— Could Increase Annual Revenues By Ten Percent —
TIGARD, OR – May 17, 2011 – (Motor Sports Newswire) – Powin Corporation (OTC BB: PWON), an Oregon-based OEM and direct manufacturer, today announced that its wholly-owned subsidiary, Powin Energy, has entered into a Strategic Cooperation Joint Venture Agreement with Shandong RealForce Enterprises Co., Ltd., (RFE) Jining City, Shandong Province, China, to produce lithium-ion batteries, storage batteries, energy storage power plants, solar cells and related energy products.
The products will be developed and produced in China. They will be marketed in the United States, Canada, Mexico and the Republic of South Africa by Powin Energy, which is working toward becoming a global leader in the manufacture and distribution of wind, solar, battery, energy efficient lighting products and OEM parts.
“We believe this joint venture gives Powin Corporation the realistic expectation of increasing its sales by ten percent within one year,” said Ronald Horne, Powin Chief Financial Officer. The Company announced 2010 sales totaling $48 million, up 31 percent compared to 2009.
The new joint venture is named RealForce-Powin, LLC and will be located at Powin Corporation headquarters in Tigard, Oregon.
The total current investment at RFE is $1.2 billion (U.S.) and RFE has more than 2,200 employees, with approximately 200 in its research and development department. Its lithium batteries are especially well known, with long cycle life, high energy density, low self-discharge rate, consistent, safe and reliable operation, rapid charging and green, environmentally friendly properties.
“There is a worldwide demand for the products which the joint venture will be manufacturing and marketing,” said Mr. Horne. “We believe this joint venture is the most important in the history of the Powin Corporation and we look forward to keeping our investors updated on our accomplishments and progress.”
About Shandong RealForce Enterprises Co., Ltd.
Shandong RealForce Enterprises Co., Ltd. (RFE) http://www.trade.cn/companies/2410/shandong-realforce-enterprises-co-ltd.htm is a high-tech incorporated business firm engaged in manufacturing and sales of lithium batteries and R&D. With picturesque Weishan lake as a backdrop, Jinghu high-speed railway and Jingfu highway close by, RFE’ s central location in Shandong, China brings great conveniences to businesses and customers alike. RFE’s products include lithium batteries, battery chargers, battery management systems (PCM and BMS). Products are widely applicable to E-bikes, E-motorcycles, EVs, golf carts, lawn mowers, electric tools and toys, portable power supply, safe mining equipments, UPS for hospital, electric power and chemical industry, EPS, telecommunication backup power, photovoltaic and wind power storage, and smart grid storage systems. Batteries can also be used in digital apparatus such as laptop computers, LED torches, digital products and medical equipment. Besides the Shandong headquarters, RFE also has sales centers in Beijing, Shanghai and Shenzhen in China, and branch offices in USA, Germany and Korea to provide convenient technology and business support to customers.
About Powin Corporation
Powin Corporation was founded in Tigard, Oregon in 1990 by Joseph Lu, a Chinese-American, and has grown into a large international distributor of more than 2,000 original equipment manufacturer products annually as well as being a direct manufacturer. It leases two plants in Oregon and contracts with six in Mainland China and two in Taiwan. In February 2011 the Company opened a metal manufacturing plant in Mexico and in March 2011 the Company received its registration to open a branch office in the Republic of South Africa. For more information please visit: www.Powin.com.
Ronald Horne, CFO, 503.598.6659 x 19
E & E Communications
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company’s growth and profitability, growth strategy, liquidity and access to public markets, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
SOURCE: Powin Corporation