OnLine Power Supply (fka OPWR)

[jmhollen]

Online Power Supply Announces Results of Annual Meeting, Updates Investors on Order Flow and Production Strategy

DENVER, Colo., Jun 22, 2001 /PRNewswire via COMTEX/ -- OnLine Power Supply, Inc. (OTC Bulletin Board: OPWR) today announced that shareholders approved all three proxy issues at its Annual Meeting of Shareholders held on June 21, 2001. At the meeting, shareholders voted to approve the full slate of directors, increase the number of authorized common shares from 50 million to 100 million, and ratify the appointment of the independent auditors.

In addition, Kris Budinger, president and CEO, told investors that Online Power is expanding its sales and marketing capabilities, ramping up production of its first generation PFC module, and continuing development of its next generation 48-Volt power supply product.

"We are pleased with the pace of our progress and are working very hard to take OnLine Power to the next stage of growth," said Budinger. "With unit shipments increasing from 400 in the fourth quarter to 1,000 in the first quarter and a projected 4,000 in the second quarter, we are building sales momentum and valuable experience in refining our volume manufacturing processes. In addition, on July 1, we will have successfully transitioned our contract manufacturing operation from Saturn's Auburn Hills, Michigan facility to Saturn's much larger facility in Monterrey, Mexico, where we believe we can gain important cost advantages."

OnLine Power's unique, patent-pending PFC Module converts AC power to DC power suitable for use in sensitive electronics applications. The Company believes the product is the smallest, lightest, most efficient power supply in its industry representing the first appreciable technological advancement in the last 20 years.

OnLine Power Supply, headquartered in Englewood, Colorado, develops, manufactures and markets AC to DC power conversion products and supplies for telecommunications, data communications, networking and industrial applications. For additional information, visit www.onlinepowersupply.com, or call 800-445-4824.

SOURCE OnLine Power Supply, Inc.

CONTACT: Kris Budinger, CEO of OnLine Power Supply, Inc., 303-741-5641, [e-mail]; Jay Pfeiffer or John Dowdy, [e-mail], both of Pfeiffer High Public Relations, Inc., 303-393-7044, for OnLine Power Supply, Inc.

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