Evolucia, Inc. (fka ILED)

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More DD from Sarasota

This is a followup for levelnever's post.

The Herald Tribune has 34 stories refering to Sunovia. Some are pretty simple (local civic awards, etc) but they can give you the local community's take on the company.
http://www.heraldtribune.com/apps/pbcs.dll/search?category=search&crit=sunovia

Since I live just 6 miles from Sunovia's location I took a drive over there yesterday. Their offices occupy the front 1/4 of the building in the local industrial park. It is very neat and well maintained. When I got there, young lady was touching up their Lawn sign so a photographer could take some shots.

I got to talking with her and got some new things I did not know.

The company has expanded to 19 employees. I talked to the receptionist..She was a new hire and glad to have the position. The company is going to greatly expand its sales staff.. Talk is up to 5x present size.

The young lady took me on a very informal tour of the facility. As you enter the door, you meet the receptionist behind a very clean and smart desk.. Then you go down an hallway past several glass fronted offices. Mr Veal, the CFO was at his desk having a late lunch. The CEO Mr Smith was at a business conference in Tampa. A staff meeting was going on in the conference room. We opened the door to the small warehouse area. Several guys were installing new metal shelving. I could see many small and medium cardboard boxes stored there.

I told the young lady I had read that Sunovia does not manufacture any thing at this location.. She said yes, they are presently outsourcing manufacturing to a company in Tampa, about 55 miles north.

I asked her about the lease (which I read expires this October). I was told they are now on a monthly lease because they are looking for a much bigger facility in the area and plan to move soon, as early as this summer!! The will have to house a much expanded sales force.

She was quite excited about the future of the company. When I mentioned the large loss in quarter 3 FY 09, she said much of that loss was due to the startup R&D, and now that much of that was behind them, sales and profits should grow.

She told me of a local installation down at Sarasota Memorial Hospital parking lot. So, last night I drove down there to see for myself. The lot was small, only about 12-15 lamps. But hey were quite bright, giving off a clear, ever illumination. I would feel safe parking my car there.

As I was driving home, I noticed that the street lights were pale in comparison and emitted a yellow-orange light which really did notlight up the highway very well.

I plan to go back soon on a more formal visit (call IR and arrange a tour). I took a couple of photos of the outside of the building and of the receptionist's station. As soon as I can find a way to post them, I will.

I know this is a long, rambling post, but things seemed slow this morning and I thought I would give a local view of the company..

Since I received most of this info unofficially, do not treat it as insider information, just skedlebut and rumor.
I am buying on the rumor and increasing my position.

BTW, the last company I invested in that had such an increase in staff went from $0.60 to $31 in just over a year