Palm Bay, FL -- (ReleaseWire) -- 01/10/2017 --Oakridge Global Energy Solutions, Inc. (OTCQB: OGES), a leading U.S. based manufacturer of Lithium-ion smart energy cells for military, civilian and medical applications, is pleased to provide the following General Status Update for the commencement of its 2017 business year.
Since its last series of press releases to the market in September, 2016, Oakridge has been working intensively with its major shareholder, Precept Fund Management Group ("Precept"), on a number of highly confidential initiatives for 2017, which due to important non-disclosure obligations imposed on the Company by the various counterparties to these initiatives, the Company has not been at liberty to disclose.
However, in the interests of keeping the market informed, Oakridge can provide the following update as to its activities and what it has planned for 2017 and beyond:
- The Company, through its major shareholder, Precept, is currently in the process of closing a significant private placement with a major new strategic investor which will become the Company's second largest shareholder behind Precept, and which, in addition to significant funding, will also bring to the Company major new product distribution and sales opportunities on a global scale;
- Precept Group itself has also been working directly with the Company with a view to providing the Company with significant additional working capital funding directly from Precept Group during 2017 to provide the Company with all the capital it needs to fund its business expansion plans for 2017 and beyond;
- These two initiatives mean that the Company will not be seeking external funding for its business activities from the capital markets and will be internally funded;
- The Company, through Precept, has been working since September to materially expand its network of high level Japanese lithium battery industry relationships, leveraging off Precept's existing network of Japanese relationships, and these new developments include:
- supply and joint development relationships to facilitate the design and manufacture of the Company's previously announced Generation 2 products, plus additional products that the Company has been working on jointly with its Japanese strategic partners since September, 2016;
- the establishment of a joint venture to manufacture and sell the company's patented thin-film solid state lithium batteries for major new international markets;
- The approval and finalization of three separate grants and associated financing structures for the funding of the construction of three new state-of-the-art lithium-ion battery manufacturing plants globally as part of the Company's strategy to become a major global player in the industry;
- The establishment of new product marketing, sales and distribution arrangements for its products both in the US and globally;
- The establishment of a major new corporate and logistics/distribution center on the West Coast of the US for the efficient distribution of its products throughout US and the rest of the Americas;
- The establishment of a major new corporate office for the Company in Japan to facilitate the expansion of the Company's important new relationships there, reflecting the fact that from 2017, Japan will become a major strategic center for the Company, both from a technical expertise and also from a product development and manufacturing standpoint;
- The expansion of the Company's existing Hong Kong office, which will from Q2, 2017, become the Company's global corporate, finance and administrative center, reflecting the fact that as a result of the initiatives the Company started in 2016 following its sale of its stake in Swiss battery manufacturer, Leclanche S.A.,the Company's business plan and corporate relationships are now becoming truly global;
- The expansion of the Company's Hong Kong presence will also see the appointment of a new international firm as auditor, and is being implemented in conjunction with the finalization of the updating of the Company's financial statements in a way that is consistent both with SEC requirements and with the internationalization of the Company's business that is now underway with the assistance of Precept;
- The appointment of a new Defense Industry Advisory Board to facilitate the penetration of the Company's products to the military and defense market in the US and its major Allies.
- The planning, with the producers of the financial information show, "New To The Street", of a regular series of globally syndicated TV shows which will track the progress of the Company in the international market as it follows its current path of the globalization of its business, commenced in late 2016.
The Company is not, due to non-disclosure obligations currently placed upon it, at liberty to disclose further details of the above matters at this time, but will be providing specific details on each of these matters when it is at liberty to do so during the coming weeks and months.
About Oakridge Global Energy Solutions, Inc. (OTCQB: OGES)
Oakridge Global Energy Solutions, Inc. leads in the innovation, development, manufacturing and marketing of disruptive energy storage technology for military, civilian and medical uses. The company's research & development, and its powerful strategic alliances with leading Japanese industry players has led to the development of some of the world's most innovative Lithium-ion "smart energy cells", all with smart-phone connectivity to monitor status, and representing some of the longest-lasting rechargeable power sources currently available, with a life up to 3 times greater and a 30 percent longer cycle between charges than Chinese-manufactured counterparts. Located in Palm Bay, Florida, the Company is poised to become a dominant player in the lithium-ion energy storage space with its unique "smart energy cells" and is dedicated to bringing manufacturing back to the United States. For more information visit: www.oakridgeglobalenergy.com.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.
Director of Investor Relations
Office: (321) 610-7959 ext. 1008
Direct: (321) 802-9764
Source: Uptick Newswire