|By Marketwired .||
|May 15, 2014 04:03 PM EDT||
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
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.
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.
Catalyst Global LLC
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jun. 24, 2016 04:15 PM EDT Reads: 1,043
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Jun. 24, 2016 02:15 PM EDT Reads: 324
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Jun. 24, 2016 01:00 PM EDT Reads: 1,282
Amazon has gradually rolled out parts of its IoT offerings, but these are just the tip of the iceberg. In addition to optimizing their backend AWS offerings, Amazon is laying the ground work to be a major force in IoT - especially in the connected home and office. In his session at @ThingsExpo, Chris Kocher, founder and managing director of Grey Heron, explained how Amazon is extending its reach to become a major force in IoT by building on its dominant cloud IoT platform, its Dash Button strat...
Jun. 24, 2016 12:00 PM EDT Reads: 1,528
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Jun. 24, 2016 12:00 PM EDT Reads: 688
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jun. 24, 2016 11:15 AM EDT Reads: 561
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
Jun. 24, 2016 11:00 AM EDT Reads: 921
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Jun. 24, 2016 10:30 AM EDT Reads: 846
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Jun. 24, 2016 09:45 AM EDT Reads: 1,141
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Jun. 24, 2016 09:30 AM EDT Reads: 1,091
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Jun. 24, 2016 09:30 AM EDT Reads: 561
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Jun. 24, 2016 08:45 AM EDT Reads: 1,091
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Jun. 24, 2016 08:45 AM EDT Reads: 1,186
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Jun. 24, 2016 08:30 AM EDT Reads: 760
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Jun. 24, 2016 08:15 AM EDT Reads: 1,169
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Jun. 24, 2016 08:15 AM EDT Reads: 1,396
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Jun. 24, 2016 07:30 AM EDT Reads: 941
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jun. 24, 2016 07:15 AM EDT Reads: 1,141
industrial company for a multi-year contract initially valued at over $4.0 million. In addition to DataV software, Bsquare will also provide comprehensive systems integration, support and maintenance services. DataV leverages advanced data analytics, predictive reasoning, data-driven diagnostics, and automated orchestration of remediation actions in order to improve asset uptime while reducing service and warranty costs.
Jun. 22, 2016 11:00 AM EDT Reads: 1,328
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
Jun. 19, 2016 12:45 PM EDT Reads: 1,218