Palm Bay, Florida, March 22, 2016 (GLOBE NEWSWIRE) --
Oakridge Energy Announces Start of Operations at New Manufacturing Facility
Company begins shipping orders from first-of-kind facility in US
March 22, 2016 Palm Bay, Florida – Oakridge Global Energy Solutions, Inc. (OGES), a leading supplier and manufacturer of lithium-ion batteries for military, civilian and medical applications, has today announced the opening of its $40 million, 70,000-square-foot state-of-the-art manufacturing facility in Palm Bay, Florida. This new facility will immediately begin full commercial production fulfilling orders.
This marks the completion of the Company’s transition--begun in July 2014 and continued through December 2015--from a primarily Research & Development company to a full-fledged battery manufacturing company. With over $40 million invested in research and product development since mid-2013 the opening and operation of the manufacturing facility confirms the commercial viability of Oakridge’s innovations and represents the most significant step forward in the Company’s history.
Recent highlights:
● Forecasted revenues for Q1 2016--the first for the Company--to exceed $250,000
● First customer orders for its Pro Series batteries include numerous golf courses, golf cart retailers and manufacturers of unmanned maritime vehicles
● Recent sale of assets adding $20 million to balance sheet
● $2 million debt payoff--eliminating all current company debt
● Strategic deal with Sojitz Machinery Corporation of Tokyo, Japan to supply and finance raw materials
● Existing pipeline orders of $24 million
● $30 million in recent State and local tax credits
● Significant additional new capital equipment on order
“We started 2016 with full commercial production and customer focus,” said Oakridge CEO, Steve Barber. “We are excited to announce that we have now begun regularly shipping our groundbreaking lithium-ion batteries to the golf cart and motorcycle markets, as well as a number of significant custom and semi-custom markets. This signifies the first time Oakridge is on permanent, routine commercial production footing,” Barber continued. “With the domestic US market representing over 35% of global demand, we are uniquely capable of leveraging our position as the only domestic manufacturer of lithium-ion batteries.”
Conference Call
Oakridge CEO Steve Barber will conduct a conference call to discuss Company updates on Tuesday, March 22, 2016, at 2:00 p.m. EDT. The conference call can be heard by dialing +1-712-775-7035 then referencing the Conference ID 684304#.
About Oakridge Global Energy Solutions, Inc.
Oakridge Global Energy Solutions Inc. leads in the innovation, development, manufacturing and marketing of disruptive energy storage technology for military, civilian and medical uses. The company’s research & development has led to some of the world's longest-lasting rechargeable power sources currently available, with a battery life up to 3 times greater than its foreign-manufactured counterparts. Located in Palm Bay, Florida, the Company operates the only lithium-ion battery manufacturing facility in the United States. For more information visit: www.oakridgeglobalenergy.com
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.
Contact:
Oakridge Global Energy Solutions, Inc.
Name: Suzanna Barber
Phone: (321) 610-7959
Email: IR@oakg.net
