NEW YORK, June 2, 2014 (GLOBE NEWSWIRE) -- ForceField Energy Inc. (Nasdaq:FNRG) ("ForceField" or the "Company"), a designer, seller and distributor of energy products and solutions, today announced that it has received a number of newly signed contracts aggregating approximately $2.0 million in the past five weeks for various LED and other lighting products. The newly announced contract wins include the activity of ForceField's recently acquired subsidiary American Lighting & Distribution ("American Lighting") since April 25, 2014. All of these projects are expected to be completed during the next ninety days.
The LED and other lighting orders span a variety of companies, industries and facility types for both internal and external lighting solutions. The fully committed contracts include:
United States
- numerous municipal buildings and a hospital in San Diego, California;
- a Fairmont Hotel as well as another high profile luxury hotel;
- an Olson Steel location;
- two auto dealerships;
- a Northrop Grumman location;
- a leading bakery chain location
Costa Rica
- a location for TICO Electronics, a major contract manufacturer for the high tech industry
- two university buildings,
- a location for a Fortune 1000 worldwide producer and distributor of fruit and vegetables
Richard St Julien, ForceField's Executive Chairman and President of LED Operations, said, "We have realized a significant increase in orders for our LED lighting products in recent weeks. Under the exceptional guidance of Neil Miller, the American Lighting management team has been a key driver of this positive momentum in our business. We have recently received orders from existing clients and gained new customers spread across numerous industries. We believe that this increased activity demonstrates the strength and diversity of our products and solutions both domestically and internationally, and reinforces our ongoing commitment to provide long-term value to our customers."
David Natan, ForceField's Chief Executive Officer, added, "Our acquisition of American Lighting was the first step of an aggressive acquisition strategy to opportunistically purchase LED and lighting companies that will be complementary to our vision and accretive to our earnings. We are seeing acceleration in the demand for our energy efficient lighting products and solutions. In an effort to capitalize upon and carry these opportunities, we will continue to strengthen our capabilities through increased internal resources, strategic partnerships and selective acquisitions."
Neil Miller, American Lighting's Chief Executive Officer, stated, "I am very pleased with the results of our first month of operations since we joined the ForceField family. Their view of the lighting marketplace aligns perfectly with our philosophies and mission. We look forward to experiencing significant growth as consumers become more aware of our capabilities and track record of providing the highest quality service and products that been the cornerstone of our reputation."
About ForceField Energy Inc.
ForceField Energy Inc. and its subsidiaries, collectively referred to as "ForceField", comprise a global company whose products and solutions focus on renewable and sustainable energy solutions and improved energy efficiency. ForceField is an exclusive distributor within the United States, Canada, Mexico, Latin America, Caribbean and parts of Europe of commercial and Industrial LED lighting products for Shanghai Lightsky Optoelectronics Technology Co., Ltd a premier LED manufacturer as well as other leading LED manufacturers. A light emitting diode (or "LED") is a semiconductor device that converts electricity into light. LED lights are considered green products due to the absence of any dangerous chemicals and their ability to significantly reduce energy consumption by 50% to 85% over traditional lighting products depending upon the application.
Additionally, ForceField is a distributor of smart electric meters for PowerOneData International, Inc., an international company that provides Advanced Metering Infrastructure (AMI) solutions and Automated Street Light Management (ASLM) systems. AMI solutions enable low-cost, real-time data capture in an effort to reduce transmission distribution losses, power generation expenses and operating costs.
ForceField is also licensee of modular, heat recovery systems that convert waste heat into clean electricity. Its patented technology is based upon the Organic Rankine Cycle (ORC) and uses proprietary, multiple-component fluids that are environmentally sound and applicable at broader temperature ranges than other energy recovery systems. These recovery systems increase both the economic and operating efficiency of a process, while significantly decreasing the amount of thermal and air pollution emitted into the environment.
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) achieving 2014 revenue guidance; (ii) the Company's ability to obtain adequate financing to achieve its LED objectives; (iii) the successful installation and efficacy of the Company's LED lighting products; (iv) successful integration of PLD's operations into ForceField; and (iv) 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. 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 event or otherwise, except as required by law.