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COLOR KINETICS APPOINTS NEW PRESIDENT AND
CHIEF OPERATING OFFICER TO LEAD COMPANY'S CONTINUED EXPANSION AND TECHNOLOGY INNOVATION
Former Zenith and JVC Executive William J. Sims Joins Senior Management Team;
George Mueller Continues as CEO
BOSTON - September 25, 2001 - Color Kinetics Incorporated, the pioneer of intelligent LED-based illumination technologies, today announces the appointment of William J. Sims as President and Chief Operating Officer. Sims will also join the company's Board of Directors. Color Kinetics co-founder George Mueller-who Sims succeeds as President-will remain CEO, focusing on overall company direction and the development of strategic partnerships. In his new role, Sims will drive the company's sales, marketing, operations and product development, delivering the next wave of advanced digital technologies and positioning the company for tremendous growth and leadership in the illumination market, which analysts predict will reach close to $30 billion dollars by the year 2010.
Sims brings to Color Kinetics over 20 years of key experience in growing both established and emerging companies gained through senior positions at Zenith, JVC and e-SIM. As President and CEO of e-SIM's Live Products division, Sims oversaw all aspects of a successful start-up, leading product development and dramatically increasing the company's customer base. During his tenure as President of the Zenith Sales Company, the organization achieved significantly improved profitability and expanded worldwide market position for key segments of its consumer product lines. Prior to Zenith, Sims was Vice President, Consumer Video Division of JVC Company of America, where he expanded the business of JVC's largest U.S. division. He has also served on the Board of Directors for the Consumer Electronics Association (CEA).
"With Bill, Color Kinetics gets the perfect combination of old economy know-how and new economy drive and agility. His track record of effectively managing all aspects of a business to achieve significant return speaks for itself," says Mueller, who co-founded Color Kinetics with Chief Technology Officer Dr. Ihor Lys in 1997. "Along with his experience, Bill brings a level of commitment and tremendous enthusiasm matching that of our existing management team," notes Mueller. "We welcome him aboard!"
Sims is equally excited about joining the Color Kinetics team, noting the strength of the company's business model, the incredible potential for its technology, and the culture of innovation that exists there. "My goal is to build on the tremendous momentum that this company is already experiencing," notes Sims. "Color Kinetics is a true pioneer and leader in an industry that presents incredible potential," he says. "Our solid and diverse intellectual property portfolio and commitment to driving the advancement and adoption of LED-based illumination position us for ongoing success. All in all, I see Color Kinetics as a place where I can thoroughly enjoy myself while helping the company continue to make technology history, achieve significant sustainable growth and achieve profitability," he notes.
Recognized by design professionals and industry experts alike as a revolutionary invention-both technically and aesthetically-Color Kinetics' patented Chromacore® technology uses microprocessor-controlled multi-colored LEDs to generate millions of colors and a variety of dynamic lighting effects. In addition to its Chromacore patents, Color Kinetics holds several intellectual property filings covering the use of multiple colored LEDs to generate fully controllable white light. Through the use of LEDs as an illumination source, Color Kinetics' technology offers several benefits beyond those of traditional light sources, including an ultra-long source life, low power consumption, no UV (ultra violet) emissions, and extremely low heat output. The inherent benefits of Chromacore technology make it possible to incorporate color and light into a wide range of applications well beyond the ways it is used today. Color Kinetics counts some of the world's leading companies as its customers, including Disney, Sony Loews, Circuit City, Sheraton, Royal Caribbean Cruise Lines, Limited Inc., Saks Fifth Avenue, Foxwoods Casino and Boston Symphony Hall. In addition, the company's Sauce™ line of consumer products is offered through leading retailers including Discovery Channel Stores, Toys R Us, Martha by Mail, REI, Sam Goody, Chiasso and KBKids.com.
About Color Kinetics
Color Kinetics Incorporated is the pioneer of intelligent solid-state illumination technologies. The company designs, manufactures and markets an award-winning line of products that apply the practical and aesthetic benefits of LEDs to transcend the limits of traditional light sources for use in professional, consumer, and OEM and licensing applications. Its flagship line of technologies leverage a patented layer of digital intelligence, called Chromacore®, to generate and control millions of colors and dynamic lighting effects. Color Kinetics leads the industry in solid-state lighting innovation, including the custom engineered Chromasic® microchip, and holds a growing patent portfolio encompassing a number of emerging digital technologies. Founded in 1997, the company is privately held and is headquartered in Boston, MA with offices in the UK, China, and a joint venture in Japan. More information can be found at http://www.colorkinetics.com.
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