NEW YORK, Nov. 14, 2014 (GLOBE NEWSWIRE) -- ForceField Energy Inc. ("ForceField" or the "Company") (Nasdaq:FNRG), a seller and distributor of energy products and solutions, today announced that it has now expanded its geographic reach to more than 20 states in the U.S. as a result of the acquisition of its American Lighting subsidiary ("ALD") and ESCO Energy Services ("ESCO") subsidiary. The Company also announced today that it has signed contracts with an aggregate estimated revenue potential in excess of $2.5 million to be completed over the next twelve (12) months.
With the inclusion of ALD and ESCO, over the past two years the Company has provided services and completed LED projects in 21 states across the U.S. and in Puerto Rico with additional sales and marketing initiatives being implemented to further expand its national footprint. As result of the Company's comprehensive LED and sustainable energy service capabilities and coordinated marking efforts, over the prior 30-day period the Company has signed contracts with estimated revenue potential of more than $2.5 million for services to be completed in the next twelve months. The contracts include both large national and regional companies in the hospitality, retail, healthcare, and real estate market segments including contracts with local and regional municipalities and public educations facilities.
Expanded Capabilities include:
- Experienced in-house installation teams in core markets
- Broad LED and energy efficiency product offering enabling tailored solutions for each client project
- Strong relationships with high-profile national energy services companies and major utilities
- Proprietary cloud-based proposal generation system and automated audit data and rebate processing capabilities
- Highly experienced utility incentive processing team
- Third party specialized installation team infrastructure across various states
Richard ST Julien, ForceField's Executive Chairman and President of its LED Division stated, "We are rapidly expanding our geographic reach and capabilities across North America. With the internal capabilities to design and install tailored energy efficiency solutions to a growing customer base, we believe we can continue to drive new revenue opportunities with Fortune 500 companies and small and medium size businesses, as well government agencies, municipalities and educational facilities. As one of the most experienced and diverse national players in the LED and energy efficiency services marketplace, we believe we have the products, solutions and resources to capitalize on significant revenue opportunities in this market over the next several years."
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) expansion of the Company's product offerings and services to additional states across the U.S., (v) generating additional revenues from the Company's expected national expansion program, (vi) completing the $2.5 million worth of projects in the next 12 months 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.