NEW YORK, Sept. 29, 2014 (GLOBE NEWSWIRE) -- ForceField Energy Inc. ("ForceField") (Nasdaq:FNRG), a designer, seller and distributor of energy products and solutions announced the signing by its award-winning wholly owned subsidiary American Lighting, an LED lighting retrofit contract for the supply and installation of LED lighting products and solutions for the San Diego Community College District to retrofit six different campus locations as well as their Administration Building. The contract has an estimated value of $1.0 million and is expected to be completed by December 31, 2014.
Under the terms of the agreement, American Lighting will supply interior and exterior LED lighting products and solutions as part of a full range of utility services and energy related capital improvement projects being implemented for and to the San Diego Community College District under their Proposition 39 allocation(s).
The California Clean Energy Jobs Act (Prop. 39) allocates projected revenue to California's General Fund and the Clean Energy Job Creation Fund for five fiscal years, beginning with fiscal year 2013-14. Prop 39 allocates revenue to local education agencies to support energy efficiency and alternative energy projects, along with related improvements and repairs that contribute to reduced operating costs and improved health and safety conditions in public schools. Under the initiative, roughly up to $550 million annually is available for appropriation by the Legislature for eligible projects to improve energy efficiency and expand clean energy generation in schools and eligible local educational. http://energy.ca.gov/efficiency/proposition39/index.html or http://www.cde.ca.gov/ls/fa/ce/
"American Lighting's strong reputation for providing the highest quality LED lighting products and solutions across diverse customer and facility types, makes them an ideal partner for this project," stated Richard ST Julien ForceField's Executive Chairman and President of its LED Division. "As we leverage the strength of American Lighting and the breadth of our capabilities across the company, we are confident we can drive additional opportunities in North America which we believe will deliver strong revenue growth and profitably over the coming years."
"We are proud to have been selected to support the implementation of this multi-location energy improvement project for the San Diego Community College District," stated Neil Miller, American Lighting's CEO. "This is one of many potential projects which are being driven by Prop 39, a forward thinking initiative by the State of California to support energy efficiency and alternative energy projects in schools and local educational agencies throughout the state. We believe there will be many additional projects we can participate in as a result of this initiative."
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.
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) 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) successful integration of ALD's operations into ForceField; (v) the Company's ability to successfully raise sufficient capital to effectuate the ESCO acquisition as well as for additional working capital; (vi) closing the ESCO transaction on or before October 15, 2014, (vii) the ESCO transaction being accretive to ForceField's earnings; (viii) the Company will deliver strong revenue growth and profitably over the coming years, (ix) the enormous revenue potential for the cross licensing agreement with Noveda; (x) obtaining additional orders from Sharp Hospital Group (xi); American Lighting's expectation to complete the San Diego Community College District project before December 31, 2014 and (xii) 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.
CONTACT: ForceField Energy Inc. Richard ST Julien (212) 672-1786 www.forcefieldenergy.com
Source:ForceField Energy Inc