Balqon Introduces Zero Emissions Heavy-Duty Electric Vehicles and Drive Systems to Costa Rica
HARBOR CITY, CA, Jun 09, 2010 (MARKETWIRE via COMTEX) -- Balqon Corporation (OTCBB: BLQN), a developer and manufacturer of zero emissions heavy-duty electric vehicles for Class 7 and Class 8 applications, has introduced its vehicles and drive systems to the Republic of Costa Rica through a new dealer agreement with Electric Cars of Costa Rica S.A.
As a leading distributor of electric cars, neighborhood electric vehicles (NEV) and light duty on-road trucks in Costa Rica, Electric Cars of Costa Rica will distribute Balqon's medium and heavy-duty electric vehicles and drive systems, and provide service and parts throughout Costa Rica.
"Costa Rica has been setting the pace among nations for reducing carbon emissions and has declared the ambitious goal of becoming the first country in the world to be carbon neutral," said Balwinder Samra, president and CEO of Balqon Corporation. "Electric Cars of Costa Rica has been leading the effort to introduce new zero emissions technologies to Costa Rica and has extensive experience in NEV inner city delivery vehicle markets."
"In addition to introducing all-electric medium and heavy-duty trucks for transportation of goods and services, we plan to jointly develop both the new and conversion vehicle markets in Costa Rica by providing our proprietary drive system and high-capacity lithium-ion battery packs for use in various vehicle platforms," said Samra.
James Middlebrooks, president and founder of Electric Cars of Costa Rica, commented: "We are excited to deliver to Costa Rica Balqon's extensively tested and successfully commercialized zero emissions technology for heavy-duty vehicles. We expect these advanced technologies to be quickly adopted by our existing environmentally-conscious customer base of resorts, distribution warehouses, and inner city distribution companies."
Costa Rica is ranked first among the Americas and third in the world in terms of the 2010 Environmental Performance Index. In 2007, the Costa Rican government announced plans for Costa Rica to become the first carbon neutral country by 2021. According to the New Economics Foundation, Costa Rica ranks first in the Happy Planet Index and is the "greenest" country in the world. Also, according to an October 2009 article published by Summa Magazine, Costa Rica is the world's fourth largest exporter of high technology due to the fact that nearly half of its sales from manufacturing relate to products developed with proprietary technologies.
Electric Cars of Costa Rica represents the third international dealer agreement Balqon has established since the first of the year. In Febuary, Balqon signed Autoelevadores Yale, a leading distributor of material handling equipment and electric vehicles in Argentina. In March, Balqon signed Industrias IVOR, a distributor of trucks, firefighting trucks and equipment, refuse trucks, and heavy machinery for material handling products in Colombia.
About Electric Cars of Costa Rica Electric Cars of Costa Rica is a distributor of light duty trucks, golf carts, trams and neighborhood electric vehicles. Its customers include local resorts, distribution warehouses, airports, the beverage industry, and state and local governments. Electric Cars of Costa Rica was founded in 2001 and has sales and services locations in the major markets in Costa Rica.
About Balqon Corporation Headquartered in Harbor City, California, Balqon Corporation (OTCBB: BLQN) is a leading developer 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 product line of tow tractors built on Autocar LLC chassis are designed to transport containers at ports, marine terminals, rail yards, warehouses, intermodal facilities, military bases and mail facilities. For more information about Balqon Corporation, visit www.balqon.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, Balqon Corporation's ability to sell products; the commercial viability of Balqon Corporation's products; the ability of Electric Cars of Costa Rica to market, distribute and service Balqon Corporation's products; the ability of Balqon Corporation to develop a market presence in Costa Rica, including the ability of Balqon Corporation and Electric Cars of Costa Rica to introduce new products and zero emissions technologies to Electric Cars of Costa Rica's existing customers; and the ability of Balqon Corporation to develop a global presence for its product offerings 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; Electric Cars of Costa Rica's ability to secure purchase orders for Balqon Corporation's products; Balqon Corporation's ability to fulfill any such purchase orders; Balqon Corporation's ability to attract sufficient capital to manufacture its products; the ability of Balqon Corporation to attract and retain talented individuals; adverse economic and market conditions; the projected future demand for Balqon Corporation's products; changes in technology and governmental regulations and policies; 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 most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission.
Company Contact:
Balwinder Samra
Chairman, President & CEO
Balqon Corporation
Tel 310-326-3056
Email Contact
Investor Relations:
Scott Liolios or Cody Slach
Liolios Group, Inc.
Tel 949-574-3860
Email Contact
