Welcome!

News Feed Item

Evolucia Shareholder Update

SARASOTA, FL -- (Marketwired) -- 06/30/14 -- Evolucia Inc., (OTCBB: ILED) (OTCQB: ILED), a leader in high performance LED (light emitting diode) lighting systems, today released the following update from its new Interim Chief Executive Officer, Thomas Seifert:

My name is Thomas Seifert and I am the new Interim CEO of Evolucia. My background is in corporate governance, business efficiencies and finance with an emphasis on forensic accounting and analytics. I was hired by the board of directors of Evolucia to work with the operations team, to develop a path forward and to analyze and investigate the actions of the past executive team.

Since I was hired in April of this year, I have worked with the board of directors, founders and remaining operations team to determine what steps must be taken in order to stabilize the company. I am pleased to report that there is a path to success that is achievable and our partners to date have supported this path.

Currently, Evolucia has $2.9 million in vendor and accrued debt and I will be working with each vendor who is owed money to discuss settlements of this debt. I am working with investors with the goal of recapitalizing the company so that we can move forward in a positive direction and to restore the name of Evolucia. Evolucia products are recognized for performance and quality and the company simply needs experienced management to do its job in a fiscally responsible manner. My experience is that bankruptcy is neither in the best interest of Evolucia nor its creditors, so it is my hope that we can develop a plan that services this debt on a schedule that allows for ongoing corporate development, recovery and scaled growth.

We recently engaged the law firm of DLA Piper to represent Evolucia with respect to intellectual property licensing and patent infringement litigation. DLA Piper is the largest business law firm in the world and works with many of the world's preeminent technology companies, offering advice throughout a broad range of areas. Our engineering team has already begun to work with the IP team at DLA Piper to determine the value of the company's patents and proprietary products. Our goal is to monetize these assets both in the short and long term. Although we are optimistic about the future of this channel, it is too early to project what revenues Evolucia could realize from licensing and enforcing its intellectual property rights.

We recently engaged the mechanical engineering team of ROBRADY Design. ROBRADY is a multi-disciplinary product design and development studio that provides Evolucia with progressive industrial design, mechanical design and product engineering, market research, complete rapid prototyping and production program management. ROBRADY design stresses a comprehensive speed-to-market plan by collaborating to identify the greatest areas of opportunity and profitable product solutions. Our electrical and photometric engineers are currently working with Leader Electronics and ROBRADY engineers to redesign and reengineer the Aimed Optics™ product platform. This is critical to the future of Evolucia as competing in this industry requires constantly reengineering products in order to reduce costs and improve performance by keeping pace with the rapid advancement of technologies and new optical, thermal and LED component developments that continue to drive the industry forward.

Over the next 12 months, we will be working with our partners to develop the next generation of Aimed Optics products. We have started our next generation development which will be focused on cost reduction. We expect to accomplish this by strategically integrating the current aimed optics insert and fixture housing into a single unit to minimize heat loss and eliminate redundant system costs. Our patented Aimed Optics™ technology inherently requires fewer LEDs, components and materials than light bar and flat-plane products, so our bill-of-material costs should be lower than our competitors.

With respect to growing Evolucia's sales, this is a challenge for the short term, but we believe it is achievable. Our partner, Leader Electronics, has committed resources and incentives to assist our efforts to gain new business. Our warranties are backed by Leader Electronics and we believe our pricing is competitive. We are working with a small group of representatives and distributors who specialize in the sale and installation of high performance roadway and area lighting products. Our goal is to focus on growing our distribution channels by providing quality Aimed Optics™ products at competitive prices. For the foreseeable future, Evolucia will only focus its time and capital on the distribution of products that it designs, engineers and manufactures with its partner, Leader Electronics.

Our job over the next 12 months is to design and engineer Aimed Optics™ products that meet performance requirements and cost targets that are demanded by the markets. My expectations are that our products will continue to be recognized for excellence by the industry and that our proprietary Aimed Optics™ technology will allow us to compete with any fixture in the industry on both cost and performance metrics.

Although, I hope everyone will recognize this shareholder update as optimistic, I would also caution everyone that we have serious issues to manage. While I would categorize the vast majority of Evolucia's note-holder debt as "friendly debt," there are other liabilities that we will need to address. I am optimistic about the future of Evolucia, but I am keenly aware that we must move forward with a diligent focus on efficiency and performance with little margin for error. I believe in this company, our team, our partners and our patented technology, and am confident that we can achieve success.

In closing, I would like to address a few questions that were emailed to Evolucia by shareholders:

[1] To clear up any misinformation about my work history, please be advised that I have no relationship with the Rocky Mountain Fund and had never heard of it until a local Bradenton newspaper erroneously printed my supposed affiliation. In addition, I have no history of securities violations, however I have worked with several distressed companies in the past and am proud of the contributions that I have made to those companies.

[2] The company continues to operate from facilities located at 7040 Professional Parkway in Sarasota, Florida. Information printed in local newspapers to the contrary was false. Although we may be downsizing our office space and relocating our facilities in the future, our landlord has, to this point, been amenable to working with us to solve problems that were created by past management.

[3] Evolucia is in the process of launching a new website at www.evolucia.com. I understand the importance of our website, and apologize that the site was compromised upon the departure of prior management.

I would also like to announce at this time that Evolucia will host a shareholders' meeting during the 4th quarter of this year. Shareholders and investors will receive formal notifications of this meeting as per SEC requirements and I would like to encourage all of our shareholders to attend this meeting.

The new team at Evolucia is already working diligently to regain the trust of our shareholders, customers, investors, partners and vendors and as Thomas Edison said, "Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time."

Thank you for your continued support of Evolucia, and I look forward to seeing you at the shareholders' meeting.

Respectfully,

Thomas Seifert
CEO - Evolucia, Inc.

About Evolucia Inc.

Evolucia is an innovator and creator of patented LED lighting technologies and products that represent a new age of long-lasting energy efficient lighting solutions. Using proprietary Aimed Optics™, Evolucia's solutions have consistently topped all competitors in U.S. Department of Energy testing, and represent the best performing LED lighting systems in the world.

Our systems increase visibility while providing the highest energy efficiencies available, resulting in unprecedented cost savings. Our products light the way for military bases, universities and cities around the world, requiring 50 to 80 percent less energy and lasting for approximately 12 years without maintenance.

More information about Evolucia Inc. and its LED lighting systems is available in the company's Securities and Exchange filings, which can be found at www.sec.gov.

Forward-Looking Statements

Some of the statements made by Evolucia in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. Evolucia 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 Evolucia's filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors.

Evolucia, Inc.
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, will discuss how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved effi...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
CIOs and those charged with running IT Operations are challenged to deliver secure, audited, and reliable compute environments for the applications and data for the business. Behind the scenes these tasks are often accomplished by following onerous time-consuming processes and often the management of these environments and processes will be outsourced to multiple IT service providers. In addition, the division of work is often siloed into traditional "towers" that are not well integrated for cro...