December 23, 2013
Flux Power Teams with Wesley International to Develop Lithium Pack for Electric Tow Vehicles.
VISTA, Calif.–(BUSINESS WIRE)–Flux Power® Holdings, Inc. (OTCQB:FLUX), an innovator in advanced lithium energy storage systems, today provided an update on the expansion of its U.S. distribution network and the development of a new lithium storage product line for electric tow vehicles
Flux integrates advanced lithium cell technology with proprietary battery management systems, components and in-house product design to create state of the art, scalable electricity storage solutions for industrial and specialty use.
Acting CEO, Ron Dutt, commented, “Flux is making solid progress in executing the ‘restart’ of our business under new direction with a disciplined operating model. We are targeting select key markets where we can deliver clear advantages in performance and cost of ownership, and where we see significant market scale. We are working with Wesley International, a leading manufacturer of industrial materials handling solutions, to build a lithium battery replacement for their top-rated Pack Mule® product line. We dedicated 2013 primarily to executing the transition of our business, and enter 2014 confident we have the products and market strategy to deliver improved financial performance.”
US Distribution Network
Since restructuring and refocusing the business on industrial equipment, portable power and grid storage products, Flux has debuted its LiFT Pack line of batteries for the Class 3 forklift market. Flux has progressed from an initial April pilot into a full line of production products and is now in the process of building-out its dealer/distributor network, including Arizona, California, Missouri, Virginia, Florida, and Georgia, based on initial positive customer response.
Electric Tow Vehicle Market
Working with Wesley International, Flux has developed and is piloting a 36 volt lithium storage pack for use in Wesley’s Pack Mule line of electric tow vehicles used by Fortune 100 and other companies in warehouse, distribution center and manufacturing environments. Flux’s prototype lithium battery enables the replacement of existing lead-acid battery technology with solutions that perform better and have longer product life, with lower risk, maintenance and overall cost of ownership. Flux’s Pack Mule replacement battery program is expected to progress through development and testing and move into full production over the next two or three quarters.
Bob Fisher, President of Wesley International, added, “The prospect of improved performance, customer satisfaction and a lower cost of ownership from lithium storage packs is a win-win for our customers. We are excited to be teaming with Flux in developing these solutions and believe they will resonate with our larger global logistics and manufacturing clients.”
About Flux Power Holdings (FLUX)
Flux Power designs, develops, and markets advanced energy storage systems offering improved performance, extended cycle life and greater return on investment. Flux sells through a growing base of distribution relationships. Products include batteries, packaged modules, advanced energy storage systems and components such as stand-alone battery management, stackable chargers, programming software and display systems. For more information visit www.FLUXpwr.com or email info@FLUXpwr.com.
Investor Relations: @FluxPowerIRForward-Looking StatementsThis release contains certain “forward-looking statements” relating to the business of the Company, which are often identified by the use of terminology such as “believes,” “expects” or similar expressions. Forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Such forward-looking statements include, among other things, the development of new products, distribution partnerships and business opportunities and the inherent uncertainties associated with customer acceptance of new products. There can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Actual results could differ from those projected due to numerous factors. Statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements or reasons why actual results could differ from those projected. Investors should refer to the risk factors disclosure in our most recent Form 10-K, our Form 10-Q’s and other periodic reports filed with the S.E.C. and available at www.sec.gov/edgar.Flux, Flux Power and associated logos are trademarks of Flux Power Holdings, Inc.