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COLOR KINETICS ALIGNS EXECUTIVE TEAM TO FUEL INNOVATION
Co-founder Ihor Lys becomes Chief Scientist, Fritz Morgan promoted to Chief Technology Officer
Boston, MA - March 28, 2006 - Color Kinetics Incorporated (NASDAQ: CLRK), a leading innovator of LED lighting systems and technologies, today announced that Co-founder Ihor Lys will become Chief Scientist and Fritz Morgan will be promoted to Chief Technology Officer, effective April 1, 2006. These executive management changes support the company's aggressive plans for technology advancement and underscore its commitment to continued innovation.
"Color Kinetics has a rich legacy of innovation, and we believe this increased focus on technology at the executive level will allow us to aim even higher," said Bill Sims, President and CEO, Color Kinetics. "We view this step as a means to better identify, develop and deliver new technologies that leverage thorough market research to resolve real-world lighting needs."
As Chief Scientist, Lys will be responsible for the company's strategic technology advancement and implementation, including applied research and advanced engineering in the development of new lighting, power and control products. He will collaborate with the extended executive team to help formulate corporate strategy and product vision, addressing both near-term and forward-looking market opportunities.
Lys previously served as Chief Technology Officer for over eight years, during which time he oversaw the company's technology vision and strategy. He led the development of its breakthrough Chromacore®, Chromasic® and Powercore® technologies, which continue to support and differentiate the company's lighting systems. A prolific inventor, he has been named to several prestigious industry lists, including the Technology Review TR100, Mass High Tech All-Stars, and Entertainment Design magazine's 50 Most Powerful People in Entertainment Technology.
As Chief Technology Officer, Morgan will lead the company's product vision and positioning, as well as its technical vision and direction. This will include technology development and validation to foster new product concepts, supervision of the strategic product roadmap, and overall technical direction for the company's growth within the competitive landscape.
Morgan joined Color Kinetics in 1998 and has served as Vice President of Engineering for the past four years. He was instrumental in the creation and development of the company's product lines, and has been a significant contributor to numerous issued and pending patents. He has also led teams in the design of many custom and high-profile lighting projects.
About Color Kinetics
Color Kinetics Incorporated (NASDAQ: CLRK) transforms environments through new, dynamic uses of light. Its award-winning intelligent solid-state lighting systems and technologies apply the benefits of LEDs as a highly efficient, long lasting, environmentally friendly, and inherently digital source of illumination - reinventing light itself as a highly controllable medium. Color Kinetics also enables widespread adoption of intelligent solid-state lighting through OEM and licensing partnerships in diverse markets. The company is headquartered in Boston, MA with offices in the UK, China, and Japan. More information is available at www.colorkinetics.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release 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 Annual Report on Form 10-K for the Twelve Months Ended December 31, 2005, File Number 000-50798, and most recent 10-Q, each as filed with the Securities and Exchange Commission.
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