SOLON, Ohio, Aug. 2 /PRNewswire-FirstCall/ -- Energy Focus, Inc. (NASDAQ:EFOI), formerly Fiberstars, Inc. (NASDAQ:FBST), a global leader in energy efficient lighting, today announced the formation of two new business units; an EFO(R) Commercial Business Unit, to be led by Energy Focus chief operating officer, Eric Hilliard, and an EFO Government Business Unit to be led by chief technology officer, Roger Buelow. Both executives will act as the business units' general manager, with sales, engineering, marketing, operations and finance managers reporting directly into the unit.
The Commercial Business Unit will concentrate on EFO and EFO-ICE(TM) commercial sales, building on the early adoption already achieved in major retail chains. The new units will help the company streamline operations and address customer needs more quickly.
"The EFO concepts for commercial and government have grown to the point that we need to treat them as businesses," said John Davenport, CEO of Energy Focus. "Sales, marketing, engineering and operations have to act as one entity if we are to respond faithfully to the 'voice of the customer.'" "We've created a flat organization to respond decisively to the customer's desires and needs," continued Eric Hilliard, Energy Focus COO. "While continuing to invest time and effort in developing national accounts, the new organization will allow more commercial focus back into the distribution and manufacturer-representative networks in North America to help drive sales. In the coming months, we'll also launch our new EFO product center where contractors, reps, designers and specifiers will be able to see, feel and experience EFO." The Government Unit will provide ongoing R&D support for government projects; in particular for follow-on work to the groundbreaking R&D it performed as a member of the University of Delaware led Very High Efficiency Solar Consortium (VHESC). VHESC recently announced a major breakthrough in achieving solar cell efficiency of 42.8%, now the world record in solar cell efficiency. In addition to R&D, the new unit will develop, produce and sell products for the Navy as well as other government entities.
"Roger is the exactly the right person to lead the new unit and capitalize on the growth potential of the government side our business," added, Davenport. "Much of our EFO commercial technology was developed with government support to serve government needs under Roger's leadership. Roger will continue his role as CTO and we are confident in his ability to continue an aggressive technology transfer to the commercial side of the business." About Energy Focus, Inc.
Energy Focus, Inc.(NASDAQ:EFOI) is the leading supplier of fiber optic lighting and the world's only supplier of EFO(R), a lighting technology which is more efficient than conventional electric lamps. Energy Focus products are designed, manufactured and marketed for the commercial lighting, sign and swimming pool, and spa markets. Energy Focus fiber optic lighting provides energy savings, aesthetic, safety and maintenance cost benefits over conventional lighting. Customers include supermarket chains, retail stores, fast food restaurants, theme parks and casinos, hotels, swimming pool builders, spa manufacturers and many others. Company headquarters are located at 32000 Aurora Rd., Solon, OH 44139. The Company has additional offices in Pleasanton, CA, United Kingdom and Germany. For more information, see http://www.energyfocusinc.com/.
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 the goals and business outlook for 2007 and thereafter, future pool market sales, the expected growth of and percentage of the Company to be represented by EFO, expected product development and introductions, and expected overall sales growth and profitability, and expected benefits, revenues. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results predicted. Risk factors that could affect the Company's future include, but are not limited to, a slowing of the U.S. and world economy and its effects on Energy Focus' markets, failure to develop marketable products from new technologies, failure of EFO or other new products to meet performance expectations, unanticipated costs of integrating acquisitions into the Energy Focus operation, delays in manufacturing of products, increased competition, other adverse sales and distribution factors and greater than anticipated costs and/or warranty expenses. For more information about potential factors which could affect Energy Focus financial results, please refer to the Company's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2006, 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. DATASOURCE: Energy Focus, Inc.
CONTACT: Alanna Gino of Antenna Group, +1-415-977-1918, for Energy Focus Web site: http://www.energyfocusinc.com/
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