Fiberstars, National Elevator Cab Partner on Major Retrofit Project
SOLON, Ohio, Feb. 28 /PRNewswire-FirstCall/ -- Fiberstars, Inc. (NASDAQ:FBST), the global leader in fiber optic lighting, announced today that it has completed Phase I installation of its first joint project with National Elevator Cab and Door Corp., retrofitting the unique double-decked elevators of the historic CitiGroup Center building in midtown Manhattan. CitiGroup is retrofitting a total of nine of the building's elevators with Fiberstars lighting.
The 59-floor, 915-foot Citigroup Center is one of the largest skyscrapers in New York City, and one of the most distinctive and imposing in New York's famous skyline. With its unique 45 degree angled top and a stilt-style base, the building contains 1.3 million square feet of office space.
In 2006 Fiberstars and National Elevator finalized an agreement to develop EFO technology for elevator applications and today's announcement is the first project of that alliance. The decorative use of Fiberstars unique fiber optic lighting systems in these high profile installations demonstrates the versatility of Fiberstars technology as CitiGroup joins the growing number of offices using Fiberstars energy efficient lighting solutions.
"Due to the Fiberstars installation, CitiGroup Center will benefit from a 75% reduction in lighting electricity costs per cab annually," said Fiberstars CEO John Davenport. "And because Fiberstars EFO systems experience longer lifetimes than conventional lights, this project will result in annual bulb changes dropping from more than 25 to less than one, resulting in a 78% savings on light bulbs since Fiberstars lighting typically last 15,000 hours compared to 7,000 for conventional incandescent bulbs. We estimate that the CitiGroup elevator EFO installation will achieve payback in about 13 months." "CitiGroup was looking to upgrade their dark and dated elevator cabs and add a touch of elegance," said Harold Friedman, Chairman of National Elevator Cab. "Fiberstars unique lighting solutions solve maintenance problems and create a brighter atmosphere." Fiberstars and National Cab are also in the process of retrofitting a second New York office building on Lexington Avenue.
"Fiberstars is happy to have a partnership with National Elevator, and we are looking forward to working together on further projects," said Davenport.
About Fiberstars, Inc.
Fiberstars, Inc. is the leading supplier of fiber optic lighting and the world's only supplier of EFO(R), a lighting technology which is more efficient than conventional electric lamps. Fiberstars products are designed, manufactured and marketed for the commercial lighting, sign and swimming pool, and spa markets. Fiberstars fiber optic lighting provides energy savings, aesthetic, safety and maintenance cost benefits over conventional lighting. Customers include supermarket chains, retail stores, fast food restaurants, theme parks and casinos, hotels, swimming pool builders, spa manufacturers and many others. Company headquarters are located at 32000 Aurora Rd., Solon, OH 44139. The Company has additional offices in Pleasanton, CA, New York City, United Kingdom and Germany. For more information, see http://www.fiberstars.com/.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For information about potential factors which could affect Fiberstars financial results, please refer to Fiberstars' SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2005, and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Fiberstars disclaims any intention or obligation to update or revise any forward-looking statements. DATASOURCE: Fiberstars, Inc.
CONTACT: Alanna Gino, +1-415-977-1918, or , or Neil Torres, +1-415-977-1942, or , both of Antenna Group, for Fiberstars Web site: http://www.fiberstars.com/
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