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."
About 1-800 NY Bulbs Ltd.
1-800 NY Bulbs, based in Mamaroneck, New York has received the distinction of Authorized Dealer and Distributor of GE Lighting Products, placing them at the forefront of the lighting industry. They are committed to providing premium lighting design, supply and service options to our clients. 1-800 NY Bulbs prides themselves on being a valued business partner, offering 24/7 maintenance support and unmatched customer service. Their energy-efficient lighting products are guaranteed to illuminate your professional space beautifully, all while saving your business valuable time and money. They also offer comprehensive lighting service and maintenance options including re-lamping, ballast replacement, and bucket truck services. From high-end retail to cathedrals and everything in between, 1-800 NY Bulbs is dedicated to providing the absolute best in commercial lighting products and services to our clients.
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 NY Bulbs (iii) Bulbs generating $5.0 million in revenue in 2013 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
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