Axis Technologies Group, Inc. (PINKSHEETS: AXTG), a designer, manufacturer and marketer of a proprietary line of energy saving and daylight harvesting electronic dimming ballasts for the commercial lighting industry, announced today that they have signed an agreement for funding with Gemini Strategies, LLC, an investment manager with offices in New York City and San Diego, CA.
Jim Erickson, President of Axis Technologies, Inc. said, "This funding agreement has enabled Axis to pay off its long-term debts and, more importantly, has given Axis the opportunity to expand its ballast inventory in preparation for an increase in larger orders that have entered the company's order pipeline."
Steven Winters and Andrew Farago, principals of Gemini Strategies, LLC, said in a joint statement, "Gemini is pleased to add Axis Technologies, Inc. to our portfolio of companies. The Axis ballasts represent a compelling energy-efficiency technology and are a timely offering to support the 'Green' movement that is sweeping our country. We also are excited about the possibility of leveraging the company's technology for the creation and monetization of various environmental attributes including carbon credits and energy efficiency credits."
About Gemini Strategies, LLC
Gemini is an alternative asset management company that seeks to take advantage of opportunities presented by the fragmentation and dislocation of small-cap markets. Gemini's professionals have been active investors in these niche strategies since 1992. Gemini's focus is on Private Investments in Public Equities (PIPEs) and special opportunities involving small-cap companies. Their experienced deal team has backgrounds in energy, environmental credit markets, healthcare, manufacturing, technology, and telecommunications.
About the Axis Technologies Ballast
Axis Technologies Group, Inc. has developed an innovative new ballast, an electronic component that regulates voltage in fluorescent lighting, that focuses on expanding daylight harvesting into mainstream fluorescent lighting applications. The patented Axis Dimming/Daylight Harvesting Ballast is a new technology that transforms the ballast, a once standard lighting industry staple, into a dynamic energy saving system that can reduce lighting energy costs by up to 70%. The Axis DDH Ballast utilizes an individual photo sensor to automatically adjust the amount of electrical current flowing to the light fixture, and then dims or increases lighting in conjunction with the amount of available sunlight that may be harvested from available windows and sunlight. The Axis DDH Ballast avoids "over-lit" conditions that increase energy costs by keeping lighting "tuned" to the desired level in a designated area.