Super Vision International to become Nexxus Lighting, Inc.
ORLANDO, Fla., Super Vision International, Inc. (NASDAQ Capital Market: SUPVA, Class A Common) today announced that the company is being renamed Nexxus Lighting, Inc. effective April 2007, and is relocating its corporate headquarters to Charlotte, North Carolina.
These changes are part of the company’s new strategic plan to direct its focus toward advanced technology lighting products and systems. The company’s stock symbol will change from “SUPVA” to “NEXS” in April 2007, and trading under the new “NEXS” symbol is also expected to start in April.
The word “nexus” means connection point, and the relationship of the word to the new name is tied to the company’s strategic vision to “connect advanced technology with light.” The company will focus its resources on the rapidly expanding market for LED lighting system technologies, fiber optic lighting technologies and other new emerging “white light” technologies through both new product development and potential strategic acquisitions.
“Nexxus Lighting can be viewed as a brand new company with a solid foundation and a very clear vision” stated Mike Bauer, President and CEO. “Over the past year we have worked very hard to resolve the legacy issues that have burdened this company, strengthen the balance sheet and position the company to execute its new strategic plan. The future has never been brighter. Using Nexxus Lighting as a platform, we intend to capitalize on the opportunities for advanced lighting systems, including new LED lighting fixtures and light bulbs, through a focused brand strategy.”
Initially, Nexxus Lighting, Inc. will serve as the umbrella for three distinct brands:
Super Vision™ for fiber optic lighting systems
Oasis™ for illuminated water falls and water features
Savi™ for state-of-the-art LED lighting products, systems and controls
As the company grows and potentially develops or acquires additional brands, these brands would be added underneath the Nexxus Lighting, Inc. corporate umbrella. Separate brand names will allow the company to market each brand uniquely. All of the company’s products are specification grade quality and are used in commercial, architectural, signage, swimming pool, national account and retail store lighting applications.
As part of executing its new strategic plan the company is moving its manufacturing and distribution operations to a new facility in Orlando, Florida and is moving its corporate headquarters to Charlotte, North Carolina.
“Eliminating the existing capital lease obligation and moving to a new correctly sized manufacturing facility in Orlando, not only allows us to reduce our lease expense and remove a significant long term liability, but more importantly, allows us to properly optimize our production capabilities, improve work flows and speed up communication between sales and operations. These changes are all designed to enhance our service and performance levels over the long term” continued Mr. Bauer.
“Our mission is to grow rapidly. Charlotte, North Carolina provides a more strategic and geographically central location on the east coast, in a state where LED technology and the technical talent is being embraced. Our executive team including corporate finance, human resources, marketing and sales will form the initial Charlotte team. As the company grows, we plan to centralize research and development in Charlotte as well. This will give us the ability to pool our best and brightest engineering and R&D technical talent in one location. As new products or technologies are designed by this central team, we will determine the optimum location to manufacture those products based on manufacturing capabilities and requirements.”
We expect to be fully moved into our new 33,600 sq. ft. leased operating facility located at 9400 Southridge Park Court, Suite 200, Orlando, Florida 32819 on April 1st, 2007. The new Orlando facility is approximately 2.5 miles from the existing facility and there will be no changes to the telephone and facsimile numbers.
The Nexxus Lighting, Inc. corporate headquarters is scheduled to be relocated within four months to the Floyd Smith Office Park located at 124 Floyd Smith Drive., Suite 300, Charlotte, North Carolina 28262, subject to finalizing the lease agreement.
