Palm Bay, Florida, Jan. 05, 2016 (GLOBE NEWSWIRE) -- http://www.globenewswire.com/NewsRoom/AttachmentNg/ee35b6a4-576d-4627-bf73-b06f854d7f37
Oakridge Global Energy Solutions, Inc.
Oakridge Global Energy Solutions:
A New Era In Battery Manufacturing
Oakridge Sells all its Interest in Leclanche S.A.
Releasing Funding for the Company’s Growth Plans
FOR IMMEDIATE RELEASE
January 5, 2016 Melbourne, Florida – Oakridge Global Energy Solutions, Inc. (OGES) is excited to announce that it has sold all of the 11,000,000 shares of European battery manufacturing company Leclanché (LECN) owned by it, with financial close having occurred on December 30, 2015,. While the details of this transaction are under Non-Disclosure with the buyer, Golden Partner Management SPC of Luxemburg, the purpose of the sale has been to free up capital to fund the company’s previously announced growth plans.
The proceeds of the sale will sufficiently fund Oakridge growth plans and operations going forward as the Company now moves immediately into full production in Q1, 2016.
The sale has also enabled Oakridge to bring all outstanding payables to current status and completely pay out Company’s long-standing $2,000,000 USD loan to Expedia Holdings Limited.
As a result of this transaction, Oakridge enters into 2016 completely debt-free, and funded for growth.
OGES’ Executive Chairman and CEO said: “In the process of growing Oakridge from an R&D company to a production company we have, like all growth company’s, had our share of speed bumps, but with the infusion of cash from this sale of our holdings in Leclanché, the company is now debt-free and well funded and self sustaining for the first time in its history. We continue to follow our previously announced goals and expansion plans for our existing manufacturing facilities in Florida. We are now well on our way to becoming a major player in the world lithium-ion battery manufacturing space. The addition of this significant capital into Oakridge provides the liquidity that we needed to launch this company from small scale production to one of the largest lithium battery manufacturing facilities in the world.”
On January 4, 2016 Oakridge Global Energy Solutions entered into the full scale production phase of the company restructuring as planned out by Mr. Barber and his team. The company forecasts having solid revenues in January and growing rapidly each month thereafter.
“Oakridge is a fantastic place to work. The business is really taking off and we are all glad to be a part of it,” says Oakridge Employee Idelfonso Silva. “The addition of this new infusion of capital has will allow us to go from producing a small number of units each day to producing large scale quantities. It is a very exciting time to be at Oakridge!”
About Oakridge Global Energy Solutions, Inc.
Oakridge Global Energy Solutions Inc., is a publicly traded company, trading symbol: OGES on the OTCQB with a market capitalization of approximately USD $ 250,000,000, whose primary business is the development, manufacturing and marketing of energy storage products. Additional information can be accessed on the company's new website at http://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.
Oakridge Global Energy Solutions, Inc.
3520 Dixie Highway
Palm Bay, 32905, Florida, USA
Ph: (321) 610-7959
Source:Oakridge Global Energy Solutions