NEW YORK, June 29, 2006 (PRIMEZONE) -- Luna Technologies International, Inc. (OTCBB:LTII), a leading developer and manufacturer of modern high-performance photoluminescent products, has today reported record revenues for the month of June (2006) and expects strong overall sales growth for the remainder of the year, as sales to the Pentagon are expected to commence during the third quarter. Additionally strong sales are expected to continue in the New York City marketplace, which has largely driven the recent surge in revenue.
For the month of June 2006, Luna Technologies ("the Company") expects that sales will exceed $400,000 and overall second quarter sales should come in slightly below $500,000. This compares with sales of approximately $750,000 for the corresponding period (second quarter) of 2005.
This significant ramp up in sales has largely been fueled by New York City based orders. Working closely with various large New York based distributors, the Company has effectively scaled up its market presence. Several high profile buildings have been successfully won and installed as well as a host of other mid-size high risers around the city. Additionally, a group of significant bids are due to close in which the Company should be quite competitive.
Additionally on March 28, 2006, the Company announced it was in negotiations to acquire an energy sector Company. Since then negotiations have progressed constructively and the Company is optimistic it will successfully complete a definitive merger agreement in the near future. The purpose of the proposed acquisition is to both diversify the Company's core business and provide shareholders with a greater potential upside over the intermediate and long terms. Additional updates shall be issued to shareholders on a timely basis, should negotiations ultimately be successful.
"With regards to our core business, we are hopeful that sales will continue to increase in New York City," said Kimberly Landry, CEO for Luna Technologies. "The vast majority of the buildings covered under impending RS6-1 deadline have simply not begun installing the designated photoluminescent markings. We anticipate continued strong sales in this market as the mandate is quickly enforced in the city. Additionally we are committed to the diversification of the Company's business model and are excited about the prospects of acquiring a lucrative business within the energy sector."
About Luna Technologies: Luna Technologies is a leading developer and manufacturer of modern high-performance photoluminescent products. It is credited with the first commercially available high-performance SRA based products, the first photoluminescent Exit Sign to pass Underwriters Laboratories' tough 75 ft. visibility/legibility standard, as well as the first photoluminescent Exit Sign to be approved by the Energy Star program. From buildings of all types, to airplanes, trains and passenger ships, photoluminescent products are enhancing progressive life-safety systems. Luna Technologies is leading this initiative, from advising building code and standards organizations to assisting companies to integrate photoluminescent systems into their life-safety programs.
Cautionary Note Regarding Forward-Looking Statements and Risks: Some of the statements in this press release are forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include statements that describe Luna Technologies' future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in building codes, the timing and availability of financing, governmental and other approvals and other risk factors listed from time-to-time in Luna Technologies' Form 10-K and its other reports filed with the Securities and Exchange Commission. Luna Technologies disclaims any responsibility to update forward-looking statements made herein.