August 21, 2008
Lime Energy Completes Energy Efficiency Projects for Jetro
ELK GROVE VILLAGE, Ill., Aug. 21 /PRNewswire-FirstCall/ -- Lime Energy today announced it recently completed the first of 13 energy efficiency retrofit projects for Jetro Cash and Carry, the restaurant supply firm. The first project in Jersey City, New Jersey is expected to save $43,000 per year from reduced energy costs and will pay for itself in 13 months. "The new lighting fixtures actually make the store brighter even though they use less energy," said Richard Kirschner, Chief Operating Officer of Jetro Cash and Carry/Restaurant Depot. In addition to the hard dollar savings, the permanent reduction of 334,745 kilowatt-hours per year in energy use provides the following environmental benefits each year:
-- 602,541 pounds of Carbon Dioxide -- The leading cause of Global Warming -- 7,659 pounds of sulfur dioxide -- The leading cause of Acid Rain -- 2,578 pounds of nitric dioxide -- The leading cause of Smog and Acid Precipitation -- 52 passenger cars removed from the road each year
In discussing the merits of energy retrofits in retail operations, "this project has a return on investment of nearly 100% in one year, which certainly meets our criteria," commented Kirschner. "Aside from the great financial return, Lime Energy performed all of the work in a 'turn-key' fashion so our staff did not really have to do anything. They even obtained the full $26,000 rebate from the New Jersey SmartStart program on our behalf. In the past, we worked on some projects in-house with our contract electricians, but found this process with Lime Energy to be a lot smoother."
"There is a substantial amount of money to be saved from reduced energy use these days because of the high rates," said Peter Claro, Vice President of Jetro/Restaurant Depot. "Next, we are going to ask Lime Energy to look at the refrigeration system for our freezers and solar energy for our rooftops, and we hope to find more cost-effective projects there."
"The next 12 contracts were granted to Lime Energy because of our outstanding performance on the first project all the way through from the sale to the installation," said Megan Kleven, Account Executive with Lime Energy in New York. "What's interesting is that our audit process turned up some opportunities that were overlooked previously, which adds another reason why the decision makers at Jetro are confident in turning to Lime Energy for advice. We are glad to find more ways to improve their bottom line and look forward to furthering our relationship."
About Jetro Cash and Carry/Restaurant Depot
In 1976, Jetro Cash and Carry founded its first warehouse in Brooklyn, NY. In 1996, Restaurant Depot began serving independent foodservice operators and is rapidly expanding across the US. The company offers its own Red and White private label along with top quality national and regional brands. Jetro offers its customers the FoodBase program which is designed to assist independent retailers in all facets of their business, helping them improve sales and profits.
About Lime Energy Co.
Lime Energy is a leading provider of energy efficiency solutions that enable our clients to reduce their energy-related expenditures and the impact of their energy use on the environment. Our clients include commercial and industrial businesses, property owners and managers and energy service companies serving government and educational institutions. Our core Energy Efficiency Services business provides energy engineering and consulting services as well as the development and implementation of energy efficiency lighting upgrade services, mechanical and electrical conservation services, water conservation services and renewable energy solutions. Through our Energy Technology business, we also offer a proprietary line of intelligent controllers that provide continuous management of HVAC and lighting equipment using wireless communication technology in order to reduce energy usage and improve system reliability. The company's stock is traded on NASDAQ under the symbol LIME. Additional information is available at the company's website at http://www.lime-energy.com/ or by calling 847-437-1666.
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 2008 and beyond to differ materially from those expressed in, or implied by, these forward- looking statements. These risks are referenced in Lime Energy's current Annual Report on form 10-K or as may be described from time to time in Lime Energy's subsequent SEC filings; and such factors as incorporated by reference.
Investor Relations Glen Akselrod, Bristol Capital Ltd. Telephone (905) 326-1888 E-mail: [email protected]
CONTACT: Investor Relations, Glen Akselrod of Bristol Capital Ltd.,+1-905-326-1888, [email protected], for Lime Energy
Web site: http://www.lime-energy.com/