NEW YORK and LENOX, Mass., Feb. 9, 2015 (GLOBE NEWSWIRE) -- ESCO Energy Services ("ESCO"), a wholly-owned subsidiary of ForceField Energy Inc. ("ForceField" or the "Company") (Nasdaq:FNRG), a seller and distributor of energy products and solutions, today announced its ESCO subsidiary has been designated as a Prime Certified Energy Efficiency Contractor by the State of Massachusetts Division of Capital Asset Management & Maintenance ("DCAMM"). As a Prime Energy Efficiency Contractor, ESCO can now serve as a lead bidder in undertaking larger (excess of $100,000) projects. In addition, ESCO will now have direct access to DCAMM's bid system with automatic notifications of impending opportunities. Prior to being designated as a Prime Contractor, ESCO had already contracted with DCAMM for more than $1.5 million in comprehensive energy savings solutions across a wide range of facilities.
DCAMM manages 5.5 million square feet of state buildings, with millions more expected to move under DCAMM management in the coming years. The agency is responsible for hundreds of millions in capital expenditures on construction projects each year. Of particular recent focus for DCAMM have been energy efficiency initiatives. Working with the State's major utilities such as National GRID and Northeast Utilities, DCAMM has undertaken millions of dollars in energy efficiency projects at state owned and leased facilities. These initiatives together with aggressive mandated utility supported incentive programs have contributed to the State's "number one ranking" in the nation for energy efficiency as reported in a study conducted by the American Council of an Energy Efficient Economy ("ACEEE") and the U.S. Department of Energy. To implement projects, DCAMM has turned to its well vetted certified contractors.
Mitch Barack, ESCO's President and CEO, stated, "We are honored to have the opportunity to work even closer with the state, major utilities, and diverse businesses to accelerate the implementation of energy projects across the Commonwealth of Massachusetts. The prime certified contractor designation provides ESCO with both direct and greater access to larger projects representing millions of dollars in potential revenue over the next several years."
ESCO has already been supporting DCAMM's efforts as an approved contractor with its participation in its Accelerated Energy Program which enables its approved and trusted energy efficiency companies to undertake projects under $100,000 without bid. To date, ESCO has contracted with DCAMM for $1.5 million in comprehensive energy savings solutions across a wide range of facilities. ESCO has also participated in DCAMM's outreach efforts in expanding working relationships with minority and women owned sub-contractors. In the past, ESCO has supported these projects as a sub-contractor, examples of which include Salem State College, Massachusetts College of Liberal Arts and Springfield Technical Community College campus wide lighting retrofit.
About ESCO Energy Services Company
ESCO Energy Services Company, Inc. is one of the longest-standing lighting retrofit companies in New England. As an industry pioneer, ESCO has an unparalleled track record of successfully completing state-of-the-art lighting conversions for federal, state, and municipal clients throughout the region and across North America. On a national level, ESCO is viewed as a company at the forefront of designing and delivering innovative LED street lighting and next-generation street light control solutions. Go to www.goesco.com or www.lightingretrofit.com
About ForceField Energy Inc.
ForceField Energy Inc. and its subsidiaries comprise a global company whose products and solutions focus on sustainable energy solutions and improved energy efficiency. ForceField is a distributor of LED and other lighting products for a number of premier LED lighting manufacturers; and through its award-winning subsidiaries, American Lighting and ESCO, have completed lighting installations and retrofits as well as energy efficiency upgrades, for numerous high profile concerns in a variety of industries. ForceField is also a licensee of modular, heat recovery systems that convert waste heat into clean electricity. www.forcefieldenergy.com
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "anticipates" or "anticipated," "believes," "estimated" or "estimates," "plan" or "planned," "expects" or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond ForceField's control that may cause actual results to differ materially from stated expectations. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include (i) failure to obtain adequate financing to achieve the Company's LED revenue targets and to support working capital needs; (ii) successful installation and efficacy of the Company's LED lighting products; (iii) expansion of the Company's product offerings and services to additional states across the U.S., (iv) generating additional revenue from the Company's expected national expansion program, (v) competition within the LED industry both domestically and internationally, (vi) efficacy of ESCO's streetlight product offering, (vii) generating millions of dollars of revenue as a result of achieving the designation of a Prime Certified Energy Efficiency Contractor, (viii) and other factors, without limitation, which are set forth in documents we file from time to time with the Securities and Exchange Commission, which are available at www.sec.gov. For a written description of these factors, see the section titled "Risk Factors" in the Company's Form 10-K for the fiscal year ended December 31, 2013 and any updating information in subsequent SEC filings. The Company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent events or otherwise, except as required by law.