NEW YORK, Dec. 6, 2013 (GLOBE NEWSWIRE) -- ForceField Energy Inc. ("ForceField") (Nasdaq:FNRG), an international manufacturer, seller and distributor of energy products and solutions, announced today it was awarded a contract with the Comptroller General's Office of the Republic of Costa Rica, which oversees the use of public funds to improve the management of public finances, to supply and install its SL3 LED street lights in the government agency's parking facility. In addition, the Company announced it has formed a strategic alliance with the University of Costa Rica ("UCR") to support a demonstration project to study the health benefits of LED lighting on professors and university employees as well as the impact on academic grades of attending students.
The contract with the Comptroller General of the Republic was based on a competitive bidding process. The project includes the purchase and installation of twenty-five 100W SL3 LED street lights in the parking facility of the government agency. The Company's SL3 lights are CSA certified and have also received certification from the Laboratory of Efficiency of Costa Rica, a division of the Instituto Costarricense de Electricidad (ICE).
The strategic alliance formed with the University of Costa Rica to support its demonstration project has already commenced and includes the collaboration and support of the Costa Rica Institute of Technology (TEC). The Company's LED tubes and panels are replacing existing fluorescent tubes installed in three academic buildings at the university. The UCR is currently undertaking various energy saving initiatives and LED is expected to have a major impact on the university's plans.
Richard St-Julien, ForceField Energy's Chairman commented, "Both agreements demonstrate the competitive strengths of our products and our ability to provide the level of service and speed of execution required by premier clients. The Comptroller General of the Republic of Costa Rica and the University of Costa Rica are both highly regarded and respected for their focus on the quality of the products and services they procure and entities they choose as partners. We believe this further validates the excellence of our organization. Having already made significant inroads in Central America with more than $40 million dollars in letters of intent outstanding in Costa Rica alone, we remain confident that these new relationships will further accelerate our penetration into the region."
Mr. Alberto Murillo Herrera, UCR's Vice Dean commented, "In addition to reduced energy consumption and improved operating efficiency from LED lighting, we believe that there are inherent health and well-being benefits that are extremely valuable and merit further exploration within our academic setting. We chose ForceField due to the strength of their products and their willingness to work closely with us on this campus-based study and their ability to further implement an efficient LED retrofit across the University."
About the Comptroller General of the Republic
The Comptroller General of the Republic is the constitutional body, the assistant of the Comptroller General of the Republic Legislative Assembly, which oversees the use of public funds to improve the management of public finances of every government body and agency of the Country.
About the University of Costa Rica (UCR)
The University of Costa Rica is a public university in the Republic of Costa Rica, in Central America. Its' main campus, "Rodrigo Facio", is located in San Pedro Montes de Oca, in the adjoining city to San José. It is the oldest, largest, and most prestigious institution of higher learning in Costa Rica. It is also the most important research university in the country, and Central America. Approximately 39,000 students attend UCR throughout the year.
About ForceField Energy, Inc.
ForceField Energy is a global company whose products and solutions focus on renewable energy and improved energy efficiency. ForceField is the exclusive distributor in the U.S., Canada, Mexico, Latin America, and the Caribbean of Light Emitting Diode ("LED") commercial lighting products and fixtures for a premier LED manufacturer, Lightsky. An LED is a semiconductor device which converts electricity into light. The LED light is considered "green" because of the absence of dangerous chemicals and an accompanying significant reduction in energy consumption depending on the application, from 50% to 70% of traditional lighting products.
ForceField's subsidiary, TransPacific Energy Inc. ("TPE") has patented a technology which uses proprietary multiple component fluids that are environmentally sound, non-toxic and non-flammable. Custom formulated mixtures efficiently capture and convert heat directly from the heat source at temperatures ranging from 75° F to 950° F. TPE's technology offers applications at broader temperature ranges than other energy recovery systems. TPE's systems in certain applications reduce operating and maintenance costs thereby significantly improving return on capital expenditures thus making the purchase of waste heat recovery systems which previously yielded nominal savings, economically viable.
ForceField is a distributor for PowerOneData International, Inc. a company that provides Advanced Metering Infrastructure and ASLM solutions to the international energy markets, reducing energy resource consumption and its negative impact on the environment and public health ForceField is also a significant manufacturer and distributor of trichlorosilane ("TCS") in China. TCS is a specialty chemical primarily used in the production of polysilicon, which is an essential raw material in the production of solar cells for PV panels that convert sunlight to electricity. TCS is considered to be the first product in the solar PV value chain before polysilicon, and is also the principal source of ultrapure silicon in the semiconductor industry. For additional information regarding ForceField Energy Inc. or its' affiliate companies please visit the company's website at 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," "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 the company'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) the Company's ability to generate significant revenues and profits from its waste heat technology and LED lighting segments, (ii) the Company's ability to obtain adequate financing to achieve its LED and waste heat technology business plan (iii) the successful installation and efficacy of the Company's LED lighting products (iv) a decision by the University of Costa Rica or the Republic of Costa Rica to order additional LED lights from the Company (v) other factors without limitation which are detailed in documents we file from time to time with the Securities and Exchange Commission, which are available at www.sec.gov.