NEW YORK, NY -- (Marketwired) -- 07/16/13 -- ForceField Energy Inc. ("ForceField") (OTCQB: FNRG), an international manufacturer, seller and distributor of energy products and solutions, today announced it signed a Letter of Intent ("LOI") with Empresa de Servicios Públicos de Heredia ("ESPH"), a utility company based in Heredia, Costa Rica, for the installation of 19,000 of its LED streetlights to replace existing lighting in ESPH's territory. The project is estimated to generate more than $21 million in revenue for ForceField over the ten-year term of the agreement based upon a shared savings model.
Under the terms of the agreement, ForceField will provide and install its Model SL3 streetlight series in various wattages and arrange for the removal and disposal of the utility's existing streetlights. ESPH will provide ForceField with a pre-determined percentage of the value of energy and maintenance savings generated by the LED retrofit project over a 10-year period. The commencement of the project is subject to the execution of a definitive agreement between the parties and financing to be secured by ForceField to purchase the 19,000 LED streetlights; both of which are expected to be completed on or before September 30, 2013. ForceField will receive support and collaboration for the financing from ESPH.
Richard St-Julien, ForceField Energy's Chairman, commented, "We are honored to be selected for this project by ESPH, which is the first of its kind in Costa Rica. This project will yield significant benefits for the residents and businesses throughout Heredia, as well as important energy savings and a reduction in the level of carbon dioxide emissions. The shared savings model is an innovative solution we have designed to meet our client needs and generate significant revenue for ForceField; and is indicative of our business model to deploy our cost efficient, environmentally friendly energy products and solutions around the world."
About Empresa de Servicios Públicos de Heredia ("ESPH")
ESPH was created in 1976 to manage the utilities of a Province in Costa Rica. It handles the electric and water services as well as public lighting and sewage services for all 433,000 inhabitants of the Province. In the mid 1990's it was transformed into a hybrid corporation-a private corporation that manages public funds and assets.
About ForceField Energy, Inc.
ForceField Energy is a global company whose products and solutions focus on renewable energy and improved energy efficiency. ForceField's subsidiary, TransPacific Energy Inc. ("TPE") has patented a technology which uses proprietary multiple component fluids that are environmentally sound, non-toxic and non-flammable. Custom formulated mixtures efficiently capture and convert heat directly from the heat source at temperatures ranging from 75 degrees F to 950 degrees F. TPE's technology offers applications at broader temperature ranges than other energy recovery systems. TPE's systems in certain applications reduce operating and maintenance costs thereby significantly improving return on capital expenditures thus making the purchase of waste heat recovery systems which previously yielded nominal savings, economically viable. ForceField is the exclusive distributor in the U.S., Canada, Mexico, Latin America, and the Caribbean of Light Emitting Diode ("LED") commercial lighting products and fixtures for a premier LED manufacturer, Lightsky. An LED is a semiconductor device which converts electricity into light. The LED light is considered "green" because of the absence of dangerous chemicals and an accompanying significant reduction in energy consumption depending on the application, from 50% to 70% of traditional lighting products.
ForceField is a distributor for PowerOneData International, Inc. a company that provides Advanced Metering Infrastructure and ASLM solutions to the international energy markets, reducing energy resource consumption and its negative impact on the environment and public health. ForceField is also a significant manufacturer and distributor of trichlorosilane ("TCS") in China. TCS is a specialty chemical primarily used in the production of polysilicon, which is an essential raw material in the production of solar cells for PV panels that convert sunlight to electricity. TCS is considered to be the first product in the solar PV value chain before polysilicon, and is also the principal source of ultrapure silicon in the semiconductor industry. For additional information regarding ForceField Energy Inc. or Transpacific Energy, Inc., please visit the companies' websites at www.forcefieldenergy.com, www.transpacenergy.com, www.lightsky-led.com or contact Richard St-Julien at (212) 672-1786.
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," "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 the company'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) the Company's ability to generate significant revenues from its waste heat technology and LED lighting segments, (ii) the Company's ability to obtain adequate financing to purchase 19,000 streetlights from its supplier, (iii) completion of the definitive agreement with ESPH, (iv) the Company's ability to enter into other LED retrofit projects worldwide, (v) and other factors without limitation which are detailed in documents we file from time to time with the Securities and Exchange Commission, which are available at www.sec.gov.
ProActive Capital Resources Group, LLC
Most Popular Stories
- Obama Plugs ACA on Zach Galifianakis Show
- Rand Paul Takes Pot Shot at Ted Cruz
- Senate Dems Pull All-Nighter on Global Warming
- Why New Workers Can't Get Ahead
- Dianne Feinstein Accuses CIA of Spying on Congress
- 'The Bachelor' Juan Pablo Picks His Love
- Snowden Urges Silicon Valley to Resist Internet Spying
- FBI Helping Ukraine Recover Stolen Billions
- Miley Cyrus Performs in Undies After Costume Goes Missing
- Software Writers Sought in Indiana