House & Home
Mon, February 13, 2012
NEW YORK--([ BUSINESS WIRE ])--Vu1 Corporation (OTCBB: VUOCD) (athe Companya), a developer and manufacturer of proprietary mercury-free, energy-efficient general illumination lighting products, announced today it has transitioned its manufacturing operations to the Huayi Lighting Company Ltd. (aHuayia), closing its manufacturing operation at the Sendio facility in the Czech Republic.
"This strategic transition positions us to effectively execute our global growth strategy, propels us towards profitability and further increases shareholder value and eventual monetization of the Company."
aAs part of a previously-announced review of our existing manufacturing facilities, the Board determined that it is in the best interest of Vu1 and its shareholders to transition manufacturing to the Huayi Lighting Company; the wind-down of the Senido facility was completed on February 13, 2012. By shifting manufacturing to Huayi Lighting, we can achieve both our near- and long-term business objectives in a cost-effective manner,a stated William B. Smith, Chairman of Vu1 Corporation. aThis strategic transition positions us to effectively execute our global growth strategy, propels us towards profitability and further increases shareholder value and eventual monetization of the Company.a
Huayi Lighting will manufacture Vu1 Corporationas lighting products, including R30, A19 and R40 bulbs for Loweas, Avspar International, Seattle Lighting and other pending retail and distribution outlets. The changeover from the Sendio facility to Huayi Lighting will save Vu1 Corporation over $4 million in fixed costs annually while further increasing the Companyas cash flows.
Located in Chinaas alighting capitala GuZhen, ZhongShan City, Huayi Lighting is an experienced lighting products manufacturer with approximately 5,000 employees throughout its 30 manufacturing facilities with 2.15 million square feet of manufacturing capacity. Notable customers include Beijing National Stadium (aBirds Nesta), Four Season Hotels and Resorts and the National Museum of China.
About Vu1 Corporation
New York City-based Vu1 Corporation is dedicated to applying its technology to produce energy efficient, environmentally friendly lighting solutions a" with superior light quality -- worldwide. Vu1 has developed a new energy efficient light bulb to provide the consumer market with the first affordable, non-toxic light bulb with features consumers are demanding and not receiving from existing products. Learn more about Vu1 at [ www.Vu1.com ]. For the latest news, find Vu1 on [ Facebook ] and follow us on [ Twitter ].
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including, but not limited to, our ability to obtain future funding required for our operations, the future demonstration and commercial availability of our light bulb, timing for bulb production and sales, manufacturing capability of our facility, future interest of channel partners and distributors, our strategic planning and business development plans, future applications of the technology, and the viability, pricing and acceptance of our products in the market. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend"and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, as well as the risks and other factors set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-K for the year ended December 31, 2010 and our other periodic reports as filed from time to time).