November 28th, 2007
SAVANNAH, GA – The purchase of one of
North America’s largest fixture manufacturers by Royal Philips Electronics is a clear indication of the increased value lighting industry leaders are placing on energy conservation in commercial lighting.
Philips, the world’s largest lighting manufacturer, announced on Monday that it would initiate a cash offer this week to buy Kentucky based lighting maker Genlyte Group, Inc. Philips, headquartered in the Netherlands, plans to offer $95.50 per Genlyte share or roughly $2.7 billion for North America’s second biggest maker of lighting fixtures.
Lighting accounts for nearly 30 percent of energy usage in non-residential building, and more than 90 percent of Genlyte’s 2006 sales were related to commercial and industrial applications. PureSpectrum, Inc. (Pink Sheets: PSPM) has developed an electronic ballast circuitry design for linear fluorescent lighting applications which significantly improves energy efficiency for the tubular lights which are used extensively in office buildings, retail outlets, factories and non-residential settings.
“The recent emphasis on decreasing energy consumption in commercial, industrial and institutional lighting should continue pushing the major lighting manufacturers to identify rapid entries into the energy savings lighting market,” said PureSpectrum CFO Bill Norton. “For PureSpectrum and other emerging technologies seeking to gain an entrance into the lighting industry, a move like this signifies a willingness for major manufacturers to look beyond their own backyards in order to find new products and technologies to meet their needs. There are new synergies now which the big manufacturers are going to be more willing to explore either through joint development or acquisition.”
PureSpectrum, which met with representatives from Philips and other lighting manufacturers earlier this year, recently conducted photometric testing on linear fluorescent prototypes which proved that the company’s patented T4 linear fluorescent lamp is substantially more energy efficient than various brand names being sold in retail outlets. PureSpectrum is in the process of marketing its proprietary technology and patented linear fluorescent design to potential manufacturing or licensing partners and hopes to launch its innovative linear fluorescents into the market in 2008.
Please visit www.purespectrumlighting.com or call (912) 961-4980 for more information about PureSpectrum, Inc. or PureSpectrum Technology. For investment information, please contact Equiti-Trend Advisors LLC at (800) 953-3350.
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ABOUT PURESPECTRUM PureSpectrum (Pink Sheets: PSPM) is a publicly traded technology company founded and headquartered in
Savannah, Ga. The company’s values are grounded in an awareness of the increasing urgency to identify more efficient energy solutions. PureSpectrum currently holds the rights to multiple patents and patent applications related to an electronic ballast design which would produce a soft switching environment during power conversion for artificial lighting. PureSpectrum will continue its commitment to researching, developing and refining ideas that will provide the most energy efficient, cost effective methods for powering artificial light. For more information on PureSpectrum, please call (912) 961-4980 or visit www.purespectrumlighting.com.
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for PureSpectrum’s products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time by PureSpectrum.