NEWARK, N.J., July 9, 2015 /PRNewswire/ -- Arkados Group, Inc. (OTC: AKDS) (the "Company" or "Arkados"), a leading software developer and system integrator enabling Internet of Things ("IoT") applications, today is pleased to announce that in response to growing demand for smart energy solutions from the commercial building sector, Arkados has launched its wholly-owned subsidiary, Arkados Energy Solutions LLC ("AES"), a provider of innovative, sustainable, cost-saving energy solutions to commercial customers, and appointed Mark Gelnaw as AES' new Chief Revenue Officer, responsible for all business development initiatives including origination of new business partnerships and managing the execution of revenue-generating activities of AES. Mr. Gelnaw previously served on the Board of Directors of Arkados.
Formed in June 2014, AES is engaged in the business of managing the installation of LED lighting retrofits for large commercial facilities with a turn-key approach that includes but is not limited to lighting assessments, retrofit recommendations, sourcing, financing, installation and assisting the customer with applications for incentives and rebates. AES' business activities are strategically important to Arkados as it allows for cross-marketing opportunities for several smart building solutions that are currently under development with its partner, Tatung Corp. Over the past several months, AES has been steadily ramping up its operations and preparing to meet increasing interest and demand initially in the NYC metropolitan area and has plans to expand into other geographic regions moving forward. With business development being led by Mark Gelnaw, AES is primarily focused on responding to and winning various new commercial contracts for its LED lighting services some of which are in the final stage of negotiations and will be announced in the future.
Mr. Gelnaw has been engaged in the commercial lighting business over the past several years. Prior to that, he spent over 30 years in the financial services industry having held senior positions at Deutsche Bank, Lehman Brothers, Salomon Brothers and Arthur Andersen & Co. (currently known as Accenture). Most recently Mr. Gelnaw has held positions of Global Head of Business Development and Head of Strategic Funds for Deutsche Bank, and also served as Chief Operating Officer for Deutsche Bank's Asset Management and Equity divisions where he was involved in all aspects of the business including structuring, marketing, investment management, due diligence as well as serving as a liaison with all the service functions that interface with the business processes. Mark is a graduate of Georgetown University where he earned a BSBA in Accounting and currently serves on the board of various companies and charities.
Mark Gelnaw, Chief Revenue Officer of Arkados Energy Solutions, LLC., added, "Arkados' focus on making industrial buildings and products more advanced and efficient through a combination of cutting edge technology solutions like LED lighting and strong partnerships led me to join their Board of Directors. Over the past year, I have seen demand for these types of solutions grow rapidly. I'm honored to assume the position of CRO and look forward to utilizing my experience and relationships in commercial lighting to win several near term revenue opportunities and in the end, bring more value to the Company and to shareholders."
Arkados' Chief Executive Officer, Terrence DeFranco, commented, "With interest in our energy services coming from several well-established commercial companies, it was necessary to restructure management to better position AES to capture and capitalize on the opportunities being presented. Mark has overseen the business since its inception from our Board of Directors, roughly a year ago, and has demonstrated a keen understanding of the commercial energy sector and drive to boost customer acquisition and renewal rates. His business development acumen and customer-centric focus will be instrumental to the growth and success of AES, and ultimately, to the growth and success of Arkados becoming a known leader in IoT applications for industrial automation – with expertise in commercial property systems and energy management. We look forward to his contributions in the time ahead."
About Arkados Group, Inc.
Arkados Group, Inc. ("Arkados" or the "Company") is a leading software development and system integrator enabling Internet of Things applications for home and building automation and energy management. The Company's solutions are uniquely designed to drive a wide variety of wireless and powerline communication (PLC)-based products, such as sensors, gateways, video cameras, appliances and other devices. By utilizing the Company's solutions, Arkados' customers can bring numerous sophisticated, full-featured products to market faster at a lower overall development cost. Arkados® is a registered trademark of Arkados Group, Inc. For more information about Arkados, please visit: http://www.arkadosgroup.com.
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE Arkados Group, Inc.