Sunovia Energy Technologies Inc.has completed a$20 million investment agreement with Taiwan-based Leader Electronics to start global production of Sunovia's LED lighting products.
The agreement with Leader Electronics includes a direct$1 million capital investment into Sunovia at$0.08 per share.In turn,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 positions Leader Electronics as Sunovia's primary fixture manufacturer for large LED lighting projects that will commence during the second half of 2012.
Newly appointed Sunovia CEO Mel Interiano said in a statement,"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.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.
