Cash on Hand Tops $13 Million As the Company Completes Its $40 Million Manufacturing Facility and Begins Shipping Orders
MELBOURNE, FL / ACCESSWIRE / April 15, 2016 / Oakridge Global Energy Solutions, Inc. (OTCQB:
OGES), a leading US-based technology manufacturer of lithium-ion batteries for military, civilian and medical applications, has today announced financial results for the year ended December 31, 2015 together with recent company highlights.
For the year ended December 31, 2015 the Company remained in pre-revenue phase while completing essential modifications to its new manufacturing facility into which the Company moved in October 2015. The Company booked a net income of $12 million attributed to a one-time other income transaction, compared to a net loss of $9 million in 2014. Total assets increased to $28 million compared to $6 million the year prior. The Company announced it has begun shipping orders in Q1 2016 following the opening of its state-of-the-art $40 million first-of-kind facility.
Full Year & Recent Highlights
- Completion of first-of-kind US-based rechargeable battery facility
- $13 million year-end cash on hand
- Existing pipeline orders of $24 million
- 30% increase in battery life cycle through its proprietary chemistry and technology
- First reported Company revenues in Q1 2016 for its Pro Series battery
- Pays off all outstanding debt ($2 million)
- Strategic Business Alliance Agreement with Sojitz Machinery Corporation of Tokyo, Japan to supply and finance raw materials and expansion of manufacturing equipment
- $30 million in State and local tax credits
- Significant additional new capital equipment on order
Steve Barber, CEO, commented, "In 2015 we significantly advanced our strategy to become a leading global rechargeable battery manufacturer focused on military, civilian and medical applications. We have successfully completed our 2-year restructuring plan and are now beginning to ship our proprietary technology rechargeable batteries to a long list of waiting customers. The April 1, 2016 U.N Agency ban on transporting lithium batteries on passenger planes further positions us to become a major manufacturing player in the rechargeable battery market in the USA."
"As we transformed our business in 2015 I am particularly pleased with balance sheet liquidity--paying down all of our $2 million debt on one side and a pending stream of customer orders on the other. Our investment in future growth drivers also continues unabated. A recent strategic alliance with Sojitz--which is a world leader in factory automation plants, builder of world-class automated manufacturing facilities for leading global companies, as well as a specialist in the provision of raw materials and manufacturing needs to the lithium battery industry--further affirms that we are on the right track. Oakridge has entered 2016 with a robust pipeline of commercialization opportunities and orders. With our new facility and ongoing manufacturing plant expansion we are positioned for global leadership in the rechargeable battery space. Our top priority is to ship open orders to customers as efficiently and quickly as possible, with second shifts now in place to expedite the manufacturing process. We expect to deliver strong results in 2016, generating significant top-line growth while continuing to invest in our capacity."
Barber concluded, "With an endless ocean of rechargeable battery applications plus an expansion of our existing product lines for golf carts motorcycle starter batteries, power sports and battery-powered freight trucks--which have a significantly reduced per-mile cost, plus the added benefit of greater leverage in our cost structure--our revenue and earnings power will notably increase. Our confidence is underscored by a growing backlog, which has expanded to $24 million in the last few months, reaching the highest levels since inception. Today, Oakridge is positioned for success with a lean cost structure and growing revenues--in addition, of course, to products and services that continue to make a meaningful impact on lives of customers."
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 and a 30 percent longer cycle between charges 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, uncertainty 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
SOURCE: Oakridge Global Energy Solutions, Inc.