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transactions, ForceField purchased 11,667,101 shares (37% of the 31,543,336 outstanding shares of TPE) from TPE (8,333,333 shares) and the remainder from three shareholders (ABH Holdings, LLC, Acme Energy, Inc., and Apela Holdings LLC). The TPE shares were acquired from the three shareholders at a fixed price of $0.06 per share with shares of ForceField common stock while shares acquired from directly from TPE were made with $520,000 in cash. In addition, ForceField acquired 4,420,000 shares (14% of the shares outstanding) from Soffimat Holdings SA with shares of ForceField common stock. By mid-August 2012, ForceField acquired an additional $350,000 worth of TPE common stock from TransPacific and further shares from the three shareholders such that a 50.3% controlling interest in TransPacific Energy is held by ForceField Energy. INSIDER TRADING AND OWNERSHIP Corporate insiders own 13.6% of the outstanding common stock. Richard St-Julien (Chairman) beneficially controls 3,020,350 (or 20.2% of the shares outstanding) and David Natan (CEO) owns 1,025,290 shares (or 6.9%). Three Directors have been exercising option awards over the last six months. Institutional and corporate investors own approximately 15.9% of the shares outstanding of ForceField Energy with Vivitar Financial holding 2,364,097 shares (15.8% of the shares outstanding). VALUATION Our valuation methodology is based on price-to-sales due the character of ForceField s enterprise. Price- to-sales valuation incorporates a company s ability to generate cash flow and increase revenues. Management s stated business plan is to focus on the alternative energy sector and to increase the sales base by concentrating on large commercial contracts for the installation and/or operation of LED and ORC projects, and by participating in the recovery of the polysilicon-trichlorosilane market. We expect ForceField s stock to continue trading within our estimated valuation range of 1.1 and 3.2 times normalized sales. The process of determining ForceField s normalized sales level is challenging due to the unevenness of the contracts awarded in the nascent LED and ORC markets. In such cases, especially when a company s stock has remained relatively stable during the period of uncertainty (like ForceField s), one can attempt to ascertain the quartiles of P/S valuation by calibrating the stock s price (as determined by an efficient market) to the median valuation, namely 2.15 times sales. Utilizing this methodology, the top quartile valuation begins at $6.50, which is our price target. Zacks Investment Research Page 12 scr.zacks.comPDF Image | Small-Cap Research
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