SavWatt Appoints Director
New Director to Head SavWatt's Solar Division
BALTIMORE, MD--(Marketwire - Apr 18, 2012) - SavWatt USA, Inc. (OTCBB: SAVW), pioneers in LED lighting and the Green Revolution, announced today the appointment of Christakis J. Paphites, 56 years old, CEO of Paphites Holdings LLC, and partner in C&S Solar Holdings LLC as a Director of SavWatt. Mr. Paphites has been a restaurant entrepreneur since 1977. For 20 years he was a Yum Brands Franchisee with 84 Taco Bells, KFCs and Pizza Huts in 4 states. He was the COO/President of BurgerBusters Inc. in charge of operations and development with over 1,800 employees. He is currently a Buffalo Wild Wings franchisee with 4 locations in CA. Mr. Paphites holds a Bachelor's Degree from Guilford College in North Carolina.
SavWatt also entered into a consulting agreement with C&S Solar Holdings LLC, where Mr. Paphites is CEO. Under this agreement, C&S will earn a set fee, plus commission on all solar projects and will receive shares of SavWatt's common stock, based on sales contracted in SavWatt's Renewable Energy Division, up to 10% of SavWatt's outstanding shares. The $3.4 million NJ Solar Project (announced in a press release on March 28, 2012) was the first solar project brought in by C&S. C&S will be the Project Manager in NY, NJ and Connecticut for all SavWatt solar projects and will supervise the day to day solar activities.
Mr. Paphites, commented, "My associates and I from C&S are looking forward to building substantial revenues for SavWatt both in solar and LED. We believe the total market for solar projects nationwide may exceed several billion dollars over the next 3 years. Additionally, nationwide contacts in the fast food chains are prime candidates for solar and LED lights. Saving energy and saving money is everyone's priority and we believe SavWatt has the foundation to be a leader in the field. We are in the right place at the right time and together we will make it happen."
Fast becoming the market leader in LED lighting, SavWatt focuses on developing innovative, energy-efficient and cost-effective LED lighting solutions. By delivering value added, application-specific LED lighting systems, we can significantly reduce energy costs and minimize our carbon footprint worldwide. SavWatt is leading the LED lighting revolution and setting the stage to obsolete the incandescent light bulb. SavWatt's product families include LED fixtures, bulbs, street lights, and parking lights. For additional product and company information, please refer to www.savwatt.com.
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk we may encounter delays or other difficulties in ramping-up production of our new products; the rapid development of new technology and competing products that may impair demand or render SavWatt's products obsolete; and other factors discussed in SavWatt's filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended December 31, 2011, and subsequent filings, available at www.sec.gov.
SavWatt and Eco-Pole are registered trademarks of SavWatt USA, Inc.