seems like a convoluted web of confusion when reading the press release...
the way i'm reading it.....this chung dude (i guess this is your "donald trump of china" guy)
both seven one limited and winston battery are chinese companies owned by the chung dude
as i'm reading it basically he has this battery technology that he wants to sell/distribute in the US that is made by winston battery...and his seven one limited chungs financial arm or something is giving balquon both money and approval to distribute (attempt to) their battery in the us market.....what that means for balqon as far as viability of their electric trucks and such....probably nothing
smell a pump a dump.....GL
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HARBOR CITY, CA--(Marketwire - 12/20/10) - Balqon Corporation (OTC.BB:
BLQN -
News), a developer and manufacturer of zero-emissions heavy-duty electric vehicles and drive systems, completed a $5.0 million private placement of its common stock and warrants to purchase common stock on December 14, 2010. The investor in the private placement was Seven One Limited. Balqon filed a Current Report on Form 8-K with the Securities and Exchange Commission on December 17, 2010 that provides further details of the transactions described above and below.
On December 14, 2010, Balqon also entered in to a Distribution Agreement with Seven One Limited under which Balqon was appointed the exclusive distributor in the United States for lithium iron phosphate batteries and high voltage charging systems manufactured by Winston Battery Limited.
Seven One Limited holds worldwide distribution rights with respect to the high-capacity lithium iron phosphate batteries and high voltage charging systems manufactured by Winston Battery Limited. Both Seven One Limited and Winston Battery Limited are Shenzhen, China-based companies that are headed by leading battery technology scientist, inventor and entrepreneur, Mr. Winston Chung.
"We have used batteries manufactured by Winston Battery along with our proprietary battery management systems since 2009, and have been highly impressed by their performance," said Balwinder Samra, president and CEO of Balqon. "We believe this new distributor relationship and Seven One Limited's substantial investment in our company will enhance our product offerings and allow us to jointly explore a number of growing market opportunities within the stationary backup power and energy storage markets."
In November, Balqon and Winston Battery Limited jointly showcased their drive systems and battery technologies at the EVS 25 (The World Electric Vehicle Symposium and Exposition) organized by the World Electric Vehicle Association in China. The EVS 25 is recognized as the premier event for academic, government and industry professionals involved in electric drive technologies.
At the EVS 25, Balqon and Winston Battery Limited demonstrated the world's first all-electric recreational vehicle (RV) with a range of 200 km. on a single charge. The 45-foot RV was manufactured by MVP RV, Inc. of Riverside, California. Using Winston Battery Limited's advanced charging technology in Balqon's battery management system, the RV can be fully charged within 20 minutes as compared to 8 hours using traditional methods.
"Working together with the Balqon team to develop the world's first all-electric powered RV in record time revealed other opportunities we can jointly address across our respective continents using our complimentary expertise and experience," said Mr. Chung. "We believe our synergistic portfolios of battery and vehicle drive control technologies will enable us to enter new developing electric vehicle markets, and provide Balqon a path to diversify from its market niche of heavy-duty electric vehicles."
The issuance of securities in the private placement described above was not registered under the Securities Act of 1933, as amended (the "Securities Act"). Therefore, the securities may not be reoffered or resold by the investor absent registration or an applicable exemption from the registration requirements of the Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
