ELK GROVE VILLAGE, Ill., Jan. 5, 2010 (GLOBE NEWSWIRE) -- Lime Energy (Nasdaq:LIME) announced today it has received three contracts from the United States Postal Service (USPS) that give the company the opportunity to develop and implement energy efficiency projects for USPS facilities on the east coast. Lime Energy will investigate energy efficiency projects at postal facilities in seven designated regions that include Southern New Jersey and Delaware, Philadelphia, District Columbia, Eastern Maryland, Eastern Shore of Maryland and Virginia, Northern Virginia, Greater Virginia, North Carolina and South Carolina. The contracts provide a fast-track efficient method for design and execution of more than 1,800 pre-determined items related to energy efficiency. Upon approval from the USPS, Lime will perform surveys, develop energy solutions, and install new energy efficient lighting and mechanical equipment.
"Given our past experience with the number of buildings in these regions, and our history of USPS approving our proposals, we look forward to identifying the energy savings potential and installing new equipment that saves energy and utility costs," said Jim Smith, President of Public Sector and Regional Construction at Lime Energy (formerly Applied Energy Management, a subsidiary of Lime Energy). The maximum work to be performed under the three contracts is $28.5 million, accounting for the potential of four one-year renewals under each contract. There is no minimum purchase requirement under any of these contracts.
"The US Postal Service has thousands of facilities all over the country and we salute their dedication to making these buildings energy efficient," said John O'Rourke, COO of Lime Energy. "Over the past six years, we have completed approximately $30 million in work for the Postal Service and we are very excited to begin this new phase continuing our tradition of exceptional design build performance."
About Lime Energy
Lime Energy is a leading provider of integrated energy engineering, consulting and implementation solutions. We specialize in improving the energy efficiency of our clients' facilities, reducing their operating costs, energy use, and carbon emissions. We focus on two specific markets: the commercial and industrial market including utilities, and the public sector market. Our work includes the engineering, design and implementation of energy efficient lighting, mechanical and electrical upgrades, water conservation, weatherization and development and implementation of renewable energy. The company's stock is traded on NASDAQ under the symbol LIME. Additional information is available at the company's website 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.