Odyne Corp. Provides Business Update and Reports Financial Results for the First Quarter 2007
Published in: Business Wire
Date: 5/16/2007
Odyne Corporation (OTCBB: ODYC), a leading developer of advanced plug-in hybrid electric vehicle (PHEV) technology for trucks and buses, today provided an update on the business and reported its financial results for the first quarter ended March 31, 2007.
Roger M. Slotkin, CEO of Odyne Corporation, commented, “We remained quite active during the first quarter of 2007, laying the foundation to begin broader commercialization of our technology. First, we signed an important sales and marketing agreement with FAB Holdings, North America’s largest supplier of complete compressed gas fuel storage systems to the transit industry. FAB Holdings will have exclusive rights to install Odyne’s propulsion systems into existing vehicles in California, Nevada and Arizona, important markets for our technology. FAB will also provide repair and warranty services for Odyne systems. We look forward to leveraging FAB Holding’s strong relationships with many of the leading OEMs of heavy duty vehicles.”
Mr. Slotkin continued, “During the quarter, we entered into an agreement with Bosch Rexroth Corp. to supply electric motors and drives for our hybrid electric propulsion systems. Since the beginning of the second quarter, we also entered into a strategic supplier agreement with Enersys, to supply Odyne with its Genesis pure lead batteries. Each of these agreements will help ensure a steady supply of key components as we begin to ramp-up production.”
“Earlier this month, we announced the signing of an exclusive agreement with Dueco, a leading manufacturer of aerial lift trucks for utility companies, telephone and cable companies, electrical contractors, tree-trimming companies, railroads, the military and the government. The agreement allows for installation of our technology into trucks where customers are seeking to reduce the cost of operation through greater fuel efficiency.”
“Most recently, we entered into a sales and marketing agreement with Creative Bus Sales, Inc., the largest commercial bus dealership in the United States. The benefits of this important alliance are obvious, given Creative’s customer base which includes municipalities and private bus companies. Overall, each of the strategic alliances and reseller agreements we’ve signed this year are important milestones that will enable us leverage our core strengths and rapidly deploy our technology around the country.”
Total revenue for the three months ended March 31, 2007 was $22,782, compared to $53,660 for the same period in 2006, representing a reduction of 57%. Operating loss for the three months ended March 31, 2007 was $1,043,305, compared to an operating loss of $216,097 for the same period last year. The increased operating loss was due to reduced gross profit related to sales mix, increased R&D spending and increased G&A costs. Net loss attributable to common stockholders for the three months ended March 31, 2007 was $1,016,410 or $.06 per share, compared to a net loss of $224,748 or $.02 per share, for the same period in 2006. Results for the first quarter of 2006 reflect Odyne’s operation as a private company. Further details regarding the company’s financial statements can be found in the SEC filings located at www.sec.gov.
About Odyne Corporation
Odyne Corporation is a clean technology company that develops and manufactures propulsion systems for advanced Plug-in Hybrid Electric Vehicles (PHEV), specifically medium and heavy-duty trucks and buses. The company has developed a proprietary system combining electric power conversion, power control and energy storage technology, with standard electric motors, storage batteries and other off the shelf components to create a lower fuel cost, lower operation and maintenance cost, substantially lower emission and quieter vehicle. Odyne’s PHEV systems are series configuration hybrids with significant advantages over the parallel architecture used in hybrid passenger cars. Visit www.odyne.com for more information.