Click here to close now.


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 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.


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

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
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...