SOURCE: ForceField Energy Inc.
NEW YORK, NY--(Marketwire - Mar 19, 2013) - ForceField Energy Inc. ("ForceField") (OTCQB: FNRG), an international manufacturer, seller and distributor of energy products and solutions, today announced it has secured commitments from two "Top 10" US banks for project financing. These commitments will support the Company's LED lighting and ORC waste heat conversion client projects by providing clients with immediate access for up to 100 percent of project costs at competitive interest rates. Allstate Capital, a leading U.S. commercial equipment leasing and equipment financing company, acted as the Company's financial advisor and lead arranger.
The specific terms and conditions of each bank commitment will be determined by the lending banks based upon the credit worthiness and financial profile of the projects' customers. A commitment could potentially finance up to 100 percent of a project's cost. Further, the arrangement will be the sole obligation of the customer, and not that of ForceField. The banks are highly committed to the renewable and energy efficient marketplace and have made multi-billion lending commitments in these specific areas and the energy market as a whole.
David Natan, ForceField's Chief Executive Officer, commented, "Lenders continue to embrace environmental finance given it represents a significant opportunity to stimulate growth, drive operating efficiency for global business, and address some of the world's more pressing problems. We are proud that we were able to attract two of the 'Top 10' banking institutions in the United States to work with us and our customers to support existing and future projects using our LED and ORC technology, products and services. This underscores our commitment to work collaboratively with our customers to support their project needs. With the strength of our distribution network and our growing visibility, this financing capability now enables us to offer turn-key solutions to our potential customers further supporting our ability to increase our revenue rapidly."
Jason Williams, ForceField's Chief Financial Officer, stated, "We believe this commitment represents a strong vote of confidence in our products and technology, as well as our target markets and customer base. The arrangement eliminates a significant project development and implementation hurdle for our customers, thereby accelerating their ability to move forward on projects. We are confident that the combination of access to bank funding for up to 100% of project costs irrespective of size, the benefits of the lower and more efficient operating costs associated with our LED and ORC products and technologies, and current government incentive programs will further enhance the return-on-investment and payback of each project."
Mike Ramazio, EVP of Allstate Capital based at the corporate office in Pompano Beach, Florida, stated, "After completing our due diligence it was clear that ForceField has the technology, products and solutions to meet the growing needs of the marketplace. We are pleased that we were able to secure premier lending partners to support and accelerate the Company's growth potential. Allstate Capital remains committed to providing our clients with financing solutions to address the unique needs of their business or industry."
About Allstate Capital
Allstate Capital is a leading commercial equipment leasing and equipment financing company. As one of the most experienced commercial equipment leasing sources in the country, we have the ability to fund most equipment types to businesses throughout the United States. Through our infrastructure of dedicated sales and administrative staff, we are able to offer unparalleled customer service and a broad spectrum of programs. www.allstatecapital.com
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° F to 950° 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 also 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.
Additionally, ForceField is 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. 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 achieve its business plan, (iii) the financial condition of potential LED and ORC customers enabling them to meet the funding banks' credit requirements to qualify for financing at various interest rates and (iv) 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.