July 19, 2011
Onteco Corporation, ONTC, Subsidiary, NexPhase Lighting, Inc., Announces New York University (NYU)-Poly Contract for Othmer Residence Hall is Valued at $356,000
MIAMI, July 19, 2011 /PRNewswire/ -- Onteco Corporation (OTC.QB: ONTC), (the "Company", or "Onteco"), announced today that its subsidiary, NexPhase Lighting, Inc. ("NexPhase"), a designer, developer and manufacturer of high efficiency, high quality LED intelligent lighting fixtures, is providing further financial and project details referencing its previously announced contract to provide product and services to New York University (NYU)-Poly.
Jon Cooper, President of NexPhase, stated, "Our first project with NYU-Poly centers around the relighting of the Donald F. and Mildred Top Othmer Residence Hall with NexPhase LED lighting solutions. This residence hall is an eighteen-floor structure originally opened in 2002 and currently houses over four hundred students. The first installation of product will occur the first week of August with a second installation occurring in early September. We expect the final installation of product for Othmer to occur and be completed in November. This Othmer phase of the NYU-Poly project is valued at $356,000.00 (including emergency lighting) and will utilize our LED cove, down light and troffer product lines. We anticipate that these same LED product lines will be deployed in other areas of the University as we advance to subsequent project stages. We expect to make further NYU-Poly announcements in the coming months, which detail our ongoing progress and provide case studies documenting our successes. We will also provide additional financial information related to future project valuations as stages are released for this on going project. We are very excited to have been selected as a lighting solutions provider for NYU-Poly and are anxious to provide the University with incredible products and services that meet NYU-Poly's i2e Campus transformation initiatives."
NYU-Poly is the alliance of the nation's second oldest private engineering school, Polytechnic, with the largest private university in the United States, NYU. The NYU-Poly Brooklyn campus has a current student population of over 1,750 full-time students and the downtown Brooklyn Campus includes: 6 MetroTech, the Jacobs Academic Building, the Rogers Hall complex, 5 MetroTech, the Bern Dibner Library Building, the historic Wunsch Building and the previously mentioned Othmer Residence Hall. These facilities along with the recently announced expansion of an additional 120,000 square feet of academic facilities at 2 MetroTech and 15 MetroTech further signal a growing and thriving world class University. NYU-Poly is already in the second year of a 10 year Thirty Eight million Capital Plan to transform, upgrade and expand its campus facilities, and NexPhase's intelligent LED lighting solutions and efficient use of best in class sensor technology provide an excellent fit for the i2e initiatives that center around invention, innovation and entrepreneurship.
Additional information about NYU-Poly is available at: www.poly.edu
About Onteco Corporation
Onteco Corporation was founded to develop innovative, practical and cost-effective solutions to some of the most significant environmental challenges facing us today. Additionally, these solutions must show promise of generating significant, ongoing profits for the company. The company determined that one industry that meets these criteria is the Energy Saving Lighting Industry, and as a result acquired NexPhase Lighting, Inc., in February 2011.
Additional information about Onteco Corporation is available at: www.onteco.com
About NexPhase Lighting, Inc.
NexPhase Lighting, Inc. is a designer and developer of proprietary high quality LED (light-emitting diode) lighting fixtures and control systems for commercial applications. It believes its products will be the lowest cost, highest efficacy fixtures available in the LED Lighting Industry. All NexPhase lighting products incorporate its proprietary "NexSense Technology(TM)," which provides benefits well beyond the generally acknowledged advantages of all other LED lighting fixtures. NexSense control systems use a unique, "patent pending" wireless protocol, which provides for an unsurpassed reduction in architecture and infrastructure installation cost in commercial applications, as well as significantly reduced maintenance and ongoing operation costs.
For more information about NexPhase Lighting, Inc. visit: http://www.nexphaselighting.com
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.
CONTACT: Onteco Corporation
Dror Svorai, President, (305) 932-9795
SOURCE Onteco Corporation