NEW YORK, NY -- (Marketwired) -- 04/25/13 -- ForceField Energy Inc. ("ForceField") (OTCQB: FNRG), an international manufacturer, seller and distributor of energy products and solutions, today announced the signing of a letter of intent to acquire a 60 percent interest in 1-800 NY Bulbs Ltd, a Mamaroneck, New York based company with over 25 years' experience and a strong reputation for providing premium lighting design, supply and logistics and installation service options to a variety of clients and high profile enterprises.
Randall Satin, President of 1-800 NY Bulbs commented, "We are excited to join ForceField at a significant inflection point for potentially unprecedented growth for both the Company and the industry. The combination of ForceField's cost effective and energy efficient LED products, solutions and financing packages combined with Bulbs' 25 year history in lighting design, supply and services will provide a unique, turn-key solution for current and future customers. We are looking forward to quickly expanding our reach and realizing opportunities for growth and profitability."
1-800 NY Bulbs has received the distinction of Authorized Dealer and Distributor of GE Lighting Products, placing them at the forefront of the lighting industry. The acquisition of majority ownership in Bulbs is expected to close in the late in second quarter, or early third quarter of 2013. 1-800 NY Bulbs has over 8,000 commercial client accounts developed over the past two decades. They have significant market share in lighting supply, service and consulting with ultra-premium and national retailer; and are projecting $5.0 million in revenue during 2013. The closing of the transaction is subject to financing and customary closing conditions.
David Natan, ForceField's Chief Executive Officer, commented "1-800 NY Bulbs provides us with a unique opportunity to add a profitable, growing multi-million dollar enterprise to ForceField while simultaneously adding efficient and quality driven installation and logistics services to support the growing demand for our products and services. With ForceField's growing roster of leading distributors across industries and regions, and more than $40 million in active project bids being evaluated by customers, adding 1-800 NY Bulbs ensures we have the resources and capabilities in place to meet this anticipated demand."
Mr. Natan further stated, "With unparalleled customer service, 1-800 NY Bulbs has worked with a premier roster of clients with highly diverse needs and requirements including high end retailers and other leading companies. We are truly fortunate to be able to add Randall Satin and Larry Merson, two of the finest and most experienced LED executives in the country, to our management team. In addition to the invaluable strategic experience and vision that that has made them so successful, 1-800 NY Bulbs will provide us with the ability to offer comprehensive lighting service and maintenance options anywhere in the United States as well as access to an experienced maintenance team for our clients within 24 hours. Based on our initial success working with 1-800 NY Bulbs, we are confident this acquisition will help propel our growth over the coming years."
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