Balqon Corporation Enters into an Agreement with Autocar, LLC to Develop On-Road Zero Emissions Drayage Vehicles.
The agreement is for an initial term of three years, during which Balqon Corporation will incorporate its heavy-duty electric drive systems into customized chassis designed and built by Autocar, LLC specifically for drayage applications. The final product will be sold by Balqon Corporation, and Balqon Corporation has agreed to pay sales commissions for all sales leads generated by Autocar, LLC.
"Autocar's engineering and product application experience in a variety of demanding severe service applications including the refuse and construction industries provides us with the ideal chassis platform partner to meet the rugged drayage application needs," said Balqon Corporation's Chief Executive Officer, Balwinder Samra. "We believe that Autocar's customized chassis and nationwide after-market service and support network combined with our electric drive systems will provide our customers with a commercially viable alternative to combustion powered vehicles used in short haul on-road applications coast to coast," he added.
About Balqon Corporation
Balqon Corporation is a developer and manufacturer of heavy duty electric trucks, tractors and electric drive systems. The Company uses its proprietary flux vector control technology to design propulsion systems for 10 to 50 ton capacity vehicles and material handling equipment. Balqon Corporation's current product line of tow tractors are designed to transport containers at ports, marine terminals, rail yards, warehouses, intermodal facilities, military bases and mail facilities. For information about Balqon Corporation and its product offerings, visit www.balqon.com. Balqon Corporation's common stock trades on the OTC Bulletin Board under the symbol "BLQN".
About Autocar, LLC
Autocar, LLC, headquartered in Hagerstown, Indiana, is a manufacturer and marketer of severe service heavy duty trucks. Autocar produces highly customized vehicles and service parts for applications including refuse, drayage, construction, aircraft services, mobile crane, and yard tractors. Autocar is an affiliate of Highland Park, Illinois-based GVW Group, LLC. Additional information on Autocar, LLC is available at www.autocartruck.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release, including without limitation, the ability of Balqon Corporation to incorporate its heavy-duty electric drive systems into Autocar, LLC's chassis and the commercial viability of the resultant vehicles, are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Balqon Corporation could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, unforeseen technical issues; Balqon Corporation's ability to attract sufficient capital; the ability of Balqon Corporation to attract and retain talented individuals; adverse changes in general economic or market conditions; and other events, factors and risks previously and from time to time disclosed in Balqon Corporation's filings with the Securities and Exchange Commission, including, specifically, those factors set forth in the "Risk Factors" section of Balqon Corporation's Amendment No. 1 to its Annual Report on Form 10-K for December 31, 2008 filed with the Securities and Exchange Commission on May 22, 2009.
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|Date:||Jun 16, 2009|
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