Green Energy Management Services (GEM), a developer of energy management technologies, has signed a licensing agreement to market and distribute patented and proprietary energy efficient LED technology from Green RG Management (Green RG).
The agreement expands GEM’s portfolio of energy management products to include this energy saving LED technology that has varied applications, including street lights, high bay warehouse lighting, LED office lighting panels, fluorescent tubes, and other LED replacement fixtures.
These LED lightings are claimed to use1/25th of the energy consumption of ordinary light bulbs, while producing same illumination and provide at least 50,000 hours of bulb life compared to the existing LED technology that provides up to 25,000 hours of bulb life.
The licensing contract that will enable Green RG to indirectly receive 10 million unregistered shares of GEM common stock and additional shares based upon sales, with GEM not be issuing any additional shares as a result of this transaction.
GEM CEO Michael Samuel said that the company looks forward to working closely with Green RG to market these products to a large installed base.
“Our market studies suggest there is a substantial interest in cost-effective energy management solutions, and discussions with potential customers indicate that reducing energy costs is a high priority,” Samuel said.