FORT LEE, N.J., Dec. 10, 2020 /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 has secured a $3.5 million order from a large international
container shipping company.
Pioneer Power will supply a highly customized energy solution,
including two integrated power centers with redundant 15kv medium
voltage switchgear, an integrated power control building and an
integrated double-ended 750kva unit substation. This equipment will
help deliver reliable and redundant power to the shipping company's
main terminal in Hawaii. The
Company expects to ship the solution by June of 2021.
Nathan Mazurek, Pioneer Power's
Chief Executive Officer, commented, "Pioneer Power continues to win
business because of our proven ability to customize solutions for
unique electrical and mechanical applications. This order, combined
with our existing backlog and growing demand for our expertise,
gives us increased confidence that our switchgear business revenue
and profit should grow notably during 2021 when compared to
2020."
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.