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September 2, 2008 - In its ongoing efforts to continue development of the company's breakthrough ballast technology, PureSpectrum, Inc. (Other OTC:PSPM.PK) has begun testing the viability of its innovative ballast design for use with Light Emitting Diode (LED) applications.
PureSpectrum has already engineered and introduced breakthrough ballast technology for fluorescent lighting, and during the past several months the company has transitioned from research and development into implementation and is engaged in licensing discussions with multiple manufacturers. However, PureSpectrum president and CEO Lee Vanatta said that PureSpectrum's core business will remain technology and now the company has begun adapting its base technology to be compatible with LED lighting systems.
The ultra-efficient solid state lighting products have garnered heavy attention and some market traction during the past two years and are considered by some industry analysts to be the long term future of both commercial and residential lighting. While there are several practical reasons that LED light sources will not gain full consumer acceptance in the near future, Vanatta said that the consensus within the lighting industry believes that solid state lighting will become dominant in the long term. Currently, PureSpectrum is marketing ballast technology to improve the leading commercial lighting product -- linear fluorescents -- and the anticipated residential lighting market leader -- Compact Fluorescent Lamps (CFL).
"Our commitment to our shareholders is that we will continually explore new avenues for revenue generation in the lighting industry utilizing our base science," said PureSpectrum president and CEO Lee Vanatta. "We have been told repeatedly that our approach to ballast circuitry topology is unique within the industry, and we believe our ballast can also provide performance improvements for LED-based lighting devices. By researching the feasibility of interfacing with LED lighting, we expand the scope of marketable applications for our technology and place PureSpectum squarely in the middle of the lighting conversation for the foreseeable future."
PureSpectrum's unprecedented ballast design is separated from commercially available electronic ballasts by its unique circuitry which is constructed to achieve high Power Factor and optimum efficiency without the addition of extra circuits. The cost effective PureSpectrum ballast topology attains ultimate efficiency by maximizing productive energy usage and minimizing components.
LED lamps utilize light emitting diodes to produce light as opposed to electrical filaments in incandescent bulbs or stimulated phosphorous gas in fluorescent bulbs. Solid state lighting creates visible light with reduced heat generation or lost energy dissipation while providing for greater resistance to shock, vibration and wear which significantly increases the expected lifespan of a bulb. Only 15 years ago, LED design advanced to the point where white light could be produced, but earlier this year a company in Wisconsin was able to light both the interior and exterior of a newly built factory almost exclusively with LED bulbs.
LED lighting has been embraced by the green movement for its energy efficient properties and heavily promoted by national and international media for its novelty and rapid development. However, while LED devices are exponentially more energy efficient than even Compact Fluorescent Lamps (CFL), the exorbitantly high per unit cost is still a major obstacle to overcome for both residential and commercial consumer adoption.
However, according to Vanatta, the LED market has almost unlimited growth potential as progressive technology companies like PureSpectrum work diligently toward improving performance and lowering the price tag for LED products. LED Market leader Cree, Inc. earned more than $490 million in revenue in fiscal 2008 and is expected to top $500 million in 2009.
"Implementing PureSpectrum's ballast technology in fluorescent lighting was the first and most obvious of many applications," Vanatta said. "We know that within the multilayered consumer electronic market, there are several product categories that would benefit from integrating our ballast circuitry. So while the industry has responded very positively to the results of our engineering work for fluorescent lighting, PureSpectrum will continue to research new potential revenue streams for this technology."
September 2, 2008 - Entergy's transmission system has sustained extremely severe damage from Hurricane Gustav, damage that could make power restoration a difficult and slow process, especially in southeastern Louisiana.
In terms of power outages, Hurricane Gustav was the second worst in Entergy's 95-year history, peaking at about 850,000 early Tuesday -- the overwhelming majority of them in Louisiana. That easily bypassed the 800,000 outages in Hurricane Rita in 2005. As of 4 p.m. CDT, more than 795,000 Entergy customers were still without power. Nearly 55,000 customers whose electrical service was disrupted by Hurricane Gustav have been restored. The only larger number of Entergy outages was 1.1 million in 2005 during Hurricane Katrina, which has been described as one of the worst natural disasters in American history.
Thirteen of the 14 transmission lines serving the New Orleans metropolitan area are out of service due to the storm.
Service restoration to emergency facilities in the affected area continues. Other restoration continues, but energizing of completed repairs will be delayed until the area can be tied back to the rest of the system. This is being done to maintain the level of electric demand and prevent it from exceeding the available generation in that area. If load grows too high, the generation could trip offline, causing the entire area to lose power until generation within the island could be restored.
September 2, 2008 - Constellation Energy (NYSE: CEG | Quote | Chart | News | PowerRating) today announced that it will be participating at the Lehman Brothers CEO Energy/Power Conference.
Who: John R. Collins, Executive Vice President and Chief Financial Officer, Constellation Energy
What: Lehman Brothers CEO Energy/Power Conference
When: 11:05 a.m. (EDT) - 11:40 a.m. (EDT), Wednesday, Sept. 3, 2008
A live audio webcast of the presentation will also be available on the Investor Relations page of Constellation Energy's Web site at: www.constellation.com . Within 24 hours of the live presentation, the webcast will be archived and available for 90 days following the conference.
September 2, 2008 - Today, Tampa Electric made its annual fuel filing with the Florida Public Service Commission (FPSC). As the company originally announced in July, based on its most recent analysis of actual and projected fuel costs for 2008, total fuel costs for the year will exceed original projections and are expected to remain high through 2009.
Costs experienced through July exceeded projections by 9 percent, but with no relief expected for the balance of the year, as well as some hurricane activity in the Gulf of Mexico and the continuation of increased costs projected in 2009, the company estimates that by year-end, it will be under-recovered by $209 million, or about 20 percent. The company is not seeking a surcharge this year to address the under-recovery. Instead, it intends to address it through its 2009 fuel charge.
Tampa Electric's fuel mix is primarily made up of coal and natural gas. While substantial and growing portion of an electric bill, fuel costs are what is known as a "pass-through" component. They are collected from customers by the utility and used to pay fuel suppliers, typically the large oil and coal companies, without any mark-up. This keeps electricity prices as low as possible to customers.
Tampa Electric Company is the principal subsidiary of TECO Energy, Inc. (NYSE: TE).
Market Wrap for September 2, 2008 - Tuesday was a disappointing session for stock market bulls.
Shortly after the opening bell, the Dow, Nasdaq and S&P 500 rallied 2.1%, 1.9% and 1.6%, respectively, benefiting from a sharp sell-off in commodities and a relief trade after Hurricane Gustav did not cause any major structural damage. But stocks steadily declined throughout the afternoon, with the Dow, Nasdaq and S&P 500 finishing the day with a loss of 0.2%, 0.8% and 0.4%, respectively.
With regard to commodities, the CRB Index fell 3.4% after the damage caused by Hurricane Gustav was less than expected. Crude prices were down 8.7% in overnight trading, but recovered some losses to finish with a decline of 4.5% at $110.30 per barrel.
The energy sector declined 4.6% and the materials sector fell 2.5%.
The consumer discretionary sector rose 1.8%, with retailers climbing 3.0%. Airlines advanced 6.6% and automakers gained 3.1%.
The financial sector outperformed with a 1.8% gain.
In other corporate news, Merck (MRK 34.83, -0.84) and Schering-Plough (SGP 19.08, -0.32) came under selling pressure due to uncertainty regarding cancer risks of the cholesterol drug Vytorin. The healthcare sector still managed to gain 0.1%.
In economic news, the August ISM Index, a national manufacturing survey, indicated a very slight contraction in the manufacturing sector, although it is still indicative of growth in the overall economy.
Housing remains the weakest area in the economy. DJ30 -26.63 NASDAQ -18.28 NQ100 -1.2% R2K -0.1% SP400 -1.0% SP500 -5.25 NASDAQ Adv/Vol/Dec 1367/1.95 bln/1510 NYSE Adv/Vol/Dec 1521/967 mln/1450
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