Light Emitting Diode (LED) lamps continue to emerge as the lighting source of choice in several markets and OptiLED provided evidence of this trend with triple-digit revenue growth in its first year as a result of thousands of new customers, new distribution partnerships, a new product line, and international expansion over the past year. OptiLED, which combines high precision optics with advanced LED electronics to make the brightest and most durable LED lamps on the market. LEDs are viewed as the next replacement for standard incandescent light bulbs in commercial settings.
Projected to be an $17.8 billion industry by 2010 by research firm Strategies Unlimited, LEDs are powered by a semiconductor, use 90 percent less electricity than standard bulbs and can last for over 10 years before being replaced. The resulting savings in power and bulb replacements make LEDs an economical necessity for commercial venues, where they are used in a wide range of applications – from indoor/outdoor signage and structural lighting to entertainment, hospitality and retail venues. The lighting effects produced using LED lamps are very appealing to lighting designers as traditional lighting configurations are very expensive to create with standard spotlights and power supplies.
By incorporating OptiLED optical technology with other LED innovations, OptiLED further enhances LEDs, giving designers greater intensity, color and effects, which maximize lighting displays. OptiLED products are also the most flexible, offering the only LEDs on the market that fit into standard sockets and voltage systems anywhere in the world, eliminating the need for costly upgrades. And OptiLED lamps do not overheat, making them easier to handle.
"While 2003 was a transition year for many companies, OptiLED continued its rapid international growth by posting a triple digit percent growth rate and opening new offices in Asia and Europe," said John Nylander, President of OptiLED. "We are rapidly expanding our distribution network and OptiLED's lights that continue to be installed in high-profile locations around the world As LEDs continue to grow in popularity, we expect our company and customer base to expand even more, driven by our background in optical technology, electronics and packaging. These unique advances enable us to deliver the easiest-to-install and most technically advanced LEDs on the market today."
In 2003, OptiLED's accomplishments included:
• Over 7000 new customers worldwide.
• Worldwide expansion, including new offices in Germany and Japan.
• The introduction of the new CHIP Linear Optical Array lamp for indoor and outdoor illumination, up-lighting landscapes, cove and accent lighting as well as for projecting colored backgrounds used in stage productions.
• A 2003 Lighting Design International Show Award for the CHIP Linear Optical Array lamp.
• New Product of 2003 Award for the CHIP series LED lamps given at the International Visual Merchandising Show
• More OptiLED's LED installations in hundreds of locations worldwide, including:
CNN Studios, Atlanta
Cirque du Soleil, Montreal
Spy Museum, Washington D.C.
Caesar's, Lake Tahoe, NV.
Dollywood Amusement Park, Pigeon Forge, TN.
Sheraton Hotel, Mexico City
"We expect 2004 to be another banner year as LEDs move into mainstream lighting and we continue to take orders for new venues," said Nylander. "Our products will illuminate major events, displays and venues, and we look forward to helping our customers design new and innovative lighting applications that help them simplify their installations and beautify their creations."