SavWatt Enters Into LOI to Acquire 1-800 NY Bulbs
NEW YORK, NY-- (Marketwire - Aug 2, 2012) - SavWatt USA, Inc. (OTCBB: SAVWD), pioneers in LED lighting and the Green Revolution, announced today that SavWatt has entered into a Letter Of Intent to acquire 1-800 NY Bulbs (www.nybulbs.com). 1-800 NY Bulbs is a leading regional distributor and maintenance provider of commercial lighting fixtures and bulbs. Over its 17 years in business 1-800 NY Bulbs has established an impeccable track record for providing high quality, cost-effective solutions for virtually any commercial need. Subject to an audit, definitive agreements and financing, the acquisition is scheduled to close within the next 90 days.
On July 20, 2012 Finra finally approved the reverse split of SavWatt's common stock enabling SavWatt to access funding and utilize its shares for loans, acquisitions and services. The delay was a setback for the company and the company is currently rebuilding the organization and prioritizing its opportunities.
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 world-wide. 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.
SavWatt is a registered trademark of SavWatt USA, Inc.