MEMPHIS, Tenn., April 11, 2013 /PRNewswire/ -- Green Ballast Inc. (OTCBB: GBLL) announced today that Talcott Realty, a Real Estate Investment Trust (REIT) 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.
"Being an investor and operator of institutional grade real estate, our performance is measured by maximizing investment returns, which includes the generation of property level cash flows," said Michael Mihalek, Senior Vice President and Partner of Talcott Realty. "Thousand Oaks is a three building office campus in Memphis, Tennessee. By working with Green Ballast on a complete lighting upgrade and implementing their daylight harvesting technology, we expect to save approximately 45% in our lighting utility costs. In addition, due to the improved operating efficiencies, we estimate the properties' asset value will increase significantly."
"In today's real estate environment, owners, operators and tenants of office buildings are looking for ways to increase operating efficiencies. By implementing Green Ballast's lighting solutions, operating costs are reduced, positively impacting both the owner as net operating income increases and the tenants who may be subject to the pass through of rising utility costs," said J. Kevin Adams, chief executive officer of Green Ballast.
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.