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
Merriman Curhan Ford & Co. acted as sole placement agent in this
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
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.
SOURCE Energy Focus, Inc.