SOLON, Ohio, June 23, 2010 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (Nasdaq:EFOI), a leader in providing energy efficient lighting solutions, today announced the results of its 2010 Annual Meeting of Shareholders, which was held June 16, 2010 in Solon, Ohio.
At the meeting, shareholders re-elected incumbent directors David Anthony, John M. Davenport – who also serves as the company's President, J. James Finnerty, Michael A. Kasper, Joseph G. Kaveski – who also serves as the Company's Chief Executive Officer, Paul von Paumgartten, and R. Louis Schneeberger.
"On behalf of the entire Energy Focus organization, I would like to thank all of our shareholders for participating in this year's process," said Joseph G. Kaveski, Energy Focus CEO. "I'm extremely pleased that our shareholders overwhelmingly support our business plan which has already resulted in the Company's sales being tripled compared to this time last year. And, I am looking forward to reporting significant revenue growth for the remainder of this year."
At the Annual Meeting, shareholders overwhelmingly approved an amendment to the Company's certificate of incorporation to increase the total number of authorized shares of common stock from 30,000,000 to 60,000,000 shares. Also approved by wide margins were: an amendment to the Company's stock option plan to increase the number of shares issued under the plan from 1,000,000 to 3,000,000 shares; the issuance of warrants to directors and officers who participate in the Company's bonding program; and the reduction of the March 2008 Warrant to purchase 1,560,062 from $3.08 to $0.01 per share.
About Energy Focus, Inc.
Energy Focus, Inc. is a leading provider of energy efficient LED lighting products and turnkey energy efficient lighting solutions, holding 69 relevant lighting patents. Our solutions provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our long-standing relationship with the U.S. Government include numerous research and development projects for the DOE and DARPA, creating energy efficient LED lighting systems for the U.S. Navy fleet and the next generation Very High Efficiency Solar Cell. Customers include supermarket chains, the U.S. government, state and local governmental agencies, retail stores, museums, theme parks and casinos, hotels, swimming pool builders and many others. Company headquarters are located in Solon, OH, with additional offices in Nashville, TN, Pleasanton, CA, and the United Kingdom. For more information, see www.energyfocusinc.com.
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Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For more information about potential factors that could affect Energy Focus financial results, please refer to the Company's SEC reports, including its Annual Reports on Form 10-K and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.