SARASOTA, Fla., April 16, 2012 /PRNewswire/ -- LED lighting company, Sunovia Energy Technologies (OTC Bulletin Board: SUNV), announced today that it has secured the financing necessary to increase production of its proprietary Aimed Optics™ LED product lines to more than 10,000 fixtures per month. The $5 million financing was accomplished through a matching funds arrangement with a private credit facility whereby funds invested into a subscription agreement by accredited investors were matched on a one-for-one basis by the credit facility. Key officers, directors and founders of the company were investors in the subscription.
This $5 million financing allows Sunovia to immediately begin ramping production of its Aimed Optics™ LED fixtures to its year end goal of 10,000 units per month. Currently, the market demand for the company's proprietary fixtures exceeds production capabilities, and exponential growth in production is planned over the next thirty-six months. Under new Chief Executive and lighting industry veteran, Mel Interiano, the company is quickly developing important strategic alliances that are allowing the company to capitalize upon the innate advantages of the Aimed Optics™ products and technology.
Interiano stated, "The founders of Sunovia created an extraordinary technology and an award winning product line that the market demands. We have to increase our production in order to increase our revenues and generate profits. Currently, there are more customers than there are Aimed Optics™ fixtures, and my team is now at work developing lean manufacturing processes that will allow us to capture additional market share and grow the company. In addition, I am meeting with key component and service providers to ensure that our products are not only the highest performing, but also competitively priced. There is a lot of work ahead of us, and this $5 million financing is another step in the right direction."
About Sunovia Energy Technologies, Inc.
Sunovia Energy Technologies is a LED lighting company that designs, engineers, manufactures and markets LED lighting components and fixtures to the global lighting industry. Sunovia was recently awarded the United States Department of Energy's highest award for lighting within the LED category, and has installed thousands of its fixtures at military bases, universities, municipalities, and large commercial entities. Sunovia's LED lighting products are sold under the brand, EvoLucia Lighting (www.evolucialighting.com).
All EvoLucia products offer highly energy efficient, durable, commercial-grade LED lighting for outdoor applications, including parking garages, streets/highways, parking lots, landscaping and more. The company's award winning cobra head and shoe box fixtures employ EvoLucia's proprietary Aimed Optics™ technology, which increases light levels and visibility by strategically directing light to the target area. EvoLucia fixtures require 50%-80% less energy than traditional lighting, and last for approximately 12 years without maintenance.
More information about Sunovia Energy and its EvoLucia LED lighting subsidiary is available in the company's Securities and Exchange filings, which can be found at www.sec.gov or at www.sunoviaenergy.com.
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