ELK GROVE VILLAGE, Ill., June 22, 2010 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) announced that it has completed an energy efficiency upgrade at the newly redeveloped Wonderland of the Americas project in San Antonio, Texas. The new energy efficient lighting installation is projected to save $150,000 per year, and will be paid for in 36 months under the Lime Energy Extended Payment Plan where monthly utility bill savings exceed the installment payments. "This project will generate positive cash flow of about $4,000 per month, plus the lower operating expenses, increasing the property value by about $2 million," according to Stanley Rosenberg, whose partnership purchased the property in 2009. The staff at Lime Energy worked closely with CPS Energy in San Antonio to maximize the available rebates to reduce the initial cost, and then utilized the Company's extended payment plan to create a positive cash flow for the owner. "Lime has been all over the rebate situation and has advised us accordingly, and now they are helping us determine our eligibility for a federal tax deduction related to their work," said Mr. Rosenberg.
Lime Energy has designed and installed new lighting for interior common areas and the parking lot, including several applications of the latest LED technology for maximum savings of energy and maintenance costs because of the extended fixture lifetime. Energy savings are projected to be more than 1.2 million kWh per year, which is the equivalent of taking 138 cars permanently off the road. In addition to the projected $150,000 savings annually, this level of energy savings provides the following emissions reductions each year:
- 1.6 million fewer pounds of Carbon Dioxide
- the leading cause of Global Warming
- 6,200 fewer pounds of Sulfur Dioxide
- the leading cause of Acid Rain
- 3,900 fewer pounds of Oxides of Nitrogen
- the leading cause of Smog and Acid Precipitation
Originally built in 1961, the property was the first enclosed regional shopping center in San Antonio, Texas. Over the years, the outdated design and dark interiors had taken its toll, turning the property into a "dinosaur on life support," according to Rosenberg. "Now, the dinosaur is off life support and ready to be a roaring tiger. The lighting intensity has gone up tremendously and this produces a much better perception of the Mall," concluded Mr. Rosenberg. The revitalized Wonderland of the Americas will be a central family venue for shopping, entertainment and medical services.
"It has been a rewarding challenge to work on this project," said Brad Boyett, Regional VP of Lime Energy. "Seeing the transformation of this building and the new energy here is an inspiration, and we are excited to be able to provide the design and installation as well as the utility cost savings, rebate, and tax benefits for the Rosenberg Partnership."
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 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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About Wonderland of the Americas
Wonderland of the Americas, formerly Crossroads Mall, was originally built in 1961 and was the first enclosed Regional shopping center in San Antonio, Texas. Purchased by the Rosenberg Partnership in 2009, the Mall was rebranded as Wonderland of the Americas.
The revitalized Wonderland Mall of the Americas will be a central family venue for shopping, entertainment and medical services. It is conveniently located at Loop 410 and Interstate 10 in Northwest San Antonio, Texas. National retailers at Wonderland of the Americas include Santikos Bijou Theatre, Stein Mart, Burlington Coat Factory, Hobby Lobby, Jo-Ann Fabrics, Norris Conference Center and the adjacent, Super Target. For more information contact 210-785-3500.
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," "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.