ForceField Energy Announces Written Notification to Nasdaq of Its Determination to Voluntarily Terminate the Listing of Its C...
May 01 2015 - 8:08AM
ForceField Energy Inc. ("ForceField" or the "Company")
(Nasdaq:FNRG), a seller and distributor of energy products and
solutions, today announced that it had provided Nasdaq with the
required written notification of ForceField's determination to
voluntarily terminate the listing of its shares of common stock
from the Nasdaq Capital Market. As a result of a number of
uncertainties related to the Company's current and future available
cash, cash flow and operations resulting from the events disclosed
in the Company's Current Reports on Form 8-K filed with the SEC on
April 20, 2015, April 21, 2015 and April 22, 2015, the Company and
its Board of Directors made such a voluntary delisting
determination in order to conserve its resources and to eliminate
other administrative burdens and expense related to the Company's
common stock being listed on Nasdaq.
As previously disclosed, the Company's shares of common stock
have, since April 20, 2015, been subject to trading halts imposed
by Nasdaq, and, thereafter by the SEC. The Company cannot provide
any assurances when, or if, such trading halts will be lifted. The
delisting of the Company's shares of common stock on Nasdaq in any
event will become effective on approximately May 21, 2015. The
Company will file the required Form 25 with the SEC to effectuate
its voluntary termination of the listing of its common stock on
Nasdaq no earlier than May 11, 2015. The Company currently believes
that its common stock will likely eventually trade on the OTC
Bulletin Board.
In April 2014, the Company acquired 17th Street ALD Management
Corporation ("ALD") from the former stockholders of ALD (the "ALD
Sellers"). The current remaining portion of the purchase price owed
by the Company to the ALD Sellers is $1,000,000 (plus approximately
$50,000 of accrued but unpaid interest on such amount) represented
by $1,000,000 aggregate principal amount of 5% notes of the Company
(the "Notes"). The Notes are guaranteed by the Company, secured by
a priority security interest in substantially all of the assets of
ALD and matured on April 27, 2015 (the "Maturity Date"). The
Company did not make the approximately $1,050,000 payment to the
holders of the Notes on the Maturity Date. The Company is currently
evaluating its options and financing arrangements. ALD is currently
operating its business in the normal course.
To further reduce operating costs and to focus on its core
business in the United States, the Company also announced that it
closed its offices and is winding down its operations in Mexico and
Costa Rica.
About ForceField Energy Inc.
ForceField's 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 LED
lighting manufacturers; and through its two wholly-owned
subsidiaries, American Lighting and ESCO, have completed lighting
installations and retrofits as well as energy efficiency upgrades,
for its various customers 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," "anticipated," "believes," "estimated," "estimates,"
"plan," "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. For a written description of some 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.
David Natan
(212) 672-1786
dnatan@forcefieldenergy.com
www.forcefieldenergy.com
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