Under the terms of the agreement, FCEI will sub-distribute ForceField's full product line of energy efficient Lightsky LED products in Ireland; and FCEI will have a minimum purchase commitment over the first 90-days of $250,000 and a $12.0m over the first 12-months of the agreement, to retain its exclusivity rights in Ireland. If the commitments are not met, FCEI will immediately revert to a non-exclusive global sub-distributor.
FCEI has already targeted numerous industrial plants, a major hotel group, a division of a Fortune 500 company and municipalities as candidates for LED retrofits and installations; and is in preliminary discussions with proposals submitted and upcoming trials with a number of these entities to install ForceField's LED products.
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Dr. Shane Mullarkey, with FCEI said: "Ireland continues to make strides in building its infrastructure to support sustainable long-term growth. As such, there is a drive for improved energy efficiency in both commercial and home settings which is driving increased demand for LED products and solutions in Ireland and throughout Europe. LED lighting can reduce costs by up to 85% with equivalent or better performance and lighting characteristics. Switching to LED not only reduces electricity costs but it will also make a positive contribution to all of the environmental indicators that businesses are measured by today, such as lowering energy use and reducing carbon emissions. With ForceField's excellent LED lighting solutions and our significant initial progress with a number of clients, we are confident we can meet the growing needs in the market."
Richard St-Julien, ForceField Energy's Chairman commented: "This is a significant initiative in a high growth market for LED products. We continue to attract strong sub-distribution partners in key markets around the world providing further evidence for the relative strength and quality of our LED products and services. We remain focused on leveraging our distribution partners to gain share in North America, Latin America and Europe and believe we are making steady progress building broader relationships that should result in larger contracts and sustainable growth in revenue and profitability. We look forward to working with FCEI as they move aggressively to penetrate the LED market in Ireland."
(CD/JP)
