Energy Focus (EFOI) Announced New Efficient Lighting Retrofit Contracts Totaling $3.4 Million

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11:52:34 am on May 3, 2011

Shares of Energy Focus (EFOI) got an early bump yesterday on news the company recently landed $3.4 million in new contracts from school districts, county government and a Fortune 500 company.  EFOI is in the process of procuring the materials for the retrofits and overseeing the installations.

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Joseph Kaveski, CEO, Energy Focus, Inc. commented: "As I commented in our year end investor call, I am encouraged by the strong performance of our lighting solutions unit in 2010 and pleased to see that our first quarter contract timing issues are being resolved. These new contracts, which we’ve already begun to execute, are expected to contribute to a much stronger quarter over quarter result for the team in the second quarter of 2011."

As mentioned above, shares saw a boost in the early going yesterday, but by the end of the day gave most of it back.  Technically, EFOI is still weak having recently taken out a key level of support around the .90 level.  I’m still a fan of EFOI over the long haul, but now is not the time to be adding to a position.  I want to see it get back above .90 at the very least with good volume.  It’s going to take another news catalyst or two.

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