TUALATIN, Ore., Sept. 19, 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 its wholly owned subsidiary, Quality Bending & Fabrication (QBF), has received another substantial Purchase Order from LiteSolar (www.litesolar.com) to provide parts and components. Total purchase orders received over the past 90 days exceeds $150,000.
LiteSolar is a major installer of carport structures that incorporate solar and energy storage devices for commercial and multi-family settings. In June 2011, Powin Corporation announced the initial Purchase Order issued to QBF from LiteSolar and began manufacturing for them in Tualatin, Oregon.
"Over the past ninety days LiteSolar has submitted a total of seven orders to QBF, which clearly indicates its confidence in our manufacturing ability. Further, with over 40 megawatts of projects under contract for LiteSolar, we expect orders to increase substantially over the next 24 months," said Ronald Horne, Powin Chief Financial Officer.
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 .
Ronald Horne, CFO
E & E Communications
"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