NEW YORK, April 17, 2015 (GLOBE NEWSWIRE) -- ForceField Energy Inc. ("ForceField") (Nasdaq:FNRG), a seller and distributor of energy products and solutions, today requested that a regulatory agency review the trading activity in its common stock subsequent to the issuance of a lengthy "opinion" published by MoxReports on April 15, 2015; in addition to any relationships, arrangements and commonalities between short sellers and others. The opinion was written by an individual investor, not a registered financial advisor, who has disclosed owning a short position in the Company's common stock. The Company maintains that the article contains material inaccuracies about its management, business and prospects.
Richard St. Julien, ForceField's Chairman stated, "We are not going to stand by and allow our Company, officers and directors, employees and shareholders to continue to suffer through what appears to be an orchestrated short selling attack based on misinformation. We intend to defend ourselves and pursue all possible remedies against the allegations asserted in the opinion. Further, we will provide our shareholders and investment community a business update in a release pre-market on Monday, April 20, 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 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. 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 the Company's LED revenue targets and to support working capital needs; (ii) successful installation and efficacy of the Company's LED lighting products; (iii) expansion of the Company's product offerings and services to additional states across the U.S., (iv) generating additional revenue and profitability from the Company's expected national expansion program, (v) competition within the LED industry both domestically and internationally, (vi) efficacy of ESCO's streetlight product offering, (vii) generating $25-30 million from the streetlight program over the next three to five years, (viii) realizing the potential operating and financial benefits of exiting the ORC waste heat segment and focusing on the LED market opportunity, and (ix) 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, 2014 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.
Source:ForceField Energy Inc.