September 1, 2005

LightMasterPlus (Correction)

CORRECTION: ALP must retract a story about LightMasterPlus signing a ten-store deal with Wal-Mart, which intially ran on July 12, 2005. It turns out that Host America never had a contract or written agreement with Wal-Mart:

Host America placed its president and CEO, Geoffrey Ramsey, on administrative leave without pay pending the completion of an investigation. Chief Financial Officer David Murphy was appointed acting president and CEO starting yesterday, the company said. Ramsey also resigned as chairman and a member of the company's board.

The SEC suspended trading on Host America shares on July 22, when it started its ongoing formal investigation.

Always Low Prices relied on a press release from Host America, and I personally regret propagating the error.

The initial story run on ALP is uncorrected below:


This is why Wal-Mart is the low cost supplier:

Host America Corp... announced a deal with Wal-Mart to install its fluorescent lighting system into some of the retail giant's stores.

[T]he food service and energy management company said it will start surveying 10 Wal-Mart stores in the Southwest to prepare for installation of its LightMasterPlus lighting system. Host America expects "that the next phase will involve a significant number of stores...."

At a Wal-Mart store in Texas, where the product was tested for more than six months, energy savings of 19 percent were reported.

Here's the full press release. Here's a pretty 1 page PDF summary.

Posted by Kevin at 10:31 AM