GARDENA, Calif., Nov. 29, 2018 /PRNewswire/ -- Polar Power, Inc.
(NASDAQ: POLA), a global provider of prime, backup and solar hybrid
DC power solutions, announced today increasing demand from U.S.
telecom providers during the fourth quarter of 2018 has resulted in
a backlog of $19.1 million as of
November 26th, 2018. This
is a $17.3 million increase from a
backlog of $1.8 million on
December 31, 2017. The backlog of
$19.1 million reflects $1.1 million in international sales from
Africa and Asia regions, which is a key strategic growth
initiative for the company.
Polar Power C.E.O. Arthur D. Sams
commented, "Over the course of the year we have made great strides
in positioning Polar Power for long term success including
receiving product certifications from top tier-1 telecom providers
worldwide and nearly doubling our manufacturing capacity as we go
into 2019. We believe that we have overcome major supply chain
issues encountered during Q3 2018, allowing us to increase our
production from mid-November.
"Over the past couple years, we have made significant
investments in introducing new models and increasing our
technologies in DC backup power, lithium battery storage and
renewable energy. This year has been a breakthrough year for Polar
as we have gained significant momentum in convincing tier-1 telecom
providers to switch from older AC backup power systems to more
efficient DC powered backup generators and this is clearly
reflected in the notable bookings."
About Polar Power, Inc.
Gardena, California-based Polar
Power, Inc. (NASDAQ: POLA), designs, manufactures and sells direct
current, or DC, power systems, lithium battery powered hybrid solar
systems for applications in the telecommunications market and, in
other markets, including military, electric vehicle charging,
cogeneration, distributed power and uninterruptable power supply.
Within the telecommunications market, Polar's systems provide
reliable and low-cost energy for applications for off-grid and
bad-grid applications with critical power needs that cannot be
without power in the event of utility grid failure. For more
information, please visit www.polarpower.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
With the exception of historical information, the matters
discussed in this press release including, without limitation,
Polar Power's belief that the new production facility will double
its production output in the near future. Polar Power belief that
DC Power technology is superior to AC power technology; Polar Power
belief that it can deliver the backlog to its customers on time;
for substantial revenue growth in 2019; Polar Power's expectation
that lithium battery storage and renewable energy products can
generate significant growth in sales; are forward-looking
statements and considerations that involve a number of risks and
uncertainties. The actual future results of Polar Power could
differ from those statements. Factors that could cause or
contribute to such differences include, but are not limited to,
adverse economic and market conditions, including demand for DC
power systems; raw material and manufacturing costs; changes in
governmental regulations and policies; and other events, factors
and risks previously and from time to time disclosed in Polar
Power's filings with the Securities and Exchange Commission
including, specifically, those factors set forth in the "Risk
Factors" section contained in Polar Power's Form 10-K filed with
the Securities and Exchange Commission on March 8, 2018.
Media and Investor Relations:
Integra Investor
Relations
Shawn M. Severson
+1 (415) 226-7747
shawn@integra-ir.com
@Integra IR
www.integra-ir.com
Company Contact:
Polar Power, Inc.
249 E. Gardena Blvd.
Gardena, CA 90248
Tel: 310-830-9153
ir@polarpowerinc.com
www.polarpower.com
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SOURCE Polar Power, Inc.