Before the opening bell, Oakridge Global Energy Solutions,
Inc. (OTCQB: OGES) announced its financial results for the year ended December
31, 2015. Throughout most of last year, Oakridge remained in a pre-revenue
phase, completing essential modifications to its manufacturing facility and
preparing to enter full-scale production. In October 2015, the company moved
into its new manufacturing facility in Palm Bay, Florida, and, in March,
Oakridge announced the start of operations at this facility. With this
foundation now in place, Oakridge is in a strong strategic position to achieve
rapid financial growth, as outlined in this morning’s news release. In the
first quarter of 2016, the company reported its first revenues stemming from
its new line of lithium-ion batteries, and it has since secured a pipeline of
orders totaling $24 million.
“We expect to deliver strong results in 2016, generating
significant top-line growth while continuing to invest in our capacity,” Steve
Barber, chief executive officer of Oakridge, stated in the news release. “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.”
In addition to making a splash in the global stored energy
market, Oakridge has made tremendous progress with its balance sheet throughout
its newly completed two-year restructuring efforts. The company recently paid
off all of its outstanding debt, which, when combined with its roughly $13
million year-end cash on hand, gives it the balance sheet liquidity needed to
thrive in the months to come.
Earlier this month, Oakridge gave prospective shareholders a
preview of this potential when it released its financial results for the first
quarter of 2016. During what was one of the most significant fiscal quarters in
the company’s long history, Oakridge recorded $263,427 in total revenues,
exceeding its previously released guidance for the period. With plans to begin
production shipments of its powerful Freedom IV series of living space power
products later this quarter, as well as continuing product development and
refinements to its Pro Series, Liberty Series and Patriot Series product
ranges, the company has passed the turning point and positioned itself for an
extremely successful 2016.
“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… our revenue
and earnings power will notably increase,” continued Barber. “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.”
For more information, visit www.oakridgeglobalenergy.com
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