NEWARK, N.J., Nov. 06, 2017 (GLOBE NEWSWIRE) -- Arkados Group, Inc. (OTC:SBRT), an industrial automation and energy management company providing Industrial Internet of Things (IoT) solutions that help commercial and industrial facilities increase efficiency and reduce cost, today announced the finalization of its formal name change to Solbright Group Inc. as well as the ticker symbol change to SBRT effective immediately.
On October 30, 2017, Arkados Group, Inc. filed its Certificate of Amendment of the Certificate of Incorporation with the Secretary of State of the State of Delaware changing the name of the Company to “Solbright Group, Inc.” As previously disclosed, on September 7, 2017, the holders of a majority of the votes entitled to be cast by all outstanding shares adopted resolutions by written consent, in lieu of a meeting of stockholders, to amend our Certificate of Incorporation to change our name to Solbright Group, Inc. to better reflect the company’s expanded focus as a cleantech and renewable energy solution provider in connection with the acquisition of the business of SolBright Renewable Energy, LLC.
On November 3, 2017, the Company received notification from FINRA that as of November 6, 2017, the new symbol of the Company will be “SBRT”.
“We are excited with the finalization of our formal name and ticker symbol change as it clearly reflects our growth opportunity as we move forward as one unified company,” said Terrence DeFranco, Chief Executive Officer of Solbright Group Inc. “The SolBright acquisition has continued to show enormous growth potential as our recent first quarter results portray. We remain on track with a $20 million annualized revenue run rate and a growing customer backlog and pipeline. We remain focused on our transition into a leading Industrial Internet of Things service provider and anticipate continued revenue growth and margin expansion, as we leverage the integration of our energy services and technology solutions.”
About Solbright Group, Inc.:
Solbright Group, Inc. is an industrial automation and energy management company providing Industrial Internet of Things (IoT) solutions that help commercial and industrial facilities increase efficiency and reduce cost. We deliver technology solutions for building and machine automation and energy conservation that complement our energy conservation services such as LED lighting retrofits, HVAC system retrofits and solar engineering, procurement and construction services. Our focus is towards the development and commercialization of an Internet of Things software platform that supports Big Data applications that complement our energy management services. More information is available at www.arkadosgroup.com.
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to the acquisition and integration of the Solbright assets, risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Terrence M. DeFranco, Chairman/CEO
Arkados Group, Inc.
Kirin Smith, COO
PCG Advisory Group
Source:Solbright Group, Inc.