SOLON, Ohio, April 7, 2014 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (OTCQB:EFOI), a leader in LED lighting technologies, today announced the Company's military business has launched a new line of LED fixtures that can replace fluorescent fixtures during the planning and design phases of new ship construction. These products allow for the exact form, fit and function that U.S. Navy shipbuilders rely upon when designing new ships for the Navy including EFOI's military Intellitube™ technology.
"We are excited to provide this whole new line of military specified and approved LED fixtures through a supply partnership with a leading fixture manufacturer for the U.S. Navy to replace fluorescent technologies in the new ship construction market," said Eric Hilliard, President of Energy Focus. "This adds approximately $300 million of total addressable market as outlined in the U.S. Navy's Future Years Defense Program published in 2013 for future ship building."
"This new line of fixtures completes our LED lighting product portfolio and further strengthens our leadership in LED lighting in the Navy market. By partnering with a qualified Navy fixture supplier, we are able to enter into a new market immediately and further expand our distribution networks with minimal investment," said James Tu, Executive Chairman of Energy Focus. "These new product offerings will not only increase our addressable market size, but also expedite the growth of our military business in the quarters and years to come, as we further distance ourselves from the competitors in the military maritime market."
Energy Focus Inc will be exhibiting at the annual Sea/Air/Space Expo April 7, 8 and 9 at booth #2822 in the Gaylord National Conventional Center, National Harbor, MD.
* The U.S. Navy publishes its Fiscal Year Plan Deployment, (FYPD) http://projects.militarytimes.com/pdfs/USN-Plan-FY2014.pdf, which outlines the addressable market to OEM suppliers of the various shipbuilders that are awarded contracts from the US Navy.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all matters that are not historical facts and can be identified by the use of words such as "believes," "forecasts," and similar expressions. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from Energy Focus' forward-looking statements. These risks and uncertainties include, but are not limited to: growth in the markets into which Energy Focus sells; conditions of the lighting industry and the economy in general; net sales growth; sources of net sales; anticipated revenue from government contracts; our reliance upon a limited number of customers; expected operating expenses; gross product margin improvement; trends in the price and performance of light-emitting diode ("LED") lighting products; and the benefits and performance of our lighting products. For more information about potential factors that could affect the financial results of Energy Focus, please refer to the Company's SEC reports, including its Annual Reports on Form 10-K and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.
About Energy Focus, Inc.
Energy Focus, Inc. is a leading provider of energy efficient LED lighting products, turnkey energy efficient lighting solutions and a developer of energy efficient lighting technology. Our solutions provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our long-standing relationship with the U.S. Government continues to enable us to provide energy efficient LED lighting products to the U.S. Navy and the Military Sealift Command fleets.
Customers include national, state and local U.S. government agencies as well as Fortune 500 companies, the U.S. Navy, and many others. Company headquarters are located in Solon, OH, with additional offices in Nashville, TN, and the United Kingdom. For more information, see our web site at www.energyfocusinc.com.