LA JOLLA, California, August 15, 2017 /PRNewswire/ --
AV1 Group, Inc. (OTC Pink: AVOP), a publicly-traded investment and holding company, today announced further details of its previous purchase of 49% of Intelligent Lighting Corp. ("ILC"), a privately-held company that owns a disruptive technology that can be used to produce a whole new generation of light bulbs for commercial and consumers use.
The compensation for the acquisition was made with a combination of cash and stock. If revenue benchmarks are met, there will be additional common stock issued to ILC. The agreement also contains provisions where AVOP will conduct fundraising initiatives going forward as needed to bring the technology to market.
ILC's proprietary technology, PowerDisc TM, includes a game-changing lighting technology with a lightbulb that could last 14 years; Burning 24/7 while reducing energy consumption up to 42%. The second product is an energy efficient incandescent light bulb - the eCandescent TM, which has energy savings up to 70%.
The Company plans to aggressively pursue large retail outlets such as Walmart, Home Depot, Lowes, government facilities, school districts and hotels. The Company believes that the extended life will have large demand in both consumer and commercial marketplaces.
Lisa Landau, a VP of AV1 Group and the Chairman of ILC previously said, "A standard incandescent light bulb with a pre-determined life of 1300 hours, (approximately 54 days), with the PowerDisc TM can burn for over 130,000 hours or 24 hours per day, 7 days per week for 14 years. Imagine the life extension if the bulb was used over normal lighting circumstances."
Bryen Beglinger, CEO of AV1 Group stated, "Purchasing only 49% at this time allows for Intelligent Lighting Corp. to continue to be qualified for governmental and tax incentives/preferences, which could help greatly as we ramp up the production and marketing/sales of the products that will utilize these amazing technologies. The goal is by ILC maintaining majority ownership of the subsidiary (51%), they will be able to take advantage of the huge benefits given to disadvantaged entities in the government sector and being granted governmental contracts."
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About AV1 Group, Inc.:
AV1 Group, Inc. is a publicly traded investment and holding company established to identify, secure, and monetize emerging growth companies, technologies and ecommerce businesses positioned for exponential growth. The Company seeks to discover inspired entrepreneurs with revolutionary concepts which can make a substantial footprint in markets that the Company believes to have considerable growth potential. AV1 Group, Inc.'s comprehensive business model also includes a division which delivers internally created projects that are poised for revenue generation, and a platform enabling the Company to develop embryonic stage subsidiaries under one umbrella, bringing a spectrum of backgrounds to the table, thus providing a significant resource of experience, knowledge and expertise to every venture. AV1 Group, Inc. explores every opportunity to help each sector exceed their revenue goals while building close, active working relationships; preparing each respective division to be a robust competitor in their chosen markets. For more information, visit: http://www.av1group.com/
About Intelligent Lighting Corp:
Intelligent Lighting Corp is a California based technology company committed to manufacturing and marketing of state-of-the-art, energy-saving products and technologies. Intelligent Lighting Corp, has put together a dynamic team to aggressively pursue every distributor from large retail outlets such as Walmart, Home Depot, Lowes, government facilities, school districts, hotels to your neighborhood hardware store. We have a patented energy efficient, long lasting, truly green incandescent light bulb. For more information, visit: http://powerdisc.com
*All laboratory studies are based on the decades old, industry standard- the General Electric formula (GE TP-1100R 2 5/84), which is "Expected life = Rated life times the ratio of design voltage divided by applied voltage - the ratio being raised to the 13.1 power." Simply put, when an incandescent bulb is operated at other than its design voltage, its life expectancy will be changed.
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