|By Marketwired .||
|November 8, 2012 01:39 PM EST||
SATELLITE BEACH, FL -- (Marketwire) -- 11/08/12 -- Lighting Science Group Corporation (OTCBB: LSCG), one of the world's leading LED lighting technology companies, announced a business partnership with Applebee's Neighborhood Grill & Bar®. Lighting Science® collaborated with the world's largest casual dining chain to monitor, evaluate and markedly reduce energy usage for lighting in their 23 company-owned restaurants. Through the installation of ultra-efficient and design-enhancing LED lamps, Applebee's should net an energy reduction for lighting of 88% per year.
"Replacing outdated incandescent and halogen bulbs made economic sense to us," said Bill O'Keefe, Applebee's Executive Director of Development. "The new LED lighting systems make our restaurants more energy efficient and match our design standards, and Lighting Science has been a valuable partner in this process."
Applebee's replaced over 3,000 incandescent and halogen lamps with Lighting Science's 8W A19 LED, 14W BR30 LED, 8W Par20 LED, and 6W MR16 LED. Following the project's completion, Applebee's reported an 88% reduction in total energy usage for lighting, sparing an average of 820 kilowatts per year.
"LED lighting is clearly the environmentally favorable technology, but it also often outperforms standard lighting products," said Clyde Huffman, principal of Restaurant Lighting Concepts. "For businesses like Applebee's with a heightened focus on creating positive customer experiences -- ambiance and lighting matter most. Lighting Science's LED lighting offers a blended form and functionality to match Applebee's energy, economic and design needs."
The initial cost estimate of the LED lighting retrofit was tempered by utility rebates made possible with the lamps' Energy Star certifications. A tax deduction through the 2005 Energy Policy Act (EPACT) also applied. Considering these incentives, Applebee's anticipates a simple payback in a little over seven months. "Lighting Science is proud to partner with Applebee's, an American staple," said Keith Scott, Chief Commercial Officer at Lighting Science. "Our lamps improve their restaurants' bottom-line and achieve unrivaled lighting quality to enhance the customer experience. Given the energy, maintenance and architectural benefits, Applebee's will definitely reap the rewards of this innovative technology."
Applebee's (www.applebees.com) is the world's largest casual dining chain, with approximately 2,000 locations in 49 states, 15 countries and one U.S. territory. Based in Kansas City, Mo., Applebee's takes pride in providing a welcoming, neighborhood environment where everyone can enjoy the dining experience. Applebee's Neighborhood Grill & Bar® is a DineEquity, Inc. brand, and is franchised and operated by Applebee's Services, Inc. and its affiliates.
About Lighting Science Group
Lighting Science Group Corporation (OTCBB: LSCG) designs, develops, manufactures and markets LED lighting solutions that are environmentally friendlier and more energy efficient than traditional lighting products. Lighting Science Group offers retrofit LED lamps in form factors that match those of traditional lamps or bulbs and LED luminaires designed for a range of applications including public and private infrastructure for both indoor and outdoor use. Lighting Science Group's Advanced Projects Group business unit designs, develops and manufactures custom LED lighting solutions for architectural and artistic projects. Lighting Science Group is headquartered in Satellite Beach, Florida; the Company's European operations are based in Middelburg, The Netherlands; and the Company has a sales office in Sydney, Australia. Lighting Science Group employs approximately 800 workers building lighting products from domestic and imported parts. Lighting Science Group is a Pegasus Capital Advisors portfolio company. More information about Lighting Science Group is available at www.lsgc.com.
Forward Looking Statement. Certain statements in this press release may constitute "forward-looking statements" made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements concerning the performance of Lighting Science Group and its products and/or use terminology such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "project," "seek," "target," "soon," "will," "first of many" and variations of such words and similar expressions. Such statements reflect the current view of Lighting Science Group with respect to future events and are subject to certain risks, uncertainties and assumptions. Known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those contemplated by these statements. In evaluating these statements, you should carefully review the risk factors detailed under "Risk Factors" in our most recent filings with the Securities and Exchange Commission that may cause our actual results to differ materially from these forward-looking statements.
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