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SOURCE Balqon Corporation
HARBOR CITY, Calif., May 22, 2014 /PRNewswire/ -- Balqon Corporation (OTCQB: BLQN), a developer and manufacturer of zero-emissions electric drive systems, lithium battery energy storage systems, electric buses and trucks, today reported revenues of $424,018 and $(0.01) loss per common share compared to $(0.04) loss per common share reported for Q1 2013.
"This month we complete our nine years of operations, during this period we have foreseen the global market opportunities related to heavy duty electric trucks and high capacity lithium energy storage systems. Our 331% improvement in gross profit and growth in backlog to $2.7 million is a result of strong demand for electric drive systems and energy storage systems worldwide," said Balwinder Samra, CEO of Balqon Corporation.
In India, Belgium and Turkey, our OEM partners have completed integration and testing of our heavy duty electric drive trains into local vehicle platforms of trucks and buses and have started the commercialization process of these vehicles to the end-users, while our lithium battery energy storage systems have gained acceptance from large telecom companies in United States and Australia.
"In the past 12 months we have shown a steady decline in operating losses mainly resulting from strategic shift towards sales of higher margin lithium battery energy storage and drive systems that incorporate our core proprietary technologies," said Balwinder Samra. "We believe to sustain this trend we need to continue our emphasis towards development of downstream products in our core markets, which incorporates our innovative technologies and capitalizes on strengths of our global strategic partners."
About Balqon Corporation
Headquartered in Harbor City, California, Balqon Corporation is a leading developer of zero-emissions electric drive systems, lithium battery storage systems and medium to heavy-duty electric vehicles. Balqon's proprietary electric drive system encompasses complete power management, propulsion, flux vector motor controllers and energy systems. Balqon electric vehicles and drive systems are marketed globally to companies, governments and municipalities looking for viable and effective ways to reduce their vehicle maintenance and operating costs and lower carbon emissions. For more information, please visit www.balqon.com. Balqon Corporation's common stock trades on the OTC Bulletin Board under the symbol "BLQN". Follow us on Twitter @balqon or visit http://www.facebook.com/balqoncorporation.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release, including without limitation, Balqon Corporation's ability to fulfill its backlog and the growing global demand for Balqon Corporation's products are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Balqon Corporation could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, unforeseen technical issues; Balqon Corporation's ability to attract sufficient capital and labor to manufacture its products; the ability of Balqon Corporation to attract and retain talented individuals; adverse economic and market conditions; changes in technology and governmental regulations and policies; and other events, factors and risks previously and from time to time disclosed in Balqon Corporation's filings with the Securities and Exchange Commission, including, specifically, those factors set forth in the "Risk Factors" section of Balqon Corporation's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission.
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