Earlier today, Oakridge Global Energy Solutions, Inc.
(OTCQB: OGES) offered revenue guidance for the first quarter of fiscal year
2016. This guidance marks a major milestone in Oakridge’s history, as it
includes the company’s first ever commercial revenues. For the fiscal quarter
ended March 31, Oakridge forecasts total revenues of $250,000. While this forecast
will amount to a net loss for the quarter, the company is extremely optimistic
about its prospects for financial growth following its full commercial
production ramp up, which it completed at the end of 2015. Following its
current trajectory, Oakridge estimates that it could attain a break even
financial position as soon as the second quarter of 2016, capitalizing on its
growing presence in the rapidly expanding lithium ion battery space.
“We started 2016 as a new year with a full commercial
production and customer focus,” Steve Barber, executive chairman and chief
executive officer of Oakridge, stated in this morning’s news release. “We are
excited to announce that we have now begun routinely shipping our ground
breaking lithium ion batteries to the golf car market, the motorcycle market,
and a number of very significant custom or semi-custom markets. These results
are nothing short of game-changing for the Company, which has never previously,
in all its past history, shipped commercial product of any kind.”
From July 2014 to December 2015, Oakridge embarked upon and
completed a full transition of its existing operations, moving from a research
and development company to a fully-fledged ‘Made in the USA’ lithium ion
battery manufacturing company. In total, Oakridge has spent in excess of $40
million in research, product development and corporate restructuring since
mid-2013.
In recent weeks, the company has made tremendous strides in
the domestic lithium ion battery market. In addition to providing a customized
battery system that successfully powered Maritime Tactical Systems, Inc.’s
Man-Portable Tactical Autonomous Systems in a field trial for a major defense
contractor, Oakridge has announced agreements to supply its battery systems to
Freedom Trucking to power its fully electric interstate truck propulsion
system, demonstrated its Pro-Series Lithium Ion Golf Car battery systems at the
Orlando PGA Merchandise Show and introduced its Liberty Series lithium ion
motorcycle batteries at the 75th anniversary of the iconic Daytona Beach
Bikefest.
Currently, Oakridge employs 57 full-time employees, as well
as six part-time employees, from its state-of-the-art manufacturing facility in
Palm Bay, Florida. On April 4, the company plans to increase its employment
figures and production capacity through the introduction of a second shift.
Oakridge is also finalizing orders for significant new manufacturing equipment
designed to increase the company’s ability to keep pace with recent spikes in
customer demand.
“We now are in the gratifying position, based on all the
hard planning work we have done, of having a growing range of excellent
customers and a solid backlog of orders,” continued Barber. “We will have
further exciting news as we move into Q2 as the Company is now on a very
significant growth curve in the lithium battery space from this point onwards
and we will not be looking back.”
For more information, visit www.oakridgeglobalenergy.com
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