Limited Brands, Inc. Bath & Body Works Installs Energy Focus, Inc. Lighting Systems and Energy Focus, Inc. Announces $10 Million
14 März 2008 - 2:27PM
PR Newswire (US)
SOLON, Ohio, March 14 /PRNewswire-FirstCall/ -- Energy Focus, Inc.
(NASDAQ:EFOI), the global leader in energy-efficient lighting
technologies, announced today that Bath & Body Works, a
subsidiary of Limited Brands, Inc., has installed Energy Focus,
Inc.'s EFO(R)-LED Light Bar systems in a number of locations. The
system has been approved for retrofits for stores using fluorescent
shelf-lighting. With more than 1,600 stores nationwide, Bath &
Body Works describes itself as a "21st-century apothecary" and is
one of the nation's leading bath product chains. "The EFO-LED Light
Bar system offers bright light while emitting no heat or UV, making
it the perfect solution for highlighting Bath & Body Work's
soaps, cremes, and other personal care products," said John
Davenport, president and CEO of Energy Focus, Inc. "With our
EFO-LED Light Bars, Bath & Body Works can attractively display
their products while saving energy over conventional fluorescent
systems." The Energy Focus EFO(R)-LED Light Bar system is designed
specifically for the needs of retail display cases. The system
offers customers bright, pure light without concern for heat, UV
fading, or electrical hazard while saving energy over traditional
lighting systems. EFO(R) systems are currently used by jewelry
stores, department stores, and other retailers. Energy Focus, Inc.
today also announced that it has received a commitment for $10
million of new investment in the Company. The capital will be used
to fund ongoing operations, including working capital for its
EFO(R) systems and future R&D. The transaction is expected to
close on March 14, 2008. The investment was made by several current
Energy Focus investors, with the largest share being made by The
Quercus Trust, Costa Mesa, California. The investors agreed to an
at-market purchase of approximately 3.1 million units for $3.205
per unit, based on the closing bid price of Energy Focus common
shares on March 13, 2008 of $3.08. Each unit comprises one share of
the Company's common stock, par value $0.0001 per share, and one
warrant to purchase one share of the Company's common stock at an
exercise price of $3.08 per share. The warrants are immediately
separable from the units and immediately exercisable, and will
expire five years after the date of their issuance. Merriman Curhan
Ford & Co. acted as sole placement agent in this transaction.
About Energy Focus Energy Focus designs, develops, manufactures and
markets fiber optic lighting systems for wide-ranging uses in both
the general commercial and the pool and spa lighting markets.
Energy Focus's EFO(R) system, introduced in 2004, offers energy
savings, heat dissipation and maintenance cost benefits over
conventional lighting for multiple applications. The Company's
headquarters are located at 32000 Aurora Road, Solon, Ohio. The
Company has additional offices in California, England and Germany.
Telephone: 440-715-1300. Web site: http://www.energyfocusinc.com/.
Safe Harbor Statements under the Private Securities Litigation
Reform Act of 1995: Material contained in this press release may
include statements that are not historical facts and are considered
"forward-looking" within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
reflect Energy Focus's current views about future events and
financial performances. These forward-looking statements are
identified by the use of terms and phrases such as "believe,"
"expect," "plan," "anticipate," and similar expressions identifying
forward-looking statements. Investors should not rely on
forward-looking statements because they are subject to a variety of
risks, uncertainties, and other factors that could cause actual
results to differ materially from the Company's expectation. These
factors include: a history of losses and anticipated continued
losses from operations; a possible need to raise additional capital
or other financing; any weakness in general economic conditions or
conditions in target markets; intense competition from companies
with greater financial resources; reliance on a small number of
third-party suppliers; reliance on limited production facilities;
reliance on a small number of third-party operators;
creditworthiness of customers; possible loss of government funding
for research; reliance on overseas manufacturers and assemblers,
subject to various political and social conditions, and the
financial strength of the companies where the Company does business
overseas; any failure to protect intellectual property; retaining
key executives and employees and the possible need in the future to
hire and retain key executives and employees; and the historical
volatility of the Company's stock price. These factors are
elaborated upon and other factors may be disclosed from time to
time in Energy Focus's filings with the Securities and Exchange
Commission. Energy Focus, Inc. expressly does not undertake any
duty to update forward-looking statements. Additional Note This
press release does not and shall not constitute an offer to sell or
the solicitation of an offer to buy any of the securities.
DATASOURCE: Energy Focus, Inc. CONTACT: Public Relations Office of
Energy Focus, Inc., +1-440-715-1295, Web site:
http://www.energyfocusinc.com/
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