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under signed initial agreements, Letters of Intent (LOI), bids and trials are successfully financed and completed. More than $40 million in LOI are in Costa Rica alone. In late 2013, management was successful in uplisting ForceField Energy s stock to NASDAQ. The up-listing should benefit the company through better institutional investor awareness and increased share liquidity. Utilizing our benchmark valuation methodology, we expect ForceField s stock to trade into the top quartile of our estimated valuation range of 1.1 and 3.2 times normalized sales, which projects at price target of $6.50. RECENT NEWS ForceField Energy exits trichlorosilane operations On February 19th, ForceField Energy (FNRG) entered into Equity Transfer Agreements to divest its 90% equity interest in Zibo Baokai Commerce and Trade Co., Ltd. and its 60% equity interest in Wendeng He Xie Silicon Co. Ltd. to the minority owners of businesses, effectively discontinuing the company s trichlorosilane (TCS) manufacturing and distribution operating segment. Exiting the solar-related polysilicon market enables ForceField s management to better focus on the sale and distribution of LED lighting products, Organic Rankin Cycle (ORC) waste heat conversion systems and smart electric meters. The divestiture of the TCS operations, along with growth initiatives into other alternative energy industries, has meaningfully transformed the company. Under the Wendeng Agreement, Fairfield Energy will receive 1,462,097 shares of common stock (which will be retired and classified as treasury stock) and pay $50,000 in cash to the minority owners. The retired shares should reduce shares outstanding by approximately 8.9%. Under the Baokai Agreement, Fairfield Energy will pay $10,000 in cash to the minority owners, who will assume 100% of any and all current and future liabilities of the Baokai operations. The effective closing date of the Agreements was back-dated to December 31, 2013. LED Acquisition On February 2nd, ForceField Energy announced the purchase of the assets of Catalyst LED LLC, an Idaho-based provider of customized LED lighting solutions to both commercial and retail customers. The acquisition broadens ForceField's LED product portfolio with Catalyst LED s existing products and also adds a direct-to-consumer distribution network through Catalyst s web-site. Cory Turnbull, the founder and President of Catalyst LED, became ForceField s U.S. Director of LED. The purchase of Catalyst's assets was for an unspecified combination of cash and common stock. LED Marketing In mid-February, ForceField Energy presented a LED lighting retrofit offering at AKFCF (Association of Kentucky Fried Chicken Franchisees) Convention held in Orlando. After having installed LED lighting retrofit at a KFC location in Latin America for QSR International, ForceField is now offering turnkey LED lighting programs to YUM! franchisees for both new upcoming and existing restaurant locations. ForceField is approved as a registered vendor by YUM! s Caribbean and Latin American (CARIBLA) Franchise Association, which represents member markets that operate more than 800 restaurants throughout the Caribbean and Latin America. ForceField was the only participant focused on LED lighting solutions at the conference. Zacks Investment Research Page 3 scr.zacks.comPDF Image | Small-Cap Research
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