Some pretty terrific sounding news today considering the order was more than half of their entire revenues last year.
Tuesday June 22, 3:08 pm Eastern Time
Company Press Release
Electrosource Inc. Receives Battery Order
AUSTIN, Texas--(BUSINESS WIRE)--June 22, 1999--Electrosource Inc. (Nasdaq:ELSI - news) announced today it has received an order of approximately $2 million for its 12H85 Horizon batteries.
Delivery of these batteries will commence in approximately 30 days from acceptance of this order and continue for nine months.
The order was placed by the international marketing group, Electrosource International Ltd., following receipt of a purchase order from Perusahaan Otomobil Elektrik (Malaysia) Sdn. Bhd. (''POEM'').
The batteries will be used as the primary power source in electric vehicles manufactured by POEM in Kuala Lumpur, Malaysia. POEM is a company affiliated with Kamkorp LTD, Electrosource's majority shareholder.
''We are very pleased to receive this order, which has been in development for several months,'' said William F. Griffin, Company Chairman, President and Chief Executive Officer.
Electrosource Inc. was founded in 1987 to develop and manufacture advanced batteries. The Company operates a state-of-the-art manufacturing facility in San Marcos, Texas.
This release contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in this release. Risks include financial risks, development risks, manufacturing risks, uncertainty of market acceptance, delay in shipment or cancellation of orders, customer reorganization, as well as other risks that are detailed from time to time in the company's Securities and Exchange Commission filings.
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Contact:
Electrosource Inc., San Marcos
W. F. Griffin, 703/934-6100
or
B. E. Jay, 512/753-6500 |
