Pure Spectrum Lighting (PSRU)

[abnpayne]

2007 & 2008 Audited Financials, PR & direct link

Direct link to financials here:
http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=20159

Another big box checked off for the journey onward and upward!

-ABN


Apr 01, 2009 14:36 ET
PureSpectrum, Inc. Releases Audited 2008 Financial Statements

Lighting Technology Company Takes Step Toward Moving to Senior Exchange While Preparing for Additional Growth and Revenue With Staff Expansion

SAVANNAH, GA--(Marketwire - April 1, 2009) - PureSpectrum, Inc. (PINKSHEETS: PSPM) has released audited financial statements for 2008 and posted the information to its website (www.purespectrumlighting.com).

Additionally, the company has acquired more office space and added key staff members in accounting, operations, sales and marketing in preparation for continued rapid growth and revenue generation. PureSpectrum president and CEO Lee Vanatta said the company's entire staff has been thoroughly educated on the rules and regulations of the Sarbanes Oxley Act (SOX) and the company has implemented all SOX policies required to elevate the company's exchange status.

"The completion of the audited financials and training our staff to implement all SOX requirements is the completion of more steps required to reach our near term goal of moving to a more established, fully reporting exchange," Vanatta said. "We are also in the process of accommodating the company's escalating rapid growth as our innovative lighting technologies and products continue to attract domestic and international interest from lighting manufacturers and distributors. We are looking forward to elevating our exchange status, and while we are not prepared to announce definitive dates for when this will be accomplished, we are taking all of the necessary steps in a highly organized and disciplined fashion in order to be sure we reach this goal as quickly as possible."

During the past three months, PureSpectrum's stock has experienced heavy trading and a significant uptick in price related to the company's continued progress. As PureSpectrum completes due diligence as part of the move to a more senior stock exchange, the company has added staff accountant Jason Moschner to support Chief Financial Officer Susan Norton with ongoing reporting and documentation.

As a result of the company's rapid maturation during the past few months, PureSpectrum has expanded its internal infrastructure and recently added personnel to accommodate the company's expanding needs. PureSpectrum will remain headquartered in Savannah, Ga., and has leased an additional 2,500 square feet of office space to house new personnel in sales, customer service and other functions related to product sales and distribution. Additionally, the company has added Greg McLean as Vice President of Operations to manage logistics as well as distributor relationships.

At the beginning of the year, PureSpectrum launched an aggressive sales and marketing effort for its line of dimmable Compact Fluorescent Bulbs with appearances at major domestic and international trade shows, and feedback from audiences reached through the company's outreach has been overwhelmingly positive. The company recently announced a bulk order for dimmable CFLs from a public utility in Minnesota, and the Middle East Electricity Exhibition and Conference generated developing relationships with potential distributors in Sri Lanka, Turkey, Saudi Arabia, Asia, Australia, Africa and throughout the Middle East. PureSpectrum has added Nicholas J. Peragine and Jeffrey Smith as program sales managers responsible for managing the high volume of interest the company's products and technologies.

"In every facet of our business, we are transitioning from being a developing company to being a fully developed corporate entity," said PureSpectrum president and CEO Lee Vanatta. "Our organizational chart is expanding and new roles are being identified and fulfilled internally on a daily basis. We budgeted and planned for our technologies and our products to be major breakthroughs, and we are now in the process of putting the infrastructure in place to support the interest we have generated. PureSpectrum is no longer operating in the theoretical -- we are now in the business of delivering light bulbs to our customers."

Call [phone] for more information about PureSpectrum, Inc. or visit www.purespectrumlighting.com to see a short video featuring PureSpectrum's dimming technology compared to commercially available dimmable CFL bulbs. Please contact Shareholder Development Group at [phone] or [e-mail] for investment information.

ABOUT PURESPECTRUM

PureSpectrum, Inc. is a technology company founded and headquartered in Savannah, Ga., that has developed breakthrough patent-pending ballast and dimming technology for artificial lighting. The company's mission stems from an awareness of the increasing urgency to encourage the adoption of energy efficient lighting solutions through superior performance. PureSpectrum continues its commitment to researching and developing technologies and products that satisfy consumer demand and meet energy conservation standards. For more information on PureSpectrum, please call [phone] or visit www.purespectrumlighting.com.

Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for PureSpectrum's products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time by PureSpectrum.
Media Contact:
Stephen Weeks
[phone]
[e-mail]

http://www.marketwire.com/press-release/Purespectrum-Inc-969360.html