Pen Interconnect Announces New Orders at its PowerStream Division
PowerStream Backlog Increases by 50%
IRVINE, Calif.--(BUSINESS WIRE)--Aug. 12, 1999--Pen Interconnect Inc. (OTC BB: PENC) Thursday announced that its PowerStream Division (a designer and manufacturer of custom power supplies and battery chargers) has recently received four new contracts from major companies that have increased its backlog by over 50% with a combined value in excess of $500,000.
The contracts include the release of 5,000 UPS (uninterruptible power supplies) units for a wireless communication system, power supplies for a major aerospace company, power adapters for an instrument company and a high volume battery charger product for a major test equipment manufacturer.
Steve Fryer, chief executive officer and president of Pen Interconnect Inc., said, "We are quite pleased by this influx of new orders at PowerStream as they have worked long and hard in developing their proprietary designs in power management technology. We have had great hopes for PowerStream and now it looks like their efforts are finally paying off."
Daniele Reni, president of PowerStream Technology, said, "These orders represent an expansion of our technology base and will allow us to provide quicker solutions for our new potential clients. We are able to complete complex designs in a very short period of time due to our expansive design library.
"In addition we have a close relationship with a high quality Asian manufacturer for our high volume products and the low to medium volume products can be built at our InCirT division in California."
About Pen Interconnect
Pen Interconnect Inc. provides the total manufacturing solution including circuit design, board design from schematics, mechanical and product design, prototype assembly, volume board assembly, system services and end-user distribution. Pen Interconnect Inc. has support manufacturing facilities in California, Utah and China.
For information on the company's product data, visit their web site at pen-interconnect.com or go to inv-relations@pen-interconnect.com.
The statements contained in this news release that are not purely historical are forward-looking statements that may involve risks and uncertainties. The company's actual results may differ significantly from the results contained in the forward-looking statements.
Factors that might cause such differences include, but are not limited to, the effect of losses and other factors on the company's credit facilities, business and results of operations; the company's limited capital resources and its ability to fulfill its existing obligations and ongoing capital needs; risks associated with excess or obsolete inventory; the potential impairment of assets; the company's dependence on key customers and their financial viability; the impact of competition; and the company's abilities to effectively manage growth.
These and other risk factors are discussed in the company's filing on Forms 8-K, S-3, SB-2, 10-QSB and 10-KSB.
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Contact:
Pen Interconnect Inc., Irvine
Stephen Fryer, 949/798-5800
or
American Financial Communications
Richard Carpenter or Jeff Lamberson, 916/552-6532 |
