SOLON, Ohio, Jan. 29, 2010 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (Nasdaq:EFOI), a leader in providing energy efficient lighting solutions, today announces it has received written notification from the NASDAQ Listing Qualifications Department that the previously announced issue of non-compliance with NASDAQ Global Markets listing requirements has been revoked based upon the Company’s recent stock performance.
Energy Focus’ stock has been maintaining the minimum bid price of $1.00 or more since January 12, 2010, therefore complying with NASDAQ Listing Rule 5450(a)(1), which states that the bid price of the Company’s common stock must close at or above $1.00 per share for a minimum of ten consecutive days.
“While the Company’s financial performance took a toll on the stock price in 2009, our shareholders and investors clearly see that our Stones River Companies, LLC (“SRC”) acquisition was the right thing to do,” said Joe Kaveski, CEO, Energy Focus Inc. “Energy Focus has traditionally been a product innovation company designing and manufacturing energy efficient lighting products that were leading in the Industry. The new Energy Focus together with SRC is a turnkey energy lighting solutions provider with clear channels into the market.”
Rob Wilson, VP of SRC, commented: ”We are very excited to be part of the Energy Focus family. Together we have a competitive advantage over other competitors in the lighting retrofit industry. I strongly believe that 2010 is just the beginning of an upward trend for our great companies.”
About Energy Focus, Inc.
Energy Focus, Inc. is a leading provider of turnkey energy efficient lighting solutions. These solutions provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our long-standing relationship with the U.S. Government includes numerous research and development projects for the DOE and DARPA, creating energy efficient LED lighting systems for the U.S. Navy fleet and the next generation Very High Efficiency Solar Cell. Customers include supermarket chains, the U.S. government, state and local governmental agencies, retail stores, museums, theme parks and casinos, hotels, swimming pool builders and many others. Company headquarters are located in Solon, OH, with additional offices in Nashville, TN, Pleasanton, CA, and the United Kingdom. For more information, see www.energyfocusinc.com.
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About Stones River Companies, LLC
SRC is a wholly owned subsidiary of Energy Focus, Inc., recently acquired from TLC Investments, LLC. As a lighting solution and design firm it provides services to both public and private sector clients focusing on the design and implementation of energy efficient lighting measures. SRC has been offering lighting retrofit projects in support of Energy Services Companies serving the public sector existing building market since 2002.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding our future business outlook, our products, our solutions, and our/or our work with leading customers including governmental agencies. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results predicted. For more information about potential factors that could affect Energy Focus financial results, please refer to the Company's SEC reports, including its Annual Reports on Form 10-K and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.