Sunovia Energy Technologies Inc. announces today that it has finalized a partnership agreement whereby Leader Electronics will immediately begin global production of Sunovia's proprietary line of EvoLucia Aimed Optics™ LED Lighting products affording Leader an entree into the international lighting market. In addition, Sunovia granted Leader the exclusive license to manufacture and distribute the Aimed Optics™ product lines into China, Taiwan and other strategic markets within Asia.
The Agreement comprises more than $20 million in investments and incentives for Sunovia, including a direct $1 million capital investment by Leader into Sunovia at $0.08 per share. Further details may be found in the company's filings with the United States Securities Exchange Commission.
"Leader Electronics is a premier global electronics manufacturing company, and an excellent partner for Sunovia as we increase our worldwide distribution and production capabilities using lean manufacturing processes," said newly appointed Sunovia CEO, Mel Interiano. "We expect our fixture production to quickly grow to more than 20,000 units per month, which puts us in a more stable position to supply the rapidly growing global demand for our high performing LED roadway, area and parking lot lighting solutions."
The Agreement positions Leader Electronics as Sunovia's primary fixture manufacturer for large LED lighting projects that will commence during the second half of 2012. Sunovia also agreed to include certain high performance Leader electronics components in the EvoLucia Aimed Optics™ fixtures manufactured by Leader.
"We are honored and very excited about this partnership," said Leader's key architect of the deal, Jonathan Hou, Sr. VP & GM Lighting BU. "This is an opportunity and challenge for us in such a strategic marketplace. Leader is committed to delivering high quality, cost-effective EvoLucia lighting solutions on-time and on-spec, as well as becoming a key player in the Asian market."
Interiano added, "This agreement allows us to focus more of our capital reserves and efforts to the rapid commercialization of next generation Aimed Optics(TM) fixtures that cost less and further outperform our competitors' fixtures. This partnership is truly a win-win for both companies as Sunovia's manufacturing and distribution expands to the global market, and Leader's entry into the $100+ billion lighting industry is realized."
