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
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.