Ozop Surgical Corp Announces Sale for Renewable Energy Project Managed by the U.S. Army Corps of Engineers
Contract received for AC inverters is second project at Bonneville Lock and Dam
WARWICK, NY., July 15, 2020 (GLOBE NEWSWIRE) -- Ozop Surgical Corp (OZSC), (“Ozop” or the “Company”), announced today that its wholly owned subsidiary, Power Conversion Technologies, Inc. (PCTI), has received an order through a third party for support with a large renewable energy project managed by the U.S. Army Corps of Engineers. PCTI will develop and deliver highly specialized DC/AC converters for use at the Bonneville Lock and Dam, a hydroelectric power generating plant in the Columbia River Gorge.
The project has features rarely seen in the power industry, including dual high current, low voltage DC inputs, at a higher output power rating, which require the use of some of the largest integrated power modules available today. This purchase marks the second order from this customer, which began relying on PCTI equipment in 2006.
“We worked closely with this customer to refine the high-performance design parameters, demonstrating the degree to which clients rely on our unique expertise and specialized manufacturing,” said Catherine Chis, President and CEO of PCTI. “This project highlights our ability to provide custom solutions in the high power, renewable energy markets. It’s exciting to see increased interest from the U.S. Government’s to invest in the renewable energy sector, and I feel that PCTI is poised to capitalize on the growth of these sustainable industries.”
Built in 1938, the Bonneville Lock and Dam was the first federal lock and dam on the Columbia and Snake Rivers. Today, its two powerhouses consist of 18 generators, with a combined total output of 1.2 MW.
PCTI designs, develops and manufactures standard and custom power electronic solutions. The company has served the growing demand for power electronics in the highest power ranges since 1991. Customers include the U.S. Military and many of the world’s largest industrial manufacturers. All of its products are manufactured in the United States, and its facilities have remained open throughout the COVID-19 pandemic because of its status as an essential, defense-related industry.
William Yargeau brings a track record of strong growth at industrial sales companies
WARWICK, NY., July 09, 2020 (GLOBE NEWSWIRE) -- Ozop Energy Solutions. (OZSC), (“Ozop” or the “Company”), has announced that its wholly owned subsidiary, Power Conversion Technologies, Inc. (PCTI), has appointed William “Bill” Yargeau to the position of vice-president of business development. He is tasked with growing revenue and leveraging his experience as a strategic sales leader to enhance the company’s marketing planning, revenue forecasting, and communications processes.
Yergeau has more than 30 years of experience as a sales and operations professional responsible for delivering and sustaining new revenue. Prior to joining PCTI, Yargeau served in several leadership roles globally for a $2.4 billion, NYSE-traded industrial goods company, where he developed sales and marketing plans. During this time, he created innovative sales strategies as a key member of a global sales team that generated revenue increases of over $120 million company wide. For two years, Yargeau served as director of global sales, service and business development at Automated Precision, where he was responsible for year-on-year sales growth of 12 percent.
“Bill is exactly what the business needs right now to execute our plan for capturing a portion of the rapidly growing energy storage market,” said Catherine Chis, President and CEO of PCTI. “PCTI has had tremendous success in meeting the needs of the utilities and other players for high power conversion technologies, and we’re certain Bill can leverage it. He brings decades of experience selling to aerospace, defense, wind power, and heavy extractive industries, the same markets in which our products are in demand.”
PCTI designs, develops and manufactures standard and custom power electronic solutions. The company has served the growing demand for power electronics in the highest power ranges since 1991. Customers include the U.S. Military, and many of the world’s largest industrial manufacturers. All of its products are manufactured in the United States, and its facilities have remained open throughout the COVID-19 pandemic because of its status as an essential, defense-related industry.
Ozop Surgical will become Ozop Energy Solutions to reflect new strategy
WARWICK, NY., June 29, 2020 (GLOBE NEWSWIRE) -- Ozop Surgical Corp. (OZSC), (“Ozop” or the “Company”), is pleased to announce that it has completed its acquisition of Power Conversion Technologies, Inc. (PCTI), a 29-year-old manufacturer of high power solutions for energy storage, defense, maritime power, and other industries. Ozop will adopt its new name, Ozop Energy Solutions, to reflect the new strategy resulting from this exciting acquisition.
"This merger signifies a milestone in a strategic vision to capture a major portion of the $36 billion global power technology market,” said Brian Conway, CEO of Ozop Energy Solutions. “PCTI has carved a unique niche that has made it a global player in the high-powered engineered products sector. There is great demand for their products across myriad applications, and they are one of the few companies in the world that can manufacture and deliver innovative customized products in the higher power ranges. That presents a tremendous opportunity to create significant shareholder value.”
PCTI designs, develops and manufactures standard and custom power electronic solutions. PCTI has served the growing demand for power electronics in the highest power ranges since 1991. Customers include the U.S. Military, and many of the world’s largest industrial manufacturers. All of its products are manufactured in the United States, and its facilities have remained open throughout the COVID-19 pandemic because of its status as an essential, defense-related enterprise.
“This transaction takes PCTI public, and allows us to drive our investment into the booming energy storage market, which Forbes estimates will grow from $59 billion in 2019 to $546 billion by 2035,” said Catherine Chis, President and CEO of PCTI. “Our products, technologies and expertise are a linchpin of this emerging industry.”
On February 28, 2020, Ozop Surgical Corp. (“we,” “us,” “our,” “OZOP,” or the “Company”) entered into a Binding Letter of Intent (the “LOI”) with Power Conversion Technologies, Inc., a Pennsylvania corporation (“PCTI”), and Catherine Chis (“Chis”), PCTI’s Chief Executive Officer (“CEO”) and its sole shareholder. Pursuant to the terms of the LOI, the Company will acquire 100% of the issued and outstanding shares of PCTI (the “PCTI Shares”) from Chis (the “Acquisition”) in consideration of (a) the issuance by the Company to Chis of (i) 47,500 shares of the Company’s Series C Preferred Stock (pursuant to an amended certificate of designation to be filed prior to closing the Acquisition), (ii) 18,667 shares of the Company’s Series D Preferred Stock (pursuant to a certificate of designation to be filed prior to closing the Acquisition), (iii) 500 shares of the Company’s Series E Preferred Stock (pursuant to a certificate of designation to be filed prior to closing the Acquisition); and (b) the Company paying $400,000 to PCTI in multiple tranches, with an initial tranche or tranches totaling $100,000 within 90 days from the signing of the LOI and with the aggregate of $400,000 being paid in full at the latest upon execution of a definitive purchase agreement or at such other date as shall be agreed to by the parties.
Link to LOI https://www.sec.gov/Archives/edgar/data/1679817/000155479520000053/ozsc0227form8k.htm
OZSC: Power Conversion Technologies, Inc. – Bids On Contract For US Air Force
Ozop Surgical Corp.June 2, 2020 GMT
WARWICK, NY., June 02, 2020 (GLOBE NEWSWIRE) -- Ozop Surgical Corp. (OTCPK: OZSC), (“Ozop” or the “Company”), today announced that Power Conversion Technologies, Inc. (“PCTI”), has recently been included in a bid issued by a defense contractor for the US Air Force for the manufacture of various power converter modules for two prototype flight-line power carts as part of the Air Force’s Flightline of the Future effort equipment and communications modernization effort. Currently the Air Force uses older diesel engine driven generators and is looking to switch to pure battery powered carts. The Air Force currently has 4,500 generator, primarily diesel engine driven. The intention of this effort is to replace them with efficient, quiet battery-powered carts. Management believes that with its numerous years of experience in the field working with the Air Force, other branches of the DOD as well as previous similar successful projects with this client, it is well positioned to be selected for this contract. The average revenue per cart for PCTI is estimated to be between $80,000 and $100,000 depending on quantity. PCTI President Catherine Chis commented “We had an excellent collaborative relationship with this client on a previous project. Our team would enjoy working with them again on this important opportunity for the modernization effort for the Air Force.”
PCTI designs and manufactures power conversion technology in the highest power ranges
DBE Woman-Owned Business
Power Conversion Technologies, Inc., a certified DBE Woman-Owned business, designs and manufactures equipment in response to the growing demand for power electronics in the highest power ranges. PCTI has been addressing a new era in power electronics as applied to industrial equipment since 1991.
PCTI’s engineering staff has in-depth knowledge in the key areas of power conversion such as power semiconductor analysis and application, thermal exchange, magnetic design, packaging, DSP (digital signal processor) control for converters/inverters, embedded system design, digital communication, and HMI (human machine interface).
Leading Edge Designs
Our leading edge designs incorporating our 6th
generation of DSP
control compliment our customers emerging applications
such as an arc-heated hypersonic wind tunnel or a hybrid electric flightline ground support generator system.
Quality and Value
New materials and components are continually analyzed so that we may be able to pass increased quality and decreased cost on to the customer. Equipment manufactured at PCTI has been designed for production efficiency and maintainability in order to provide the best value for the customer. PCTI’s staff has industrial applications expertise in the power conversion field dating from the introduction of industrial power electronics in the 1960’s to the modern industrial applications existing today and those that will exist tomorrow.
Our customers are located throughout the world in Europe, Asia and the United States and include general industrial customers, and military customers both domestically and internationally. Some of our typical applications include heavy industrial applications, equipment for research laboratories, aircraft ground support, battery chargers, metal finishing, testing, water conditioning, electrochemical processes, transportation, custom distribution equipment and telecommunications.
Since 1991, PCTI has designed, developed, and manufactured highly reliable standard and custom power electronic solutions in the highest power niche.
PCTI's Product Lines
Our products include DC power supplies, battery chargers, power inverters, and frequency converters.
Our mission is to be the global leader for high power electronics with a standard of continual innovation.
Our power electronic solutions are trusted by these customers and others like them.
Industries PCTI Serves
PCTI provides quality power electronics to many industries.
DC Power Supplies
PCTI manufactures DC power supplies for aircraft ground support, military, and industrial applications.
PCTI manufactures battery chargers for military and industrial applications.
PCTI manufactures DC/AC, DC/DC, and AC/AC power inverters.
Third Rail Inverters
PCTI manufactures DC/AC and portable third rail inverters.
PCTI manufactures frequency converters for aircraft ground support.
High Power Projects
A few examples of various high power projects we have manufactured.
Custom or Technically Difficult Projects
PCTI has the ability to tackle unusual or difficult projects.
Commitment to Innovation
Our designs are as advanced or more advanced than large electrical conglomerates.
Emerging and Critical Applications
The following are examples of emerging and critical applications that uses our equipment.
We manufacture equipment using the following primary topologies.
Universal DSP Controller
All of PCTI's products are equipped with a sophisticated control system utilizing digital signal processor (DSP) control based on IGBT PWM technology.
Key Benefits of DSP Control
Decreased Cost of Control- one board hardware solution Increased Performance – Real time monitoring of operating conditions Increased reliability Increased energy efficiency Increased design flexibility due to software Increased remote capability Can program or troubleshoot via internet Real time data logging Option for any industrial communication interface (Ethernet, Modbus, CANbus, IEEE 488.2/GPIB, RS232, RS485)
Cathy Chis is a founder and president at PCTI.
Mihai Chis is a founder and power conversion specialist at PCTI.
21st Century Power Conversion Solutions
Power Conversion Technologies, Inc. is providing 21st century power conversion solutions.
Want to know even more?
Check out this video about our company:
PCTI is a regular manufacturer of the following products:
Our DC power supplies use a multipulse SCR / IGBT design to achieve high efficiency, low ripple, precise regulation and low output noise, available in ratings from 5KW to 20MW.
PCTI offers rugged high-current battery chargers to meet all of your high-current industrial charging applications from 5KW to 2MW.
DC/DC, DC/AC, AC/AC, solar cell power stations, power transmission, electrostatic precipitator
Distribution equipment, gate boxes, switchboards, line drop compensators, line protection modules
Integrated modules with IGBTs, SCRs, MOSFET, Diodes, GTO, GTC-Bipolar
Prototyping, R&D, consulting
Because power electronics permeate every industry, PCTI customers span a wide spectrum of applications. Our applications range from testing utility circuit breakers to charging submarine batteries for use in submarines and many others.
The following is a sample of our customer base and their applications.
400Hz Frequency Converters for Aircraft Ground Support, Battery Chargers, Heavy Engine Starting, Plating Power Supplies
Submarine Battery Chargers, Converters for Aircraft Ground Support, Missile Launching Power Supply, DC Power Supplies for Communications, Inverters for Solar Power Offshore Platform
400Hz Frequency Converters for Aircraft Ground Support, Battery chargers, Research Laboratory
Avionics Maintenance Shops, Aircraft Ground Support, Load Sense Circuitry
Utility Circuit Breaker Testing
Computer Controlled Battery Chargers
Circuit Breaker Testing Equipment
Testing Power Supplies
Utility Circuit Breaker Testing
Submarine Telecommunications System
Circuit Breaker Testing Equipment
Ground Power for Space Shuttle Payloads
On closing of the merger, PCTI President Chis will receive:
47,500 shares of Series C Preferred stock
18,667 Shares of Series D Preferred Stock
500 shares of Series E Preferred Stock
Series C Stock: Voting Rights:
Two times the sum of all the number of shares of other classes of Corporation capital stock eligible to vote Conversion Rights:
Each share convertible into one share of the Common Stock Redemption Rights:
Series D Stock: Voting Rights:
None Conversion Rights:
Determined by multiplying the number of issued and outstanding shares of common stock of the Company on the date of conversion, by 3.00. Redemption Rights
Series E Stock: Voting Rights:
None Conversion Rights:
None Redemption Rights:
May be redeemed by the corporation for $1,000 per share
Source: Binding Letter of Intent
dated Feb 28, 2020
Transfer Agent: VStock Transfer LLC
|Outstanding Common Shares || 3,107,043,764 as of Sep 1, 2020, per TA || Up 422,377,302 (16%) from July 1, 2020 |
|Authorized Shares || 4,990,000,000 || |
| || || |
Data Source: Ozop filings and OTC Markets