13:11 | 20.11.2008
Balqon Corporation Completes Reverse Merger With BMR Solutions, Inc.
SANTA ANA, California, November 20 /PRNewswire/ —
– With Photo
SANTA ANA, California, November 20 /PRNewswire/ —
– BMR Solutions, Inc. is Re-Named Balqon Corporation and is Eligible for
Trading on the OTC Bulletin Board Under the Symbol ‘BLQN’
Balqon Corporation (OTC Bulletin Board: BLQN), announced today the
completion of a merger transaction between BMR Solutions, Inc. and Balqon
Corporation on October 24, 2008. As a result of the merger, Balqon
Corporation, a California corporation, merged with and into BMR Solutions,
Inc., the officers and directors of BMR Solutions resigned their positions
and were replaced with the officers and directors of Balqon Corporation and
BMR Solutions changed its name to Balqon Corporation (the “Company”). The
Company’s common stock is now eligible for trading on the OTC Bulletin Board
under the symbol “BLQN”. BMR Solutions common stock was previously eligible
for trading on the OTC Bulletin Board under the symbol “BMRU”.
(Photo: http://www.newscom.com/cgi-bin/prnh/20081120/LATH056)
BMR Solutions issued a total of 23,908,348 shares of common stock in
connection with the merger transaction. Immediately preceding the closing of
the merger transaction, BMR Solutions retired 6,377,500 shares of common
stock. Following the completion of the merger transaction and the retirement
of shares of BMR Solutions, the Company has a total of 25,308,348 shares of
common stock issued and outstanding.
The Company’s President and Chief Executive Officer, Balwinder Samra,
stated: “The successful completion of this merger transaction coupled with
our common stock being eligible for trading on the OTC Bulletin Board are
major milestones for us. We believe that the ability for our common stock to
trade on the OTC Bulletin Board will provide us with access to new investors
and potential new sources of capital with which to grow our company, and
enhance the visibility and market awareness of our line of heavy duty
electric tractors and drive systems.”
“This is a significant step in the growth of our company,” said Mr.
Samra. “We now believe that we are positioned to achieve our vision of
leading the global transition of heavy duty trucks and tractors from fossil
fuel based vehicles to zero emission vehicles at ports, rail yards and
intermodal facilities.” The Company recently released its 30 ton towing
capacity electric truck to be used for transportation of containers at the
Port of Los Angeles. Earlier this year, the Company also received US$5.7
million in additional orders for its Nautilus electric tractor from the Port
of Los Angeles and the South Coast Air Quality Management District.
“Balqon Corporation continues to develop its proprietary heavy duty
electric drive systems in an effort to develop new product solutions for
container transportation and material handling industries,” added Mr. Samra.
About Balqon Corporation.
Balqon Corporation 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
current product line of tow tractors are designed to transport containers at
ports, marine terminals, rail yards, warehouses, intermodal facilities,
military bases and mail facilities. For information about Balqon Corporation
and its product offerings, visit www.balqon.com. Balqon Corporation’s common
stock is eligible for trading on the OTC Bulletin Board under the symbol
“BLQN”.
Founded in May 2005 and headquartered in Santa Ana, California, Balqon
Corporation also maintains a manufacturing facility in Harbor City,
California.
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
expanded access to the capital markets as a result of the merger transaction,
the ability of Balqon Corporation to enhance the visibility and market
awareness of its products and the ability of Balqon Corporation to achieve
its vision of leading the global transition of heavy duty trucks and tractors
from fossil fuel based vehicles to zero emission vehicles at ports, rail
yards and intermodal facilities 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, the projected
future demand for Balqon Corporation’s products; changes in technology and
governmental regulations and policies; Balqon Corporation’s ability to
develop, manufacture and market innovative products in a rapidly changing
technological environment; competitive products and services; unforeseen
technical issues; Balqon Corporation’s ability to attract sufficient capital;
the ability of Balqon Corporation to attract and retain talented individuals;
adverse changes in general economic or market conditions; 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 Current Report on Form 8-K for October 24, 2008 filed with the
Securities and Exchange Commission on October 30, 2008 and Form 10-Q for the
quarterly period ended September 30, 2008.
Note to Editors:
A picture/s accompanying this release is available through the PA
Photowire. It can be downloaded from http://www.pa-mediapoint.press.net or
viewed at http://www.mediapoint.press.net or http://www.prnewswire.co.uk.
A picture accompanying this release is available from the European
Pressphoto Agency (EPA) at http://www.epa-photos.com
Balqon Corporation
Balwinder Samra, President and CEO, Balqon Corporation, +1-714-836-6342 /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20081120/LATH056
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