RESEARCH TRIANGLE PARK, N.C., April 8, 2008 /PRNewswire-FirstCall/ -- Cyberlux Corporation (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 in New 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 (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 http://www.cyberlux.com/ .
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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.
