FORT LAUDERDALE, Fla.,
April 21, 2016 /PRNewswire/
-- Fort Lauderdale based Future Energy Solutions (FES) today
announced it has entered into a new credit facility for
$5 million with Stonegate Bank
(Nasdaq: SGBK). The agreement increases Stonegate's commitment with
FES to $10 million. FES plans to use
the proceeds from the new credit facility to fund the Company's
short term sales goals. The business continues to recruit
additional full time staff alongside doubling the Company's
warehouse and assembly operations. FES is focused on expansion to
target upgrading at least 240,000 lighting fixtures at more than
3,500 customer sites in the United
States during the next 36 months.
The FES Gold Initiative ("the Program") for businesses is
unique. FES supplies and installs new energy-efficient lighting
fixtures for customers at no capital cost to them, and maintains
the bulb, ballast and fixture at no cost to the customer for the
lifetime of the agreement.
The Program utilizes an unparalleled, customized financial model
to create an income stream for customers that would be otherwise
impossible, releasing them from their maintenance costs and turning
an operating expense into an asset.
According to Future Energy Solutions Chief Executive Officer
Daniel Gold, Stonegate Bank has been
a strong partner since the inception of the Gold Initiative and
supported FES from start up to award-winning company with more than
37,000 fixtures under management as of March
2016.
"This senior credit facility enhances our ability to install
more energy efficient fixtures at zero capital cost to our
customers and provides us with strong financial footing needed to
achieve our goals during the next three years," Gold said. "We're
pleased to continue working with the Stonegate Bank team and
appreciate their continued confidence and support of our
business."
"The bank has seen the success of the Gold Initiative
first-hand. We have a clear understanding of its benefits,
potential and positive impact for our environment and businesses'
cash flow. Gold's vision coupled with the Company's strong
management team have allowed a relatively young company to achieve
marked success," said Erin Knight,
Stonegate's Executive Vice President and Market President
Miami-Dade County.
About Future Energy Solutions
Future Energy Solutions (FES) is a privately owned business
split into separate geographical groups focusing on funding scaled
re-lamping solutions throughout North
America, Europe and
Australia. FES has experienced
extraordinary growth due to wide acceptance of its Gold Initiative
Program. The Program is based in providing a turnkey energy
efficient lighting solution from design, supply, installation and
funding. In addition assume responsibility for the
maintenance to customers who partner with the Company using the
Program. The Company specializes in targeting customers who are
currently operating inefficient high intensity discharge ("HID"),
high pressure sodium ("HPS") and fluorescent lighting systems in
which lighting forms an essential part of the businesses'
operations and cost base. Visit us at www.feslighting.com for more
information.
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SOURCE Future Energy Solutions