ELK GROVE VILLAGE, Ill., June 7, 2011 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) has been named the fourth fastest growing company in the Chicago area by Crain's Chicago Business, the third year in a row that the Company has made the list. Capitalizing on increasing financial, regulatory and public pressure to reduce energy consumption, Lime evaluates clients' energy use, recommends energy efficiency and renewable energy solutions and implements them. The process often starts with an evaluation of current energy consumption and solutions can include lighting, HVAC, mechanical and electrical systems, water conservation, weatherproofing and implementing renewable energy sources. Lime's customers include commercial and industrial building owners, utilities, energy service companies, federal, state and local government entities. Read more:
Crain's has determined that Lime Energy has grown its revenue by 1,871% over the past five years to $95.7 million. The company's $25 million jump in 2010 revenue was primarily due to two initiatives started in 2009: utility-program management along with contracts awarded by the U.S. Army Corps of Engineers and US Postal Service. David Asplund, Lime's Executive Chairman, expects those initiatives to continue driving business going forward. "We are excited about our growing work with utility companies," stated Mr. Asplund. "Energy Efficiency Resource Standards require utilities to meet a percentage of future energy demand through energy efficiency and have been adopted in 28 states. That requirement led to our first utility project in 2009 to work with small-business clients of National Grid in western New York State, another contract last year to implement the direct install component of New Jersey's Clean Energy Program, and a recent contract announced with the Long Island Power Authority."
"Over the course of the last 3 years, we have invested in building out our company platform," stated Mr. Asplund. "We feel that the Company is now positioned to begin to deliver consistent profitability."
About Lime Energy Co.
Lime Energy is a leading provider of energy efficiency solutions. Our services include integrated energy engineering, consulting and implementation of solutions which enable our customers to reduce their facilities' energy consumption, lower their operating and maintenance costs and reduce their carbon footprint. We focus on solutions which include lighting, mechanical and electrical upgrade services, water conservation, weatherization and renewable project development and implementation. We provide these solutions to the commercial and industrial markets, utilities, energy service companies (ESCOs) and the government sector across a wide range of facilities including high-rise office buildings, manufacturing plants, retail sites, mixed use complexes and large government sites. The company's stock is traded on NASDAQ under the symbol LIME. Additional information is available at the company's website at www.lime-energy.com or by calling 847-437-1666.
The Lime Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5171
FORWARD-LOOKING STATEMENTS
This news release and Crain's article includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy's current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "expects," "anticipates," "believes," "hope," "intends," "estimates," "plan," "should," "typical," "preliminary," or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy's actual results, performance, prospects or opportunities in 2010 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include those described in Lime Energy's most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy's subsequent SEC filings; such factors are incorporated here by reference.
CONTACT: Investor Relations Glen Akselrod Bristol Capital Ltd. (905) 326-1888 glen@bristolir.com
