Sunovia Energy CEO Releases Shareholder Letter
Today, Sunovia Energy released its SEC quarterly results for the quarter ended June 30, 2012. This quarterly filing represents my first 90 days as CEO of the company, and although I understand that success will ultimately be measured in earnings per share (EPS), I hope that you will recognize the positive steps forward that have been made during the past quarter.
First and foremost, we have finalized a contract with a large, reputable customer to deliver more than $20 million of our EvoLucia™ Aimed Optics™ roadway lights. In order to fulfill an order of this size, we have to be able to mass manufacture our products. When I arrived to Sunovia in April of this year, we could not fulfill a $1 million dollar order under standard industry delivery terms. Our manufacturing capabilities were limited to a few hundred thousand dollars per month, and our quality controls and project management procedures were not adequate to effectively manage a global supply chain.
Over the past quarter, we finalized an important agreement with Leader Electronics Inc. Leader is a global contract manufacturing company with quality and environmental certifications that include ISO9001, TL9000, QS9000, TS16949, TQM (Total Quality Management) and Six Sigma Black Belt certification. Leader is also certified as one of the Energy Star Member Laboratories, and currently provides contract manufacturing services to a number of Fortune 500 electronics companies. Leader will begin manufacturing our EvoLucia™ light fixtures during the second half of this year with a goal of producing 20,000 of our Aimed Optics™ fixtures each month by the end of this year. In addition, Leader invested $1 million into Sunovia whereby Leader acquired shares of common stock at a price of 8 cents ($0.08) per share. Although I will actively pursue additional partnerships for the global production of our fixtures, I expect that Leader's capabilities can certainly propel our annual manufacturing capacities to more than 1 million units within the next 24 months.
In addition to shoring up our sales and manufacturing capabilities, I have authorized and committed capital to the completion of our next generation LED fixtures. While our original EvoLucia™ Aimed Optics™ fixtures set the performance bar in the industry and won awards for efficiency, the original design was not optimized for manufacturability. Our next generation fixtures will perform at even higher levels than the original, and will include a streamlined design that reduces the weight of the units. Further, our latest innovations have resulted in a number of new patent applications that will further protect the value and propriety of our Aimed Optics™ products, which are the highest performing LED roadway fixtures in the industry. And most importantly, the new EvoLucia™ Aimed Optics™ fixtures will cost significantly less than the originals, and will hit the market in the next 90 days.
During the 3rd quarter, the name of the company will be changed from Sunovia to EvoLucia Inc., and the company's ticker symbol will also be changed. This change represents a renewed spirit and a complete focus on becoming a dominant company within the rapidly expanding LED lighting industry. In addition to our name change, the company is launching a rebranding campaign that will include new product collaterals, a new industry-friendly website and a promotional campaign that will introduce the company and its new LED lighting products to the global lighting industry and financial markets.
We will also be launching a community outreach program during the 3rd quarter of 2012. Our first project is working with the Boys and Girls Club of Sarasota County to improve the safety, security and overall environment of the local facility through the replacement of antiquated lighting fixtures with our new high-performance EvoLucia™ LED fixtures. We will continue to search for worthy opportunities where we can give back to the local Sarasota community, which has been so welcoming and helpful to our company and its employees.
In order to build the best team in line with the company's strategic focus on LED lighting, I have recruited a number of new employees with strong lighting backgrounds. Over the past 90 days, we have added more than 200 years of lighting experience, and as we continue to grow, will continue to look for the best qualified people regardless of race, gender or creed in order to create a diverse and professional workforce.
As I stated in my last letter, my primary goal is to create value by positioning our company to become a dominant "pure play" LED lighting company within the $100 billion lighting market. While we have plenty of work to do to accomplish this goal, I believe that our achievements over this past quarter represent several big steps in the right direction.
The future is bright!
Yours sincerely,
Mel Interiano
Chief Executive Officer
