FORT LEE, N.J., April 14, 2021 /PRNewswire/ -- Pioneer Power
Solutions, Inc. (Nasdaq: PPSI) ("Pioneer Power" or the "Company"),
a company engaged in the manufacture, sale and service of
electrical transmission, distribution and on-site power generation
equipment, today announced that it is increasing its product
footprint with one of the world's largest mass-market retailers
with a new equipment order valued at approximately $1.1 million.
The Company will integrate and support a custom turnkey system
consisting of Automatic Transfer Switches, specialty controls and
circuit protective equipment for an additional 15 retail store
locations. The order, which was sold through the Company's channel
partner CleanSpark, Inc. (Nasdaq: CLSK), is expected be delivered
by year end 2021. The increase in the number of stores portends
bigger and faster rollouts out to 2022 and beyond. Pioneer's
products have already been installed at 40 of said retailers store
locations.
The backlog of orders at the Company's Transmission &
Distribution Solutions ("T&D Solutions") business segment
increased approximately 34% from $7.6
million at March 31, 2020
compared to $10.2 million at
March 31, 2021, most of which is
expected to be delivered over the next 12 months.
Nathan Mazurek, Pioneer Power's
Chairman and Chief Executive Officer, said, "This order directly
follows the successful pilot and initial order for this end
customer from earlier this year that is on schedule to be delivered
over the next two quarters. Importantly, it reinforces our optimism
for a record sales year for our T&D Solutions segment and the
prospects for a nationwide rollout at additional store locations
for this one retailer. As one of the leading retail enterprises
increasingly adopts distributed generation, we see an expanding
market as other retailers and enterprises follow."
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. manufactures, sells and services a
broad range of specialty electrical transmission, distribution and
on-site power generation equipment for applications in the utility,
industrial, commercial and backup power markets. The Company's
principal products include switchgear and engine-generator
controls, complemented by a national field-service network to
maintain and repair power generation assets. To learn more about
Pioneer, please visit its website at
www.pioneerpowersolutions.com.
Safe Harbor Statement:
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Such statements may be preceded by the words
"intends," "may," "will," "plans," "expects," "anticipates,"
"projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. Forward-looking statements are not
guarantees of future performance, are based on certain assumptions
and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, risks and uncertainties associated with (i) the
Company's ability to successfully increase its revenue and profit
in the future, (ii) general economic conditions and their effect on
demand for electrical equipment, (iii) the effects of fluctuations
in the Company's operating results, (iv) the fact that many of the
Company's competitors are better established and have significantly
greater resources than the Company, (v) the Company's dependence on
a single customer for a large portion of its business, (vi) the
potential loss or departure of key personnel, (vii) unanticipated
increases in raw material prices or disruptions in supply, (viii)
the Company's ability to realize revenue reported in the Company's
backlog, (ix) future labor disputes, (x) changes in government
regulations, (xi) the fact that the Company's chairman, who
controls a majority of the Company's voting power, may develop
interests that diverge from yours, (xii) the liquidity and trading
volume of the Company's common stock and (xiii) an outbreak of
disease, epidemic or pandemic, such as the global coronavirus
pandemic, or fear of such an event.
More detailed information about the Company and the risk factors
that may affect the realization of forward-looking statements is
set forth in the Company's filings with the Securities and Exchange
Commission, including the Company's Annual and Quarterly Reports on
Form 10-K and Form 10-Q. Investors and security holders are urged
to read these documents free of charge on the SEC's web site at
www.sec.gov. The Company assumes no obligation to publicly update
or revise its forward-looking statements as a result of new
information, future events or otherwise.
Contact:
Brett Maas,
Managing Partner
Hayden IR
(646) 536-7331
brett@haydenir.com
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SOURCE Pioneer Power Solutions, Inc.