WOOD DALE, Ill., Sept. 16, 2013 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. ("PSI") (Nasdaq:PSIX) announced today that its wholly-owned subsidiary, Power Great Lakes, Inc. ("PGL"), has been appointed a "4000 Series Gas Center of Excellence" by Perkins Engines, Inc. This appointment provides PGL the rights to sell, customize, install, and support the Perkins 4000 Series high-horsepower gas engines in North America.
Perkins has named six qualified companies worldwide, including PGL, as 4000 Series Gas Centers of Excellence. These companies will consolidate wide-ranging application demands and product support in their respective global regions so that Perkins can fully realize potential growth opportunities in the high-horsepower gas engine market.
The Perkins 4000 Series systems will range from 23-liters to 61-liters of displacement and is fuel-flexible, capable of running on natural gas and a wide range of alternative fuels.
"We're delighted to have won this opportunity to expand our proven gas technologies from 300-kilowatts to 1-megawatt range and we look forward to continuing to build on our relationship with Perkins," said Gary Winemaster, Chief Executive Officer and President of PSI.
Mr. Winemaster explained that the new agreement broadens a nearly 30-year partnership with Perkins, with Power Great Lakes currently serving as a North American Perkins Master Distributor, representing a 12-state territory.
In addition to their longstanding relationship, Perkins chose PGL as its exclusive North American 4000 Series Gas Center of Excellence based on the company's significant natural gas engine experience and its ability to customize power systems. The ability to customize is key to growth in the gas engine business, because the segment is primarily comprised of customers with very specific end-use requirements.
"Power Great Lakes' extensive knowledge and experience with the full range of Perkins engines and gas expertise provides a solid foundation to continue to grow the Perkins business in North America," said Karl Vandermyde, America's Director Industrial Sales and Marketing for Perkins Engines.
PGL will serve as Perkins' authorized channel to market the 4000 Series gas engines in North America, including the U.S., Canada, and Mexico. Perkins 4000 Series gas engines can serve a wide range of end-use applications, including oil and gas, mining, and off-pipeline operations, as well as municipal power generation.
"We believe the high-horsepower market represents a sizable opportunity to continue growth and increase market share," said Mr. Winemaster. "Our technical knowledge, specialized manufacturing facilities and existing customer base make us an ideal fit to meet the individualized demands of the high-power engine market."
About Power Solutions International, Inc.
Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers in the industrial and on-road markets. The company's unique in-house design, prototyping, engineering and testing capacities allows PSI to customize clean, high-performance engines that run on a wide variety of fuels, including natural gas, propane, biogas, diesel and gasoline.
PSI develops and delivers complete .97 to 22 liter power systems, including the new 8.8 liter engine aimed at the industrial and on-road markets, including: medium duty fleets, delivery trucks, school buses and garbage/refuse trucks. PSI power systems are currently used worldwide in power generators, forklifts, aerial lifts, and industrial sweepers, as well as in oil and gas, aircraft ground support, agricultural and construction equipment.
Note about Perkins
Perkins is one of the world's leading suppliers of off-highway diesel and gas engines in the 4 – 2000 kW (5 – 2800 hp) market. Perkins key strength is its ability to tailor engines precisely to meet customers' requirements, which is why its engine solutions are trusted by more than 1,000 leading manufacturers in the industrial, construction, agricultural, materials handling and electrical power generation markets. Perkins distributor network provides support wherever needed around the world. An extremely high standard is set to ensure the distribution network provides an outstanding service to all customers.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the current expectations of Power Solutions International, Inc. (the "Company") about its prospects and opportunities. The Company has tried to identify these forward looking statements by using words such as "expect," "anticipate," "estimate," "plan," "will," "would," "should," "forecast," "believe," "guidance," "projection," "target" or similar expressions, but these words are not the exclusive means for identifying such statements. The Company cautions that a number of risks, uncertainties and other factors could cause the Company's actual results to differ materially from those expressed in, or implied by, the forward-looking statements, including, without limitation, the development of the market for alternative fuel power systems, technological and other risks relating to the Company's development of its new 8.8 liter engine, introduction of other new products and entry into on-road markets (including the risk that these initiatives may not be successful), the significant strain on the Company's senior management team, support teams, manufacturing lines, information technology platforms and other resources resulting from rapid expansion of the Company's operations, changes in environmental and regulatory policies, significant competition, global economic conditions (including their impact on demand growth) and the Company's dependence on key suppliers. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
CONTACT: Power Solutions International, Inc.
Jeremy Lessaris
Director of Marketing & Communications
1.630.350.9400
jlessaris@psiengines.com
