Green Ballast Inc. (OTCBB: GBLL) announced today that Belz Enterprises, a leading US real estate developer, owner and operator for over 70 years, is installing vapor tight florescent fixtures equipped with Green Ballast's patented fluorescent light ballasts in a structured parking garage facility in Memphis, Tennessee. The new fixtures will reduce electric lighting usage in the facility by up to 72% per year, with Belz receiving a payback on its investment in less than three months for fixtures which have a ten year life expectancy.
GBLL's ballast is a direct replacement for the existing "standard ballast" and adjusts power consumption for each lighting fixture, while measuring and harvesting available daylight to calculate and provide only the amount of needed electricity for proper lighting. It is a "plug and play" solution and has controls within each ballast, providing simple and efficient installation and ongoing maintenance.
"Our solution is being adopted in office buildings, industrial facilities, schools, airports and municipal buildings where lighting is the major electrical expense," said J. Kevin Adams, chief executive officer of Green Ballast. "Parking garage lights are on 24/7 and electricity is an even greater component of the owner or operator's costs. The attractive return on investment in our efficient ballast makes the decision logical and smart from a financial and operational perspective."
"I wish we could get this rate of return on all of our investments and all of our energy control measures were as simple and non-intrusive as Green Ballast. Other systems making similar cost saving claims were substantially more expensive and technologically complicated," said Ron Belz, President and COO of Belz Enterprises.
About Belz Enterprises:
Belz is one of the South's largest commercial and industrial real estate developers with interests throughout the Mid-South and much of the country. Belz has developed warehouse/distribution, retail, office/showroom, factory outlet malls, apartments/residential developments, land and hotels. Belz has developed more than 30 million square feet of property.
About Green Ballast
Green Ballast Inc., an energy solutions company, headquartered in Memphis, Tennessee, is an innovator, developer and marketer of energy efficient electronic ballasts for fluorescent fixtures in the commercial lighting industry. Green Ballast's patented daylight harvesting ballast technology utilizes an individual photo sensor that measures the amount of ambient daylight to reduce the amount of electrical current flowing to a light fixture thereby reducing lighting energy costs. Green Ballast's products are deployed during retrofit upgrades, new construction and remodeling work. Customers include electrical lighting product distributors, energy service companies, original equipment manufacturers, and real estate developers and managers who own and lease commercial real estate. To learn more about Green Ballast, please visit our website at www.greenballastinc.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements for Green Ballast reflect current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward looking statements include statements herein with respect to the company's successful execution of its business strategy. Actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results are described in form S-1 filed with the Securities and Exchange Commission on April 12, 2012.