NEW YORK, NY--(Marketwire - Sep 11, 2012) - SavWatt USA, Inc. (OTCBB: SAVW), pioneers in LED lighting and the Green Revolution, announced today that SavWatt has formed a new subsidiary, New Energy LED Technologies, Inc (NELT), to be based in New Jersey. NELT has entered into a 3 year agreement with Henry Waxman, its new President who will be responsible for achieving the company goals for outdoor lightning. See the following link for Mr. Waxman's bio http://www.savwatt.com/waxman. The new subsidiary will concentrate on SavWatt and other brands of outdoor lighting's sales, marketing, engineering, assembling and installations.
Henry A. Waxman, NELT's president, commented, "The opportunity for LED Outdoor lights is huge. My 44 years of experience in sales and marketing, coupled with my 3 years focus in the LED world, confirms this. Being part of SavWatt's new team gives me the ability to execute on our plan and bring together strategic alliances and assets to make NELT a success. I look forward in addressing shareholders in 30 days with my vision, strategic partnerships and revenue commitments for 2013."
SavWatt focuses on developing innovative, energy-efficient and cost-effective LED lighting solutions. By delivering value added, application-specific LED lighting systems, we can significantly reduce energy costs and minimize our carbon footprint worldwide. SavWatt is leading the LED lighting revolution and setting the stage to obsolete the incandescent light bulb. SavWatt's product families include LED fixtures, bulbs, street lights, and parking lights. For additional product and company information, please refer to www.savwatt.com.
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk we may encounter delays or other difficulties in ramping-up production of our new products; the rapid development of new technology and competing products that may impair demand or render SavWatt's products obsolete; and other factors discussed in SavWatt's filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended December 31, 2011, and subsequent filings.
SavWatt is a registered trademark of SavWatt USA, Inc.