ELK GROVE VILLAGE, Ill., Jan. 10, 2011 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) announced today it has received two new contracts from the United States Postal Service (USPS), which are in addition to contracts already in place. The new regions fall under the Southwest Facilities Service Office (FSO) and include Texas, New Mexico, Arizona, Arkansas, Louisiana, and Oklahoma. Lime has the opportunity to develop and implement energy efficiency projects for USPS facilities under a fast-track method for design and execution of more than 1,800 pre-determined items related to energy efficiency. The two Indefinite Quantity Contracts are in place for one year for a total of up to $19.8 million, with options to extend this work up to 60 months. There is no minimum purchase requirement under any of these contracts.
In January of 2010, Lime announced similar contracts with the Eastern Facilities Service Office for facilities along the Atlantic seaboard. During the past year, Lime has completed installations that are projected to save 32.8 million kilowatt-hours (kWh) annually.
"Over the past year, these projects have included a high tech mix of equipment and controls to provide maximum energy savings," said Jim Smith, President of Public Sector at Lime Energy (formerly Applied Energy Management, a subsidiary of Lime Energy). "For example, several of the new lighting installations include the opportunity to control each light fixture and monitor energy use in real time over the internet. Adding these sensors and controls generally increases the energy savings by 25% to 30%, so our recent experience in the east is the ideal background for these new projects in the south and southwest. For the past seven years, we have performed significant work for the USPS, and we are proud to be part of its commitment to reducing the use of fossil fuel, saving costs, and improving the environment," concluded Mr. Smith.
About Lime Energy
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.
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FORWARD-LOOKING STATEMENTS
This news release 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," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," 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 the future to differ materially from those expressed in, or implied by, these forward- looking statements. These risks include that the USPS may not approve projects under the contracts described in this release or may only approve a limited number, that the contracts may not be renewed for their option periods and those risks referenced in Lime Energy's current Annual Report on Form 10-K and Quarterly Report on Form 10-Q or as may be described from time to time in Lime Energy's subsequent SEC filings; such factors are incorporated herein by reference.
CONTACT: Bristol Capital Ltd. Investor Relations Glen Akselrod (905) 326-1888 glen@bristolir.com