Multi-million dollar news release...
Pen Interconnect, Inc. Announces Supplier Relationship With BOLDER Technologies; PowerStream Division Completes Another Design Breakthrough
SALT LAKE CITY--(BUSINESS WIRE)--March 26, 1998--Pen
Interconnect, Inc. (NASDAQ:PENC)(NASDAQ:PENCW) announced today that
its wholly-owned PowerStream division has signed an agreement with
BOLDER Technologies Corp. of Golden, Colo., to be a recommended
supplier of battery chargers for their new line of batteries.
The Pen charger will be able to re-charge BOLDER's batteries in
30 minutes or less, which will greatly assist in the products
utilization and customer appeal.
It is estimated by BOLDER that their market for Pen's chargers
could grow to over 100,000 units per year over the next several years.
This could result in revenues for the Company in excess of $3.4
million per year.
Pen will be supplying the chargers to BOLDER as well as directly
to their customers. Initial units are presently on order with high
volume quantities expected to begin shipping in the Company's 4th
quarter. Manufacturing will take place at Pen's joint venture facility
in Asia.
BOLDER Technologies has recently completed construction of a
120,000 sq. ft. manufacturing facility in Golden, and the installation
of a high speed production line that will have the capacity to
manufacture over 4 million cells per year. The company's
Thin-Metal-Film (TMF) technology has the potential to address up to
80% of the $16 billion annual worldwide rechargeable battery markets.
PowerStream's President, Daniele Reni, said "Today's announcement
is the result of many months of effort by our engineering staff in
conjunction with BOLDER to provide a design that optimizes the
performance of the TMF technology, while maintaining a fast charge and
minimizing cost. It was necessary to develop an intelligent charger
that could interact with the battery to determine the rate of charge
and yet not overcharge it."
Pen Interconnect, Inc.
Headquartered in Salt Lake City and with divisions in Tustin,
Calif., and Orem, Utah, Pen Interconnect is a total interconnection
solution provider, offering internal and external custom cable and
harness interconnections, custom power supply and battery charger
design, mobile satellite equipment and EMSI (electronic manufacturing
service industry) manufacturing for OEMs in the computer, peripheral,
telecommunication, instrumentation, medical and testing equipment
industries.
For financial data on the Company please visit its web site at
virtualir.com or product data at
pen-interconnect.com.
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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, 10-Q and 10-K.
CONTACT:
Pen Interconnect, Inc.
Stephen J. Fryer, 714/247-2285
sfryer@incirt.com
KEYWORD: UTAH COLORADO CALIFORNIA
BW0013 MAR 26,1998
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