LED lighting technologies are among the most cost and energy-efficient in the world, and are marketed under the brand name EvoLucia™ (www.evolucialighting.com).

Sunovia owns a significant equity interest in Illinois-based EPIR Technologies, Inc., the pioneer of single crystal II-VI solar modules and a global leader in the field of IR sensors and IR imaging. EPIR's collective infrared knowledge and experience is believed to exceed that of any company in the world. Its founder, Chairman and CEO Dr. Sivalingam Sivananthan, is a recognized world leader in HgCdTe growth.

EPIR holds the patent for growing CdTe directly on a Si readout integrated circuit, for which the company developed a manufacturing capability with Congressional support. Sunovia and EPIR co-own the solar technologies and solar products that are developed under the Exclusive Partnership Agreement. The Partners have a network of close collaborative relationships, including the Army Research Laboratory, the National Renewable Energy Laboratory, the Night Vision Electronic Sensors Directorate, BAE Systems, and other laboratories around the world.

More information about the exclusive partnership between Sunovia and EPIR is available in Sunovia's Securities and Exchange filings at www.sec.gov, or at the partners' Web sites, www.sunoviaenergy.com and www.epir.com.

The Sunovia™ logo is a registered service mark of Sunovia Energy Technologies, Inc. in the United States and/or other countries. Sunovia Energy products and services and EvoLucia™ products and services are provided by Sunovia Energy Technologies, Inc.

About Fifth Third Bank

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $113 billion in assets, operates 16 affiliates with 1,309 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,360 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2009, has $187 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."

Forward-Looking Statement

Some of the statements made by Sunovia in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. Sunovia believes that its primary risk factors include, but are not limited to: development and maintenance of strategic acquisitions; domestic and international acceptance of our product lines; defending our intellectual property and proprietary rights; development of new products and services that meet customer demands and generate acceptable margins; successfully completing commercial testing of new technologies and systems to support new products and services; and attracting and retaining qualified management and other personnel. Additional information concerning these and other important factors can be found within Sunovia's filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors.

SOURCE Sunovia Energy Technologies, Inc.; Fifth Third Bank