NEW YORK, Oct. 17, 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 ForceField's American Lighting subsidiary ("ALD") has received a number of newly signed contracts aggregating approximately $500,000 for various LED lighting projects. The projects will be completed in 2014 and will include the latest in new LED technology for commercial buildings.
The projects include interior and exterior lighting applications at a variety of different customer locations throughout California. Many of the projects also include the latest in new sensor controls to ensure optimized energy savings for each customer. The fully committed contracts include LED projects for the following customers:
- MOR Furniture – Warehouse Lighting Project
- Olsen Steel – Exterior Lot Lighting Project
- Michael Steed Cadillac – Auto Dealership Lot Lighting
- Doubletree Hotel – Comprehensive Lighting Upgrade
- Nielsen & Associates – Office Lighting
- Wyndham Vacation Resort – Parking Garage Lighting Upgrade
- Jacobson Dow – Warehouse Lighting
- Vista Detention Facility – Exterior Lighting
- The Landing – Parking Garage Lighting
Richard ST Julien, ForceField's Executive Chairman and President of LED Operations, said, "LED project bid activity remains strong across our business with continued momentum in our ALD subsidiary. The additional $500,000 in new contract awards for ALD builds upon the significant recent contract wins with the San Diego Community College District for $1 million and ForceField's $1.35 million contract for Grupo Merza both in September. By ensuring we have the most advanced LED lighting products and solutions and by maintaining the highest quality service levels, we continue to see strong demand from a highly diverse customer base across multiple project types. As we continue expand our reach within our core markets and expand our marketing activities in new regions, we are confident we will see a further acceleration in our business activity in 2015."
Neil Miller, American Lighting's Chief Executive Officer, stated, "Since becoming a subsidiary of ForceField earlier this year, we have seen expanded opportunities for growth as evidenced by the continued project wins and increased bid activity. Our success in driving LED revenue growth year-to-date is a direct result of the expanded product and service capabilities, improved sales and marketing efforts, and increased internal resources afforded us by being part of ForceField Energy. Based on current bid activity, we are confident we will continue to build momentum and drive additional revenue growth for the remainder of 2014 and in 2015."
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 lighting products for a number of premier LED lighting manufacturers; and through its subsidiary American Lighting, is an award winning-contractor that has completed lighting installations 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. Its patented technology is based upon the Organic Rankine Cycle (ORC) and uses proprietary, multiple-component fluids that are environmentally sound.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forwardlooking. "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) achieving 2014 revenue and other financial 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) the Company's ability to successfully raise sufficient capital to effectuate the ESCO acquisition as well as for additional working capital; (v) closing the ESCO transaction before October 15, 2014, (vi) the ESCO transaction being accretive to ForceField's earnings; (vii) the Company will deliver strong revenue growth and profitability over the coming years, (viii) the enormous revenue potential for the cross licensing agreement with Noveda; (ix); American Lighting's expectation to complete the San Diego Community College District project before December 31, 2014, (x) obtaining financing to fulfill the Uruapan contract and that the Uruapan contract will generate $8.4 million dollars in revenue over a ten-year period, (xi) 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.