Nexxus Lighting Inc. has announced to sign a distributor agreement with PolyBrite International, a Goeken Group Corp. subsidiary, which develops LED lighting systems using a proprietary technology.
Under the agreement, Nexxus will begin offering PolyBrite's Borealis LED products to its customers. Terms were not disclosed.
"By partnering with PolyBrite, we quickly and efficiently added a full assortment of complementary bulbs and new luminaires with new technology that is clearly differentiated," says Mike Bauer, president and chief executive of Nexxus.
The move is part of a larger strategy by Nexxus to boost growth and generate profit after struggling with sliding revenue and quarterly losses. In August, it received noncompliance notice from the NASDAQ stock exchange for failing to file financial reports on time. Preliminary results for the second quarter show a net loss of $2.4 million, or 15 cents per share, on revenue of $1 million. The company was recently helped by a $6 million investment from an affiliate of Aston Capital, which brought new directors to the board.
Robert LaPenta, Aston founder and chairman of Nexxus' board, disclosed that Nexxus will continue to explore other strategic initiatives, including joint development, international sourcing and acquisitions in order to maximize growth opportunities and minimize costs.
