ForceField Energy Inc. (NasdaqCM:FNRG) signing of a letter of intent to acquire American Lighting Supply from Forrest, Binkley & Brown and other shareholders in cash, stock and promissory note on March 26, 2014. ForceField Energy Inc. (NasdaqCM:FNRG) entered into an agreement to acquire American Lighting Supply for $8.4 million on April 25, 2014. Under the terms of the agreement, ForceField Energy Inc. will pay $2.5 million in cash, 0.29 million unregistered shares of ForceField Energy, an aggregate of $1 million in senior secured promissory notes, up to $2 million in contingent cash and common stock payments and 1.2 million in cash which shall be due and payable from time to time on and after the closing. In addition, the transaction will include additional performance-based compensation payable only upon American Lighting Supply achieving agreed revenue and performance milestones over the three years following closing. ForceField made a non-refundable good-faith payment of $1 million to American Lighting Supply, $0.05 million of which shall be treated by the parties as an advance on the cash portion of the purchase consideration. American Lighting reported total assets of $4.46 million, total equity of $2.24 million, revenue of $7.12 million, net income of $0.34 million, income from operations of $0.56 million for the year ending December 31, 2013.

The closing of the transaction is subject to ForceField obtaining additional working capital financing and other customary closing conditions. In connection with the transaction, the sellers have entered into a Lock-Up Agreement and ForceField Energy issued an aggregate of $1 million of seller notes to the sellers. The closing of the transaction is expected to occur on or before May 1, 2014. Timothy F. Silvestre of Strategic Law Partners, LLP acted as legal advisor for Forrest, Binkley & Brown. Jeffrey J. Brown of Brown Equity Partners, LLC represented Forrest, Binkley & Brown in the transaction.

ForceField Energy Inc. (NasdaqCM:FNRG) completed the acquisition of American Lighting Supply from Forrest, Binkley & Brown and other shareholders on April 25, 2014.