Lime Energy Receives NASDAQ Extended Stay

  Lime Energy Receives NASDAQ Extended Stay

Business Wire

HUNTERSVILLE, N.C. -- January 30, 2013

Lime Energy Co. (NASDAQ: LIME) today announced that, by letter dated January
30, 2013, the NASDAQ Listing Qualifications Hearings Panel (the “Panel”) has
granted the Company’s request to extend the stay of suspension of trading in
the Company’s common stock pending completion of the hearing process and the
issuance of a final determination by the Panel regarding the Company’s request
for continued listing on NASDAQ.

The Company is working to complete the previously announced process to restate
its financial results for certain prior periods and become current in its
periodic report filings with the Securities and Exchange Commission. As
disclosed on January 14, 2013, the Company received a letter from NASDAQ
advising that because the Company remains noncompliant with the filing
requirements for continued listing under NASDAQ Listing Rule 5250(c)(1), the
Company’s common stock was subject to suspension. The Company exercised its
right to appeal this determination by requesting a hearing before the Panel.
The request for the hearing triggered a stay of the suspension for no more
than 15 days, pending consideration of the Company’s request for a further
extension. The latest action by the Panel extends that stay until a final
determination is made following the hearing. The Company will provide an
update regarding its continued listing status once a decision on the matter
has been issued by the Panel.

Cautionary Statement

This press release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act
of 1934. Forward-looking statements are subject to known and unknown risks and
uncertainties, many of which may be beyond our control. We caution you that
the forward-looking information presented in this press release is not a
guarantee of future events, and that actual events and results may differ
materially from those made in or suggested by the forward-looking information
contained in this press release. In addition, forward-looking statements
generally can be identified by the use of forward-looking terminology such as
“may,” “plan,” “ will,” “expect,” “intend,” “estimate,” “anticipate,”
“believe” or “continue” or the negative thereof or variations thereon or
similar terminology. A number of important factors could cause actual events
and results to differ materially from those contained in or implied by the
forward-looking statements, including, without limitation, how promptly we are
able to file our delinquent quarterly reports and complete our accounting
review of our financial statements for the years ended December 31, 2008,
2009, 2010 and 2011, and the quarter ended March 31, 2012 and the results of
that review , as well as other risk factors discussed in our Annual Report on
Form 10-K, filed on March 16, 2012 with the SEC, which can be found at the
SEC’s website www.sec.gov, each of which is specifically incorporated into
this press release. Any forward-looking information presented herein is made
only as of the date of this press, and we do not undertake any obligation to
update or revise any forward-looking information to reflect changes in
assumptions, the occurrence of unanticipated events, or otherwise.

Contact:

Lime Energy Co.
Investor Relations:
Ashley Conger, 704-892-4442
aconger@lime-energy.com