MEMPHIS, Tenn., April 23, 2013 /PRNewswire/ -- J. Kevin Adams, Chief Executive Officer of Green
Ballast Inc. (OTCBB: GBLL), today provided the following letter to
shareholders.
Dear Shareholder:
We have achieved much in this past year, and we are very excited
and optimistic about our future. But there are still
challenges ahead of us. The sales cycle in lighting is 3 to 9
months which is causing a strain on our current cash
resources. We have started to build the sales pipeline which
should help address this issue going forward. In addition, we
have sought out and are in discussion with strategic investors who
we also expect to be significant customers of Green Ballast. The
challenges of managing a growing business are formidable, but one
fact is clear: the hard work that everyone at Green Ballast has
invested in the company is now producing tangible
results.
Below is a brief list of the highlights of our operations over
the last 12 months.
- 4th Quarter 2012 revenue was $639,003. Our products are being accepted
by our customers and the sales pipeline is continuing to grow with
new and existing customers.
- We recently completed a total lighting project for 11
Shelby County, Tennessee
Schools. In addition to incorporating its patented daylight
harvesting fluorescent light ballasts, Green Ballast performed a
complete energy efficient lighting upgrade on the 11 schools that
included new lights in the classrooms, hallways, offices and some
of the gyms and auditoriums. We believe that the school
market could be a large one for our ballasts. We are
targeting markets in Indiana,
Texas, New York and New
Jersey for additional sales to school districts.
- Belz Enterprises ("Belz"), a leading US real estate developer,
owner and operator for over 70 years, installed vapor tight
florescent fixtures equipped with Green Ballast's patented
fluorescent light ballasts in a structured parking garage facility
in Memphis, Tennessee. The
new fixtures are expected to reduce electric lighting usage in the
facility by over 50% per year, with Belz receiving a payback on its
investment in less than 3 months for fixtures which have a 10 year
life expectancy.
- Talcott Realty, a Real Estate Investment Trust with Class A
properties across the United
States, is implementing a lighting retrofit equipped with
Green Ballast's patented daylight harvesting fluorescent light
ballasts for the 420,000 square foot Thousand Oaks office park in
Memphis, Tennessee, which is
managed and leased by CB Richard Ellis Memphis. Work has now
commenced and this project should be completed by summer 2013.
- Long Island Power Authority ("LIPA") has qualified Green
Ballast's daylight harvesting ballast for a significant
rebate. This rebate significantly reduces the cost of
purchasing and owning our ballasts and we believe will be a big
driver for sales going forward. We have begun projects on
Long Island, New York, and expect
to have continued sales traction in this region.
- The company formed working/strategic relationships with 2 large
national electronics contractor groups. These 2 companies
have seen the value of including Green Ballast's products in their
product offering set, and have specified Green Ballast in dozens of
jobs in Long Island totaling thousands of our daylight harvesting
ballasts. These jobs are starting to be released now by
LIPA.
There are many more reasons to be optimistic and excited about
our future. Several fixture manufacturers have approached us
about private labeling our ballasts and the response at various
industry trade shows has been tremendous. New customers often
test our ballasts in one or more locations prior to placing an
order with us. These tests demonstrate the energy and
cost savings of installing our ballasts. We have completed
tests for Fortune 500 companies in the following industries:
banking, logistics, pharmaceuticals and real estate
management. Our goal is to initiate a nationwide roll-out of
our products for one of these Fortune 500 companies.
Despite facing some initial headwinds, you can see we have
started to gain market traction and success. Green Ballast is on
the right path and with the proper capital base, its future is
bright. The demand is there. The customers are
there. The company and its products provide real savings to
its customers, and the message is getting out there.
If we continue to execute upon our business plan, we expect that
our revenues will continue to grow in 2013 and beyond.
Thank you all for your support.
Regards,
J Kevin Adams
Chief Executive Officer
Forward-Looking Statements
This letter contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements for Green Ballast reflect
current expectations, as of the date of this letter, and involve
certain risks and uncertainties. Forward looking statements
include statements herein with respect to the company's successful
execution of its business strategy. Actual results could differ
materially from those anticipated in these forward- looking
statements as a result of various factors. Factors that could
cause future results to materially differ from the recent results
are described in form S-1 filed with the Securities and Exchange
Commission on April 12, 2012.
SOURCE Green Ballast Inc.