NEW YORK and LENOX, Mass., Nov. 5, 2014 (GLOBE NEWSWIRE) -- ForceField Energy Inc. ("ForceField" or the "Company") (Nasdaq:FNRG), a seller and distributor of energy products and solutions, today announced its ESCO Energy Services ("ESCO") subsidiary has been selected by the Connecticut Conference of Municipalities ("CCM") along with two other companies to implement its municipal Street Light LED Conversion Program. ESCO was the only New England-based LED lighting conversion service company of the three companies selected to participate in the CCM program. Under the five year service agreement, ESCO will work with CCM's 153 member-communities to implement this innovative, state-wide program; which, with full participation, is estimated to be valued between $75 and $90 million.
ESCO's comprehensive Municipal Street Light Conversion Program enables communities to cost-effectively purchase existing street lights which are currently owned by the local utility. It also enables them to fully manage their own street lighting operations and achieve significant energy, maintenance, and cost savings. The ESCO program delivers maximum, verified energy and operational savings while improving the quality of light and enhancing public safety through the use of state-of-the-art LED technology. ESCO's Municipal Street Light Conversion Program is typically structured with no initial capital outlay required thus generating immediate positive cash flow to the municipality.
"Mitchell Barack, President of ESCO commented, "The State of Connecticut has a total of 169 municipalities, of which 153 are members of Connecticut Conference of Municipalities. Approximately 5 percent of the municipalities currently own their streetlights, and to date no municipality has completed a total conversion to LED streetlights." Mr. Barack further stated, "We are in active discussions with five communities that wish to immediately implement a conversion to LED streetlights. Based upon the preliminary scope of work, we anticipate that these conversions will generate approximately $5 million in revenue. Additionally, we believe that ESCO, being the only regional company selected, could realize revenues in excess of $25 to $30 million over the duration of the agreement. We are extremely confident in our LED street light conversion program offerings and in our ability to service these communities. We will work diligently to maximize our participation in this innovative program opportunity."
Richard ST Julien, ForceField's Executive Chairman and President of its LED Division stated, "This is a tremendous milestone for ESCO and its employees and is indicative of why we were so bullish on ESCO's upside and the contribution they would bring to our business. ESCO is moving quickly to further expand its leadership position in the LED lighting conversion services business in New England. We look forward to supporting ESCO's continued rapid expansion within New England as well as leverage its capabilities in new geographies and new markets."
About Connecticut Conference of Municipalities (CCM)
The Connecticut Conference of Municipalities (CCM) is Connecticut's statewide association of towns and cities. CCM is an inclusionary organization that celebrates the commonalities between, and champions the interests of, urban, suburban and rural communities. CCM represents municipalities at the General Assembly, before the state executive branch and regulatory agencies, and in the courts. CCM provides member towns and cities with a wide array of other services, including management assistance, individualized inquiry service, assistance in municipal labor relations, technical assistance and training, policy development, research and analysis, publications, information programs, and service programs such as workers' compensation, liability-automobile-property insurance, risk management, and energy cost-containment. http://programs.ccm-ct.org/Plugs/streetlight-program.aspx
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
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 ForceField's LED objectives; (ii) unsuccessful installation and efficacy of the Company's LED lighting products; (iii) the ESCO transaction not being accretive to ForceField's earnings; (iv) failure of the ESCO municipal street light conversion program to generate expected revenue of $25-30 million in during the next five years (v) inability to improve ESCO growth rate and operating margins, (vi) failure by the expected number of CCM members to choose to participate in the CCM street light conversion program thus reducing the $75-90 million revenue potential, and (vii) 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.