Energy Focus Announces New $5 Million Revolving Credit Facility
11 Dezembro 2018 - 9:19PM
Energy Focus, Inc. (NASDAQ:EFOI), a leader in advanced LED retrofit
technologies, announced today that it has entered into a $5 million
revolving Credit Facility with Austin Financial Services.
Borrowings under the Credit Facility are limited to a borrowing
base requirement based on 85% of eligible receivables, plus
available inventory (to a maximum $500 thousand for the inventory
portion). The Credit Facility is a three-year agreement, secured by
a lien on domestic assets, expiring on December 31, 2021, unless
terminated sooner. More details regarding the Credit Facility are
available in the Company’s Form 8-K filed today.
“Our new Credit Facility provides us with greater financial
flexibility to fund our operations and to support our turnaround
objectives,” said Jerry Turin, Chief Financial Officer, Energy
Focus, Inc.
About Energy Focus
Energy Focus is an industry-leading innovator of
energy-efficient LED lighting technology. As the creator of the
first UL-verified flicker-free LED products, Energy Focus’ products
provide extensive energy and maintenance savings, as well as
safety, health and productivity benefits over conventional
lighting. Our customers serve the commercial, industrial,
healthcare, education and military markets.
Energy Focus is headquartered in Solon, Ohio. For more
information, visit our website at www.energyfocus.com.
About Austin Financial Services
Headquartered in Los Angeles, California and with a nationwide
lending focus, Austin Financial Services (AFS) is a privately held
middle-market lender who has been providing alternative funding in
the form of fast and flexible lines of credit to small- and
medium-sized businesses for over 37 years. AFS specializes in asset
based lending solutions which include revolving lines of credit and
term loans secured by accounts receivable, inventory, and equipment
for businesses in a growth or turnaround mode with revenues from $5
million to $120 million and borrowing needs up to $12 million.
Forward Looking Statements:
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Generally, these statements can be identified
by the use of words such as “believes,” “estimates,” “anticipates,”
“expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,”
“should,” “could,” “would” and similar expressions intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements include all matters that are not
historical facts and include statements regarding our current
expectations concerning, among other things, our results of
operations, financial condition, liquidity, prospects, growth,
strategies, capital expenditures and the industry in which we
operate. By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Although we
base these forward-looking statements on assumptions that we
believe are reasonable when made, we caution you that
forward-looking statements are not guarantees of future performance
and that our actual results of operations, financial condition and
liquidity, and industry developments may differ materially from
statements made in or suggested by the forward-looking statements
contained in this release. We believe that important factors that
could cause our actual results to differ materially from
forward-looking statements include, but are not limited to: (i) our
history of operating losses and our ability to effectively
implement cost-cutting measures and generate sufficient cash from
operations or receive sufficient financing, on acceptable terms, to
continue our operations; (ii) our reliance on a limited number of
customers, in particular our historical sales of products for the
U.S. Navy, for a significant portion of our revenue, and our
ability to maintain or grow such sales levels; (iii) the entrance
of new competitors in our target markets; (iv) general economic
conditions in the United States and in other markets in which we
sell our products; (v) our ability to implement and manage our
growth plans to diversify our customer base, increase sales, and
control expenses; (vi) our ability to increase demand in our
targeted markets and to manage sales cycles that are difficult to
predict and may span several quarters; (vii) the timing of large
customer orders and significant expenses, and fluctuations between
demand and capacity, as we invest in growth opportunities; (viii)
our dependence on military maritime customers and on the levels of
government funding available to such customers, as well as funding
resources of our other customers in the public sector and
commercial markets; (ix) market acceptance of LED lighting
technology; (x) our ability to respond to new lighting technologies
and market trends, and fulfill our warranty obligations with safe
and reliable products; (xi) any delays we may encounter in making
new products available or fulfilling customer specifications; (xii)
our ability to compete effectively against companies with greater
resources, lower cost structures, or more rapid development
efforts; (xiii) our ability to protect our intellectual property
rights and other confidential information, and manage infringement
claims by others; (xiv) the impact of any type of legal inquiry,
claim, or dispute; (xv) our reliance on a limited number of
third-party suppliers, our ability to obtain critical components
and finished products from such suppliers on acceptable terms, and
the impact of our fluctuating demand on the stability of such
suppliers; (xvi) our ability to timely and efficiently transport
products from our third-party suppliers to our facility by ocean
marine channels; (xvii) our ability to successfully scale our
network of sales representatives, agents, and distributors to match
the sales reach of larger, established competitors; (xviii) any
flaws or defects in our products or in the manner in which they are
used or installed; (xix) our compliance with government contracting
laws and regulations, through both direct and indirect sale
channels, as well as other laws, such as those relating to the
environment and health and safety; (xx) risks inherent in
international markets, such as economic and political uncertainty,
changing regulatory and tax requirements, currency fluctuations and
potential tariffs and other barriers to international trade; (xxi)
our ability to attract and retain qualified personnel, and to do so
in a timely manner; and (xxii) our ability to maintain effective
internal controls and otherwise comply with our obligations as a
public company and under Nasdaq listing standards.
Investor Contact:
Jim FanucchiDarrow Associates, Inc.(408)
404-5400ir@energyfocus.com
Energy Focus (NASDAQ:EFOI)
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