SOLON, Ohio, April 1, 2010 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (Nasdaq:EFOI), a leader in providing energy efficient lighting solutions, today announced that its turnkey lighting retrofit division Stones River Companies, LLC ("SRC") was recently awarded three additional lighting energy services contracts totaling $2.1 million, coming to a total of $16.5 million contracts awarded to Energy Focus' new business unit.
One contract, with Woodstone Energy, is to upgrade the lighting at a large Fortune 50 manufacturing facility which will involve the retrofit and replacement of several thousand fixtures. The other two contracts are with large National Energy Services Companies ("ESCOs"); one to upgrade a community college and the other encompasses the upgrade of several county government buildings in the Southeast. In all three of these contracts, SRC has already audited the existing facilities, inventoried their lighting systems, proposed an improved design and will now procure the materials and oversee the installations. All three contracts are expected to be completed before the end of the year.
Rob Wilson, VP of SRC, commented, "We have established ourselves as a premier lighting design and retrofit firm. That combined with our positive relationship with Woodstone Energy and other ESCOs is clearly giving us a competitive advantage in securing these contracts."
Joseph Kaveski, CEO, Energy Focus, Inc., added: "What is really exciting is that more contracts are coming. Our engineered sales proposal pipeline continues to grow. The American Recovery and Reinvestment Act stimulus money is beginning to trickle into the market and finding its way into lighting upgrade projects. As a result, we are receiving more requests for lighting upgrade proposals, most of which are coming from the public sector."
About Energy Focus, Inc.
Energy Focus, Inc. is a leading provider of turnkey energy efficient lighting solutions. These solutions provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our longstanding relationship with the U.S. Government includes 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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About Stones River Companies, LLC
SRC is a wholly owned subsidiary of Energy Focus, Inc., recently acquired from TLC Investments, LLC. As a lighting solution and design firm, it provides services to both public and private sector clients focusing on the design and implementation of energy efficient lighting measures. SRC has been offering lighting retrofit projects in support of Energy Services Companies serving the public sector's existing building market since 2002. For more information, see www.srcompanies.com
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding our future business outlook, our products, our solutions, and our work with leading customers including governmental agencies. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results predicted. 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.