Revolution Lighting Technologies to Expand Simi Valley Facility to Support Business Growth for BAA/TAA Compliant LED Solutions
State of the art production and warehouse facility will double in size to 125,000 sq. ft. as company successfully continues penetration of Federal market; Company to expand BAA/TAA LED product line to meet growing demand for energy efficient LED solutions in Federal, Military and Municipal sectors
STAMFORD, Conn., May 15, 2018 (GLOBE NEWSWIRE) -- Revolution Lighting Technologies, Inc. (NASDAQ:RVLT) (“Revolution Lighting”), a global provider of advanced LED lighting solutions, today announced a planned expansion of its facility in Simi Valley, California, to support the increased demand for high performance Buy American Act (BAA) and Trade Agreements Act (TAA) compliant LED solutions. The plant, which opened in 2017, will double its footprint to 125,000 sq. ft.
Since the opening of the facility, the Company has continued to produce BAA and TAA compliant LED tubes for installation and expects production to ramp up significantly. Recent success has included prominent military bases, such as Parris Island Marine Corps Base, which recently began PH II of an existing ESPC with the addition of 25,000 LED tubes. Other military and federal facilities including Tinker Air Force Base; Veterans Administration Hospital Network VISN 21; Watervilet Arsenal; BAE Systems and Battleship New Jersey have also ordered similar BAA and TAA LED tube products.
The facility also plays a critical role in the production of Revolution Lighting’s military spec grade LED tubes, which received a key certification from the U.S. Navy in 2017. The Simi Valley facility received its first large U.S. Navy order, and expects future shipments throughout 2018.
“We opened our state of the art Simi Valley facility last year with the expectation that our BAA and TAA LED tubes would provide a substantial opportunity for our business, which has resulted in significant revenue growth, notably across Federal, Military and Municipal opportunities,” said Robert V. LaPenta, CEO and Chairman, Revolution Lighting. “As a result of this success, we are expanding our facility to increase capacity, positioning our company to support increased revenue opportunities for not only LED tubes, but the anticipated demand growth for BAA/TAA LED fixtures, which we believe can be a key revenue driver moving forward.”
The Company expects to soon release its Eco Thin Panels, Troffers, High Bays, and Wall Packs, all BAA/TAA compliant, capable of reducing energy savings of 60%, versus antiquated fluorescent and metal halide based technologies. These new solutions will provide easy to install and boasting industry leading lamp life and warranty, these newest LED technologies will support Revolution Lighting’s effort to establish itself as the leading provider of LED solutions to U.S. government agencies.
The Buy American Act and Trade Agreements Act, were put in place, requiring federal agencies to first consider American-made products over foreign ones. Since 1975, almost 20% of the federal government’s annual energy expenditures and use has been on electricity, representing a significant market opportunity for Revolution Lighting to provide its energy efficient LED solutions.
About Revolution Lighting Technologies Inc.
Revolution Lighting Technologies, Inc. is a leader in the design, manufacture, marketing, and sale of LED lighting solutions focusing on the industrial, commercial and government markets in the United States, Canada, and internationally. Through advanced LED technologies, Revolution Lighting has created an innovative lighting company that offers a comprehensive advanced product platform of high-quality interior and exterior LED lamps and fixtures, including signage and control systems. Revolution Lighting is uniquely positioned to act as an expert partner, offering full service lighting solutions through our operating divisions including Energy Source, Value Lighting, Tri-State LED, E-Lighting, All-Around Lighting and TNT Energy to transform lighting into a source of superior energy savings, quality light and well-being. Revolution Lighting Technologies markets and distributes its products through a network of regional and national independent sales representatives and distributors, as well as through energy savings companies and national accounts. Revolution Lighting Technologies trades on the NASDAQ under the ticker RVLT. For more information, please visit http://www.rvlti.com/ and connect with the Company on Twitter, LinkedIn and Facebook.
Cautionary Statement for Forward-Looking Statements
Certain of the above statements contained in this press release are forward-looking statements that involve a number of risks and uncertainties, including statements about the public offering, Revolution Lighting’s proposed use of proceeds and statements relating to expectations regarding the completion of the public offering. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Reference is made to Revolution Lighting’s filings under the Securities Exchange Act for additional factors that could cause actual results to differ materially, including the Risk Factors described in Item 1A of our Form 10-K for the fiscal year ended December 31, 2015. Revolution Lighting Technologies undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Readers are cautioned not to place undue reliance on these forward-looking statements.
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Released May 15, 2018