Palm Bay, Florida, April 04, 2016 (GLOBE NEWSWIRE) -- OTCQB: OGES
Oakridge Global Energy Solutions:
A New Era In Battery Manufacturing
Oakridge Successful First Quarter
Q1, 2016 Revenues Exceed Guidance
FOR IMMEDIATE RELEASE
Oakridge Pro Series Battery Production
April 4, 2016 Palm Bay, Florida – Oakridge Global Energy Solutions, Inc. (OTCQB: “OGES”) is excited to announce the very successful completion of the first quarter of 2016 with the company now in commercial production of its game-changing lithium-ion battery products. In continuing with the many successes previously announced Oakridge had its highest quarterly revenues in the history of the company by closing out the first quarter 2016 with $263,427 in revenues.
During what will clearly be seen as one of the most significant quarters in company history to date, Oakridge was able to continue to build momentum off its previously announced successes by generating the company’s first commercial revenues.
Other previously announced milestones for the first quarter, 2016, were the successful launch of production operations; the signing of a Strategic Business Alliance Agreement with the major global Japanese company, Sojitz Machinery Corporation; the production release of the Liberty Series motorsports starter battery; the first regular commercial production shipments of the Pro Series golf car battery; the strategic business alliance with Maritime Tactical Systems, Inc.; and the start-up of second shift production operations at the Company’s new Palm Bay, Florida, manufacturing facility.
Each of these events is further demonstration of the successful business that has been created by the major restructuring process that the company undertook during the previous 18 months.
In mid-March Oakridge was able to provide the first revenue guidance in the company’s history to the markets. This will become a trend as the company will now regularly provide revenue guidance for each quarter, as the company continues to build commercial production momentum throughout the remainder of the year by virtue of its offering customer focused, market leading products and service on a global scale.
Oakridge also looks to begin production shipments on its powerful Freedom IV series of living space power products in Q2 as well as continue product development and refinements in its Pro Series, Liberty Series and Patriot Series of Golf Car, Power Sports, and Unmanned Vehicle battery product ranges..
“This is a very exciting time to be part of Oakridge,” said Oakridge Executive Chairman and CEO, Steve Barber. “We have, for the first time in company history (which dates back to the 1980’s), generated significant commercial revenues in Q1, 2016, and in doing so have exceeded our guidance of $250,000 in expected Q1 revenues. We have an amazing team and an amazing product line. Our team really pulled it all together in the first quarter and we are very proud of them. We have passed the turning point after our lengthy restructure and transition of the company from an R&D company to a fully-fledged commercial production and manufacturing business and are looking forward to a very successful year in 2016.”
The Oakridge product development team has been working diligently to develop additional products for release throughout the balance of 2016. Additional capacity has been added by nearly tripling the capacity in cell formation, and much more high speed automation equipment is on order for delivery before the end of 2016.
“We have some truly amazing products, powerful strategic alliances, and some highly synergistic acquisition opportunities in the queue to be announced in the very near future. We aren’t ready to announce these quite yet, but you will need to keep an eye on our near term announcements, as they are likely to be truly transformative for the company” adds Mr. Barber.
Oakridge Pro Series Batteries on pallet being readied for shipment
The Final Shipment of product for the First Quarter leaving the plant enroute to customers
Oakridge Production Team readying products for Shipment
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 $ 200,000,000, whose primary business is the development, manufacturing and marketing of energy storage products. Additional information can be accessed on the company's website 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.
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