Click here to close now.




















Welcome!

Agile Computing Authors: Jim Taylor, Pat Romanski, Greg Dickinson, Dana Gardner, Adrian Bridgwater

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 HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
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 session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Akana has released Envision, an enhanced API analytics platform that helps enterprises mine critical insights across their digital eco-systems, understand their customers and partners and offer value-added personalized services. “In today’s digital economy, data-driven insights are proving to be a key differentiator for businesses. Understanding the data that is being tunneled through their APIs and how it can be used to optimize their business and operations is of paramount importance,” said Alistair Farquharson, CTO of Akana.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
"Optimal Design is a technology integration and product development firm that specializes in connecting devices to the cloud," stated Joe Wascow, Co-Founder & CMO of Optimal Design, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
Electric Cloud and Arynga have announced a product integration partnership that will bring Continuous Delivery solutions to the automotive Internet-of-Things (IoT) market. The joint solution will help automotive manufacturers, OEMs and system integrators adopt DevOps automation and Continuous Delivery practices that reduce software build and release cycle times within the complex and specific parameters of embedded and IoT software systems.
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.