GWANGJU, South Korea, July 16, 2009 (GLOBE NEWSWIRE) -- Cree, Inc. (Nasdaq:CREE), a market leader in LED lighting, announces that Gwangju, South Korea, is the first city in South Korea to join the LED City(r) initiative, an international program that promotes the deployment of energy-efficient LED lighting. Gwangju, South Korea's center for the advancement of photonics, is home to 180 companies that were formed to research, develop and commercialize LED lighting products.
A wide variety of LED light fixtures illuminate the Kimdeajung Convention Center, World Photonics EXPO 2009, KEMCO Honam Energy & Climate Change Center, and the Gwangju Metropolitan City underground parking lot. By replacing fixtures from parking indicator lights to streetlights, the city calculates that the highly-efficient LED lights are expected to use approximately 30 percent less energy than current fluorescent lamps, which could save the city up to 234,000 kWh and reduce carbon emissions by as much as 8,465 kg annually.
Gwangju will highlight its LED lighting installations and participation in the LED City program when it hosts the World Photonics Expo later this year from October 9 to November 5. Expo participants and visitors will be encouraged to visit LED lighting sites to experience this new, energy-efficient technology first-hand and to learn more about deploying LED lighting in their own cities.
"We are excited to showcase LED lighting throughout our city," said Mayor Park Kwang-Tae. "A tremendous amount of investment and effort has been put toward various photonics industry technologies locally, and we are proud to demonstrate the energy and maintenance cost savings that can be gained with LED lighting. Through our participation in the LED City program we hope to help other cities throughout the world adopt LED lighting and to draw attention to the high-quality LED lighting products produced here in South Korea."
"It is especially satisfying to see our LED lighting products being installed here for the benefit of our fellow citizens," said Dr. EunYoung Yu, president of Korea Photonics Technology Institute. "For the last eight years, we have worked to develop the highest quality LED lights. Our goal is to bring this highly energy efficient and low-maintenance technology to neighborhoods, offices, schools and public places throughout South Korea."
About LED City
The LED City is an expanding community of government and industry parties working to evaluate, deploy and promote LED lighting technology across the full range of municipal infrastructure to:
* Save energy
* Protect the environment
* Reduce maintenance costs
* Provide better light quality for improved visibility and
safety.
According to the U.S. Department of Energy, approximately 20 percent of electricity used in the world powers lighting. In a world with soaring energy prices based on the availability and control of fossil fuels, and with growing concern about sustainability of the environment, a revolution in lighting is long overdue. Participants include Raleigh, NC; Ann Arbor, MI; Austin, TX; Anchorage, AK; Tianjian, China; Torraca, Italy; Toronto and Welland, ON; Indian Wells, CA.
About Gwangju, South Korea
Gwangju is the leading city of South Korea's Honam region, with the entire nation within a day's reach. The emerging importance of Korea's western coastline and the government's effort to balance growth across the nation have triggered large-scale urban development projects such as the construction of the Gwangju hi-tech industrial complex, transformation of Gwangju into a center of production, and improvement of housing and leisure facilities. The photonics industry in Gwangju has grown since 2000 with governmental support. Twelve R&D institutes and organizations have been created with 180 companies and organizations working on the development and manufacture of optical communication components, light sources including LED technology, and optical precision devices. By focusing on optical communication components and LED industries, the city aims to be among the world's top five photonics clusters by 2010. Additional information can be found at www.gjcity.net.
About Cree
Cree is lighting the LED lighting revolution and setting the stage to obsolete the incandescent light bulb through the use of energy-efficient, environmentally friendly LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting solutions, and semiconductor solutions for wireless and power applications.
Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and radio-frequency/wireless devices. Cree solutions are driving improvements in applications such as general illumination, backlighting, electronic signs and signals, variable-speed motors, and wireless communications. For additional product and company information, please refer to www.cree.com
The Cree, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3529
This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors such as the possibility that actual energy saving may vary from expectations; the potential lack of customer acceptance of LED products; the rapid development of new technology and competing products that may impair demand or render Cree's products obsolete; and other factors discussed in Cree's filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 29, 2008, and subsequent filings.
Cree and LED City are registered trademarks of Cree, Inc.