NASHVILLE, Tenn. (October 26, 2007) – Universal Lighting Technologies, a global leader in the design and manufacture of high-efficiency lighting ballasts and control systems, has entered into an acquisition agreement with Panasonic Electric Works, Ltd.(TSE: 6991). Through this acquisition, Universal Lighting Technologies merges with a premier global manufacturer of lighting devices.

Operating under the Panasonic global brand name, Panasonic Electric Works is conducting operations through 88 companies with a total of 151 business sites with annual revenues in excess of $14 billion (USD) and more than 50,000 employees worldwide.

Universal Lighting Technologies will maintain its company name, management team, and full product line. Panasonic Electric Works provides synergies to Universal through advanced lighting technologies, product development, and advanced manufacturing processes. The acquisition will also provide Universal Lighting with a broader global footprint for servicing its overseas customer base.

"Our new association with Panasonic Electric Works will enable Universal Lighting to continue to build and strengthen our reputation for customer service, innovation, and providing products that contribute to a better quality of life for our customers," said Pat Sullivan, president and CEO of Universal Lighting.

For questions about the acquisition agreement, please contact: