Welcome!

Web 2.0 Authors: Elizabeth White, Carmen Gonzalez, Pat Romanski, Liz McMillan, Yeshim Deniz

News Feed Item

Lithium Battery Innovator -- Flux Power -- Reviews Q3 Progress & Hosts Call Today at 4:30 p.m. EDT

Flux LiFT Packs Undergoing Testing at 16 Customer Locations; Lithium Batteries Challenging Lead-Acid and Fuel Cells in Material Handling Market

VISTA, CA -- (Marketwired) -- 05/15/14 -- Flux Power® Holdings, Inc. (OTCQB: FLUX), an innovator in advanced lithium energy storage systems for lift equipment, portable power and grid storage, today reported recent progress and its results of operations for the third quarter ended March 31, 2014 (Q3'14). Flux is hosting an investor call and webcast today at 4:30 p.m. EDT to review recent developments and to answer questions.

Conference Call: (877) 296-5507 or (678) 894-3032 (int'l) - Conf. ID #42856626

Webcast and Replay:
Direct Link to Flux Webcast or
http://fluxpwr.investorroom.com/events

Flux Power develops and markets advanced lithium-ion battery packs based on its proprietary battery management system, in-house engineering and product design. Flux storage solutions deliver improved performance, extended cycle life and greater return on investment than legacy solutions.

For the past twelve months, Flux has been transitioning its business and product focus to the development and sale of advanced battery packs in new markets, principally for motive power applications such as lift equipment (forklifts) used in material handling, for portable power in military and entertainment applications and for stationary power for grid storage.

During Q3'14 Flux secured approval from a leading forklift OEM to sell its 24 Volt LiFT Pack lithium battery solution for Class III "walkie" lift trucks operated by an individual walking behind the vehicle. The approval was granted following an extensive testing process and applies to new lift trucks and as a replacement option for existing trucks. This OEM approval represents a major milestone for Flux and has helped to expand market interest and the pace of partner and customer dialogues.

Flux is currently engaged in similar approval processes with two additional top-10 global lift truck OEMs. At the same time Flux is working to advance its sales and marketing efforts within its distribution network of battery distributors and lift equipment dealers.

Motive Power Market Awareness & LiFT Pack Piloting
Flux has spent the past several months developing and introducing its LiFT Pack solution to customers, distributors, dealers and OEMs within the lift industry. These efforts have generated significant exposure and interest that has significantly increased the number of prospective partners and customers that are currently evaluating, or are scheduled to evaluate, Flux LiFT Packs. LiFT Packs are currently under evaluation at 16 different customer/distributor locations, including major grocery store operators, three global beverage companies, and a national food products producer and distributor.

In April Flux exhibited before leading battery distribution companies from across the U.S. at the DC Power Group conference in Nashville. Flux's lithium-ion battery solutions were well received, and the conference yielded active dialogues with 12 different regional battery distributors. Battery distributors play a critical role in the supply chain given their specialized product knowledge and ability to sell both to equipment dealers and direct to customer accounts. Flux is investing substantial time and resources to advance its distribution relationships, educating managers and sales teams and setting up product demos and pilots with sales personnel and certain large customers. The demonstration and piloting process is expected to pave the way to formal distribution agreements and customer orders.

Flux also presented at an April beverage industry conference focused on materials handling products, trends and issues. The food and beverage industry offers substantial sales potential for Flux given their fleets of lift equipment in warehouse facilities and on delivery trucks.

CEO, Ron Dutt, commented, "Flux Power has made significant strides building awareness among lift dealers and OEMs, battery distributors and large end-users of the superior performance and total cost benefits we provide in Class III lift trucks, also known as 'walkies.' The LiFT Pack advantages are particularly compelling for customers operating large fleets and multiple shifts when you consider the improvements we deliver as far as longer run times, better performance, reduced downtime, no maintenance requirements and a useful life several times that of legacy lead-acid batteries.

"The LiFT Pack storage solution, which retails between $2,500-3,900 depending on the specifications, is also very attractive versus high profile fuel cell power solutions at reported costs of $10,000 per unit and higher, even before factoring in required infrastructure, safety and training costs."

Electric Tow Vehicle ("Tug and Tow") Market Opportunity
In the electric tow vehicle market we are working with an OEM partner on an upcoming presentation of our 36-V Tug-and-Tow Pack to a Fortune 100 company. We see sizable opportunity for Flux packs in tug and tow vehicles, which are widely used by Fortune 500 companies across warehouse, manufacturing, and distribution environments. Through our growing network of battery distributors we will pursue partnerships with additional larger OEM's in the tug and tow market going forward.

Third Quarter Financial Results
Flux's Q3'14 revenues which reflect its new business focus increased to $94,000 versus Q2'14 revenues of $28,000, but declined by 13% versus Q3'13 revenue of $108,000 that related to the Company's prior products and strategy.

SG&A increased to $476,000 in Q3'14 versus $342,000 in Q2'14, but declined versus $574,000 in Q3 last year. The sequential increase in SG&A primarily reflects expenses associated with expanding our sales, marketing and external communications efforts.

Flux reduced Q3'14 R&D expense to $139,000 from $280,000 in Q3'13, but increased slightly by $16,000 versus Q2'14, reflecting the shift in over the past year from development to production.

Including non-cash items of $650,000 resulting from a gain to warrant holders due to an increase in the price of the Company's common stock, Flux reported a Q3'14 net loss of $1,745,000, or ($0.03) per basic share. This compares to Q3'13 net loss of $1,098,000, or $(0.02) per basic share. Per share results in Q3'14 and Q3'13 are based on a weighted average of 62,455,354 basic and 47,003,583 diluted shares outstanding, respectively. Flux Power's financial results for the quarter ended March 31, 2014 will be filed with the SEC on Form 10-Q on May 15, 2014 and will be available for review here: Flux Power SEC Filings.

During Q3'14 Flux completed a private placement of restricted common stock and warrants that yielded net proceeds, including the conversion of debt, of $1.944 million. The common stock was priced at $0.06 per share and the warrants enable the purchase of one Flux share for $0.20 for every two shares purchased in the private placement. Reflecting shares issued pursuant to the placement, Flux Power had 80,825,576 basic shares outstanding as of March 31, 2014.

About Flux Power Holdings, Inc. (www.fluxpwr.com)
Flux Power develops and markets advanced lithium-ion energy storage systems ('batteries') based on its proprietary battery management system (BMS) and in-house engineering and product design. Flux storage solutions deliver improved performance, extended cycle life and greater return on investment than legacy solutions. Flux sells direct and through a growing base of distribution relationships. Products include advanced battery packs for motive power in the lift equipment, tug and tow and robotics market, portable power for military and entertainment applications and stationary power for grid storage.

Twitter Company: @FLUXpwr Investor Relations: @FluxPowerIR
LinkedIn Flux Power
BoardVote: BoardVote.com/symbol/FLUX

This release contains certain "forward-looking statements" relating to Flux's business, that are often identified by the use of "believes," "expects" or similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include the development and success of new products, distribution partnerships and business opportunities and the uncertainties of customer acceptance of new products. Actual results could differ from those projected in due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update these statements or the reasons why actual results could differ from those projected. Although we believe that beliefs, plans, expectations and intentions in this press release are reasonable, there can be no assurance that they will prove to be accurate. Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar.

Flux, Flux Power and associated logos are trademarks of Flux Power Holdings, Inc.

Investor Relations:
Catalyst Global LLC
Eric Lentini
212-924-9800
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Be Among the First 100 to Attend & Receive a Smart Beacon. The Physical Web is an open web project within the Chrome team at Google. Scott Jenson leads a team that is working to leverage the scalability and openness of the web to talk to smart devices. The Physical Web uses bluetooth low energy beacons to broadcast an URL wirelessly using an open protocol. Nearby devices can find all URLs in the room, rank them and let the user pick one from a list. Each device is, in effect, a gateway to a web page. This unlocks entirely new use cases so devices can offer tiny bits of information or simple i...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital busines...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things needs an entirely new security model, or does it? Can we save some old and tested controls for the latest emerging and different technology environments? In his session at Internet of @ThingsExpo, Davi Ottenheimer, EMC Senior Director of Trust, will review hands-on lessons with IoT devices and reveal privacy options and a new risk balance you might not expect.
IoT is still a vague buzzword for many people. In his session at Internet of @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, will discuss the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. The presentation will also discuss how IoT is perceived by investors and how venture capitalist access this space. Other topics to discuss are barriers to success, what is new, what is old, and what the future may hold.
Swiss innovators dizmo Inc. launches its ground-breaking software, which turns any digital surface into an immersive platform. The dizmo platform seamlessly connects digital and physical objects in the home and at the workplace. Dizmo breaks down traditional boundaries between device, operating systems, apps and software, transforming the way users work, play and live. It supports orchestration and collaboration in an unparalleled way enabling any data to instantaneously be accessed on any surface, anywhere and made interactive. Dizmo brings fantasies as seen in Sci-fi movies such as Iro...
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other mach...
This Internet of Nouns trend is still in the early stages and many of our already connected gadgets do provide human benefits over the typical infotainment. Internet of Things or IoT. You know, where everyday objects have software, chips, and sensors to capture data and report back. Household items like refrigerators, toilets and thermostats along with clothing, cars and soon, the entire home will be connected. Many of these devices provide actionable data - or just fun entertainment - so people can make decisions about whatever is being monitored. It can also help save lives.