ForceField to Commence "Smart" Electric Meter Trial for Costa Rica Utility Company
Total Value of the Project Could Exceed $20 Million in Revenue If Fully Implemented
(firmenpresse) - NEW YORK, NY -- (Marketwired) -- 07/25/13 -- ForceField Energy Inc. ("ForceField") (OTCQB: FNRG), an international manufacturer, seller and distributor of energy products and solutions, today announced it had expanded the size and scope of its proposal under its previously announced Letter of Intent ("LOI") with Empresa de Servicios Públicos de Heredia ("ESPH") for the installation of 19,000 LED streetlights to now include a 30-day residential home trial of smart electric meters ("smart meters") that, if successful, could result in the installation of approximately 80,000 smart meters in residential homes located in Heredia's jurisdiction. A smart electric meter is a digital device that records the amount of electricity a consumer uses and transmits this information to the user's utility provider. Smart meters are designed to significantly improve load management capabilities, reduce energy waste and theft, lower operating costs, minimize power loss and power outages, and enhance customer service.
ForceField, through its partner PowerOneData International, will provide ESPH with smart meters and management systems to support the initial 30-day residential home trial and its proposed installation of approximately 80,000 smart meters in residential homes throughout Heredia, pending a successful trial. The total proposal for the sale of 80,000 smart meters when combined with the installation of 19,000 LED streetlights could generate $40 million in revenue for ForceField; a portion of which would be realized immediately and the remaining portion over a 10-year period. Both the purchase of the smart meters by ESPH and the project to install 19,000 LED streetlights for ESPH are subject to all parties securing the required financing and the execution of a definitive agreement, both of which are expected to be completed by September 30, 2013.
Richard St-Julien, ForceField Energy's Chairman, commented, "With smart meter unit installations growing at over 10% globally and estimated to reach 55% of all installed meters by 2020, ESPH is taking a leadership role in Latin America by aggressively strengthening their energy infrastructure. ESPH will gain several key advantages from installing smart meters including the ability to read meters remotely in real time to more effectively manage demand and reduce operating costs, as well as offering credit risk customers a 'prepaid option' to more effectively manage energy budgets and reduce late payments. We look forward to continuing our partnership to improve the energy costs, efficiency and reliability in Heredia."
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 1990s it was transformed into a hybrid corporation -- a private corporation that manages public funds and assets.
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 , , 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 financing to purchase 19,000 LED streetlights, (iii) ESPH's ability to obtain financing to purchase 80,000 smart meters, (iv) successful completion of the smart meter and streetlight trials in Heredia; as well as quantification of the expected energy savings and effectiveness of these products, (v) completion of a definitive agreement definitive agreement between ESPH and the Company, and (vi) 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 .
CONTACT:
Jeff Ramson
ProActive Capital Resources Group, LLC
(646) 863-6341
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Datum: 25.07.2013 - 07:00 Uhr
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