ELK GROVE VILLAGE, Ill., June 23, 2009 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) announced today that it has completed energy efficiency retrofit projects at the first 43 out of a total 286 centers owned by AMF in the U.S. and Puerto Rico. Work began on April 20 and is expected to be completed this fall.
In order to reduce operating costs and improve the bottom line at its centers, AMF has contracted with Lime Energy to convert existing light fixtures over the lanes and customer area to new-generation fluorescent lighting. The project will be implemented through Lime Energy offices around the U.S. "The new lights require about one-half the energy and will not need to be changed for at least three years, which also saves maintenance costs. As we complete the lighting work, we are seeing other opportunities to save energy in a bowling center, so there are definitely more cost-efficient steps to take," said Burke Ewers, Vice President of Sales at Lime Energy.
Under the lighting contract, AMF is projected to save about $3 million per year in utility costs with an overall payback of less than two years for their entire portfolio. According to Merrell Wreden, Vice President of Marketing at AMF, "Energy efficiency is an important project because of the utility bill savings that we can enjoy now and well into the future. We see this as a win for the environment because of the energy savings, a win for our customers because we are improving our facilities, and a win for us because we lower our operating costs."
About AMF
AMF Bowling Centers, Inc. is the world's largest owner and operator of bowling centers. Since the introduction of the automated pinspotter in 1946, AMF has been a leader in the bowling industry.
About Lime Energy Co.
Lime Energy is a leading provider of energy efficiency and renewable energy design/build solutions. The Company performs energy efficiency engineering and consulting as well as the development and implementation of energy efficient lighting, HVAC, water, weatherization, and renewable energy solutions. Lime Energy's clients include commercial and industrial businesses, building owners, property management companies as well as federal, state and local government agencies through energy service company (ESCO) partners. 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 2008 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks are referenced in Lime Energy's current Annual Report on form 10-K or as may be described from time to time in Lime Energy's subsequent SEC filings; and such factors as incorporated by reference.