Published:
Cyberlux Submits DOD-wide Budget Forecast to Congress for 2009
RESEARCH TRIANGLE PARK, N.C., April 8, 2008 /PRNewswire-FirstCall/ --
Cyberlux Corporation (OTC Bulletin Board: CYBL), a leading provider of LED
lighting solutions, announced today that the Company has competed its National
Program budget forecast for solid-state lighting systems for use within the
Department of Defense (DOD) and submitted this forecast to its sponsorship in
the House of Representatives and Senate for 2009 Fiscal Year (October 1, 2008
to September 30, 2009) budget consideration. Cyberlux estimates the
continuation of its Portable Illumination System National Program rollout
within the DOD to be more than $25 million, which represents expanded demand
for its tactical covert and visible lighting systems of over 300% from 2008 to
2009.
Although the Company has delivered its BrightEye and WatchDog Systems to
certain commands within the USAF and the National Guard and the USAF has
committed $3.3 million of the $8.0 million 2008 National Program budget for
Portable Illumination Systems, these equipment requests, and the remaining
$4.7M 2008 budget, remain unshipped pending designation of the National
Stocking Numbers (NSNs) by the Defense Logistics Agency. This protracted
accounting delay has created the need for two short-term equity financings
which have recently been concluded.
Last week, the Company filed its 10-KSB (annual report) which reflected
$15 million in write-offs for 2007, of which over $12 million was due to
non-cash expenses attributable to the accounting application of SFAS 133
"Accounting for Derivative Instruments and Hedging Activities" associated with
the imbedded derivatives contained within the Company's previous financing
with NIR/AJW. To date, Cyberlux has accumulated $17.3M in these derivative
instrument non-cash expenses. The Company has filed a law suit against
NIR/AJW which is currently in process and is being aggressively pursued by our
attorneys inNew York State court.
With the delivery of all tactical systems included in the $8.0 million
2008 National Program budget for Portable Illumination Systems, Cyberlux
projects that the Company will be profitable.
About Cyberlux Corporation
Cyberlux Corporation (OTC Bulletin Board: CYBL) has created breakthrough
LED lighting technology that provides the most energy efficient and cost
effective lighting solutions available today for consumer, commercial and
military uses. The Military and Homeland Security products deliver unique,
covert, and advanced visible lighting capability for threat detection, force
and asset protection. Cyberlux uses solid-state semiconductors, trademarked as
its diodal(tm) lighting elements, which consume 75% less energy than
incandescent lighting elements and perform for over 20 years in contrast to
750 hours for conventional bulbs. For more information, please visit
www.cyberlux.com .
Investor Contact:
Richard Brown, rbrown@cyberlux.com / 617-314-7379
This news release contains forward-looking statements. Actual results
could vary materially from those expected due to a variety of risk factors,
including, but not limited to, the Company's ability to expand its production
capabilities concurrent with product orders. The Company's business is subject
to significant risks and uncertainties discussed more thoroughly in Cyberlux
Corporation's SEC filings, including but not limited to, its report on Form
10-KSB for the year ended December 31, 2007. The Company undertakes no
obligation to publicly release the result of any revisions to these
forward-looking statements, which may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
SOURCE Cyberlux Corporation
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