Welcome!

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.

Latest Stories
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it. Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
New Relic, Inc. has announced a set of new features across the New Relic Software Analytics Cloud that offer IT operations teams increased visibility, and the ability to diagnose and resolve performance problems quickly. The new features further IT operations teams’ ability to leverage data and analytics, as well as drive collaboration and a common, shared understanding between teams. Software teams are under pressure to resolve performance issues quickly and improve availability, as the comple...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, will draw upon their own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He will also discuss the implementation of microservices in data and applicat...
Join IBM June 8 at 18th Cloud Expo at the Javits Center in New York City, NY, and learn how to innovate like a startup and scale for the enterprise. You need to deliver quality applications faster and cheaper, attract and retain customers with an engaging experience across devices, and seamlessly integrate your enterprise systems. And you can't take 12 months to do it.
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
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, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
As you respond to increasing requests for new analytics, you need fast and flexible technology in your arsenal so that you can deploy the right workload to the right platform for the need at hand. Do you need self-service and fast time to value? Do you have data and application control and privacy needs, along with strict SLAs to meet? IBM dashDB™ is data warehouse technology powered by in-memory computing and in-database analytics that are designed for fast results, scalability and more.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...