TUALATIN, Ore., Sept. 21, 2011 /PRNewswire/ -- Powin Corporation (OTC BB: PWON), an Oregon-based OEM and direct manufacturer of outdoor cookware products, gun safes, fitness and recreational equipment, truck parts, plastic products, renewable energy products and furniture for some of America's most well known retailers, today announced that Powin Energy, its wholly-owned subsidiary, has received an initial Purchase Order from LiteSolar for approximately $400,000 for lithium rechargeable battery products. LiteSolar, is a major installer of carport structures that incorporate solar and energy storage devices for commercial and multi-family environments.
"We appreciate the positive business relationship that we have with LiteSolar and are pleased to begin the process of providing to them the highest quality lithium rechargeable battery products on the market," stated Michael Morse, Vice President of Operations for Powin Energy.
The initial container of battery product coincides with the construction of solar and battery powered carports being fabricated with parts manufactured by another Powin Corporation subsidiary, Quality Bending and Fabrication, announced in a press release on September 19, 2011.
"The relationship that Powin Corporation shares with LiteSolar clearly epitomizes the synergy that exists amongst the various business units of Powin," according to Joseph Lu, President and Chief Executive Officer of Powin Corporation.
LiteSolar is a well funded subsidiary of a 40-year old real estate developer / owner and energy company. Its mission is to make solar energy available to a wide range of clients that otherwise may not be able to make the switch. Its customers enjoy the simplification of the process that is provided by having its full scope handled in-house, from design, financing and construction, to operation and maintenance.
About Powin Corporation
Powin Corporation was founded in Tigard, Oregon in 1990 by Joseph Lu, a Chinese-American, and has grown into a large international distributor of more than 2,000 original equipment manufacturer products annually as well as being a direct manufacturer. It leases two plants in Oregon, one in Mexico and, contracts with six in Mainland China and two in Taiwan. For more information please visit www.Powin.com.
Powin Corporation trades on OTCQB, the OTC market tier for companies that report to the SEC or a U.S. banking or insurance regulator. Investors can find Real-Time quotes and market information for the company at http://www.otcmarkets.com/stock/PWON/quote .
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.
SOURCE Powin Corporation