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Color Kinetics Forms Joint Development Alliance
With Lighting Industry Veteran David Cunningham
Boston, MA - April 25, 2005 -Color Kinetics Incorporated (NASDAQ: CLRK), a pioneer of intelligent solid-state lighting systems and technologies, today announced an agreement with industry veteran David Cunningham to jointly develop advanced, intelligent solid-state lighting solutions that meet the rigorous demands of high-performance entertainment, theatrical and architectural applications. The solutions will be marketed worldwide by Color Kinetics.
Cunningham is a highly accomplished inventor and industry pioneer, credited for designing some of the entertainment industry's most commercially successful lighting products, including ETC's popular Source Four™ fixture and Sensor™ dimmer lines. Through the agreement, his well-established expertise will be applied to developing products that merge Color Kinetics' intelligent LED control technologies with system requirements tailored to the needs of various applications. The products will also apply the collective intellectual property of both Cunningham and Color Kinetics.
"This joint endeavor marks an exciting expansion of our product development efforts, and reinforces Color Kinetics' commitment to meeting specifiers' requirements across diverse lighting markets and applications," said Bill Sims, President and COO, Color Kinetics. "David's record of product innovation speaks for itself, and we're thrilled for the opportunity to exclusively leverage his talents as we continually look to deliver the industry's broadest selection of intelligent solid-state lighting products."
"LEDs offer tremendous potential for precise and instantaneous color control in theatrical and architectural applications," said Cunningham. "Color Kinetics is in the best position to solve the technical challenges in bringing this new technology to these markets based on their R&D capabilities, their relationship with LED manufacturers, and their extensive patent portfolio. This alliance represents an exciting union of powerful technology and market-specific expertise, and I look forward to the innovative products that will emerge as a result."
About Color Kinetics (www.colorkinetics.com)
Color Kinetics Incorporated (NASDAQ: CLRK) is a pioneer in the design, marketing and licensing of intelligent solid-state lighting systems and technologies. The company's award-winning product lines apply the practical and aesthetic benefits of LEDs to transcend the limits of traditional light sources for use in high-performance lighting and OEM and licensing applications. Its products and technologies leverage a patented layer of digital intelligence, called Chromacore®, to generate and control millions of colors and dynamic lighting effects. Color Kinetics holds 38 patents and has over 130 patent applications pending that apply to many aspects of solid-state lighting technology. Founded in 1997, the company is headquartered in Boston, MA with offices in the UK, China, and a joint venture in Japan.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Annual Report regarding Color Kinetics Incorporated’s business that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements involve risks and uncertainties, are only predictions and may differ materially from actual future events and results. For a discussion of such risks and uncertainties, see “Risk Factors” in the Company’s Registration Statement on Form S-1, File Number 333-114386, and in its Annual Report on Form 10-K for the Twelve Months Ended December 31, 2004, each as filed with the Securities and Exchange Commission.
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