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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ForceField Energy Inc (CE) | USOTC:FNRG | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
(a) The Company has raised $2,597,550 in net cash proceeds for the period January 1, 2015 –April 10, 2015 from the sale of restricted common shares and from the exercise of stock warrants. Additionally an accredited investor who had loaned the Company $1.0 million during the fourth quarter of 2014, agreed to convert his loan into 181,818 shares of restricted common stock and into an equal number of stock warrants in full satisfaction of the loan.
(b) As of April 10, 2015 the Company had approximately $2.9 million in backlog, approximately $1.5 million in signed letters of intent for streetlight projects for three municipalities in Connecticut and one in Massachusetts; as well as 500 active bids for LED lighting projects amounting to approximately $70.0 million. Additionally and not included in the $70.0 million total, is one discrete bid for $22.0 million in Latin America.
(c) The Company made two acquisitions in 2014 of award-winning LED lighting and installation companies, each with a twenty-year track record of servicing high profile clients including numerous Fortune 500 companies and other large concerns. At the time of acquisition, these companies had combined proforma revenue of approximately $17 million, if they had both been acquired for a full year.
(d) Less than 1% of the Company's sales in 2014 came from outside of the United States.
The Company has consistently and accurately disclosed all material information related to its business operations and future opportunities in timely manner, and has provided clarity as to status of bids, Letters of Intent, material projects and contracts, as well the execution and financing risks associated with each and is fully committed to the highest standard of corporate governance as well as transparency and fair and timely disclosure in full compliance with SEC regulations.
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
Forward-Looking Statements
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 dollars 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.
CONTACT: ForceField Energy Inc. Richard ST Julien (212) 672-1786 rstjulien@forcefieldenergy.com www.forcefieldenergy.com
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