EUCLID, Ohio, March 25, 2021 (GLOBE NEWSWIRE) — U.S. Lighting Group, Inc. (OTC:USLG) announced it had a phenomenal 2020 sales year and attributed the increase in revenue to its successful completion of several R&D projects, resulting in increased purchase orders from OEM and private label customers, along with organic growth from its market share of automotive electronics branded products. Gross profit as a percentage of sales increased to 67% for the year ended December 31, 2020 with an improved gross margin and increased automation implemented during 2020, leading to reduced labor costs and improved supply chain management.
“The US Lighting Group is overjoyed with its 2020 year-end financials with the $4.0 million in sales revenue, plus the major increase in its operating income of $495,000, significantly up from the operating loss of $8.5 million it suffered in 2019. The increased operations income was a result of increased gross profit and decreased operating expenses. The company achieved this with the purchase of a new Speed Print Technology 700 Series screen printer and high speed Europlacer iineo+ SMT Component Placement System to strengthen its production process,” said Paul Spivak, CEO of the US Lighting Group. “We experienced an increase in demand for our automotive electronics products during 2020. Even with the COVID-19 pandemic, we were not severely impacted, in fact we saw record-breaking sales during this period. We look forward to attaining our new growth goals in line with our strategic plan to grow the business and venture into new markets, including the manufacturing of recreational vehicles during 2021.”
The US Lighting Group is a US designer and manufacturer of commercial LED lighting products, automotive and patented marine electronics, groundbreaking energy management products for the RV industry. At the end of 2020, the US Lighting Group formed Cortes Campers to manufacture recreational vehicles for the RV Market. cortescampers.com
About U.S. Lighting Group, Inc.
US Lighting Group (OTC:USLG) is a leading manufacturers of electronics, supplying growth sectors such as high-tech robotics utilizing our own in-house proprietary artificial intelligence, LED lighting, custom designed LED products, microprocessor-controlled LED instrumentation, custom private labeled electronics, automotive, RV, and marine electronics. The company has manufacturing and R&D facilities in Cleveland, Ohio with an international sales distribution network. uslightinggroup.com
Statements included in this press release, other than statements of historical fact, are forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
US Lighting Group
1148 East 222nd Street
Euclid, OH 44117 USA
T: +1 216.896.7000