CINCINNATI, July 09, 2015 (GLOBE NEWSWIRE) -- LSI Industries Inc. (NASDAQ:LYTS) today announced an initiative to further the Company's capabilities in emerging technologies through the formation of an Innovation Team to be led by Andy Foerster, Chief Technology Officer (CTO). Team members were selected from each of the Company's three divisions, and will focus on developing and refining key technologies and innovations that will be used in future SmartVision® solutions. The team’s overriding goal is to ensure that LSI continues to systematically deliver high value lighting, control, and digital image solutions to its Lighting and Graphics customers.
LSI has a strong history of delivering leading edge LED solutions. It was an early adopter of LED technology and was among the first in the industry to exceed 60% of lighting sales from LED based products and solutions. LED-based SmartVision® solutions are incorporated in products in the Lighting, Graphics, and Technology divisions of LSI.
LSI showed its early LED technology leadership as its drivers included SmartVision® features like: digital control, closed loop feedback of light level and temperature, high wattage applications, and the widest LED drive voltage operating range in the industry. In the LED luminaire itself, LSI has been a leading innovator in reflective optics supported by its strong patent portfolio.
LSI’s lighting controls group pioneered a number of SmartVision® advances in outdoor lighting control, including: schedule management in the controller, integrated sensors, a patented mesh network system, and mobile apps. A recent installation of LSI’s control system at the General Dynamics NASSCO facility in California was recognized at a ceremony with the mayor of San Diego for its environmental stewardship. http://www.nassco.com/news-center/news-releases/2015/052915.html
Since joining the Company as CTO in March of this year, Mr. Foerster has worked closely with the three LSI Division Presidents to develop the technology and innovation parts of their strategic plans related to future SmartVision® product development and commercialization. Mr. Foerster commented, "I am excited by the level of sophistication in technology capabilities that I have seen throughout the Company. I am confident that by applying a structured approach to the continued development of these capabilities, we will be able to accelerate our continued development of SmartVision® technologies."
Andy Foerster received a Bachelor of Science, Electrical Engineering from the U.S. Naval Academy; a Master's Degree in Electrical Engineering from George Mason University; and an MBA from Marymount University. He is a licensed Professional Engineer. Prior to joining the Company, he served as Residential and Wiring Devices Division Engineering Director at Eaton Corporation. Previous employers include Creative Energy Control LLC, Masco Technical Innovations, Piller Inc., Schneider Electric (Square D Company) and General Electric. Mr. Foerster began his career as a nuclear submarine officer in the U.S. Navy.
Dennis Wells, Chief Executive Officer, commented, “We recognize the importance of supporting a systematic process of making sure that we continue to build upon the SmartVision® advancements that LSI has made in the past, as well as developing new innovative products as we move forward. Technology development is one of the ways that today’s companies ensure that they will be relevant in the new internet connected world, and it is a key part of the LSI business strategy.”
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This document contains certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements may be identified by words such as “estimates,” “anticipates,” “projects,” “plans,” “expects,” “intends,” “believes,” “seeks,” “may,” “will,” “should” or the negative versions of those words and similar expressions, and by the context in which they are used. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Actual results could differ materially from those contained in or implied by such forward-looking statements as a result of a variety of risks and uncertainties over which the Company may have no control. These risks and uncertainties include, but are not limited to, the impact of competitive products and services, product demand and market acceptance risks, potential costs associated with litigation and regulatory compliance, reliance on key customers, financial difficulties experienced by customers, the cyclical and seasonal nature of our business, the adequacy of reserves and allowances for doubtful accounts, fluctuations in operating results or costs whether as a result of uncertainties inherent in tax and accounting matters or otherwise, unexpected difficulties in integrating acquired businesses, the ability to retain key employees of acquired businesses, unfavorable economic and market conditions, the results of asset impairment assessments, the Company’s ability to maintain an effective system of internal control over financial reporting, our ability to remediate any material weaknesses in our internal control over financial reporting and any other risk factors that are identified herein. You are cautioned to not place undue reliance on these forward-looking statements. In addition to the factors described in this paragraph, the risk factors identified in our Form 10-K and other filings the Company may make with the SEC constitute risks and uncertainties that may affect the financial performance of the Company and are incorporated herein by reference. The Company does not undertake and hereby disclaims any duty to update any forward-looking statements to reflect subsequent events or circumstances.
About the Company
Leadership. Strength. Innovation. These are the key values upon which LSI Industries Inc. was founded in 1976. Today LSI demonstrates these values in our dedication to advancing technology throughout all aspects of our business. From product solutions to production techniques, we are committed to American innovation through technology. The fundamental core strategy of LSI Industries is "Lighting + Graphics + Technology = Complete Image Solution."
We are a vertically integrated manufacturer which combines technology, design and manufacturing to produce efficient, high quality lighting and graphics products. We are dedicated to advancing solid-state LED technology to make affordable, high performance, energy efficient lighting and custom graphic products that provide value to our customers. We offer design support, engineering, installation and project management for custom lighting and graphics rollout programs.
Our major markets include commercial / industrial lighting, petroleum / convenience store and multi-site retail (including automobile dealerships, restaurants and national retail accounts).
For further information, contact Dennis Wells, Chief Executive Officer and President at (513) 793-3200.
Additional note: Today’s news release, along with past releases from LSI Industries, are available on the Company’s internet site at www.lsi-industries.com or by email or fax, by calling the Investor Relations Department at (513) 793-3200.