Pioneer Power Awarded Additional Locations by Large Home Improvement Retailer
03 February 2021 - 12:00AM
Business Wire
30% Increase in Locations After One Month
Demonstrates Focus on Sustainable Power
Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer Power" or
the "Company"), a company engaged in the manufacture, sale and
service of electrical transmission, distribution and on-site power
generation equipment, today announced that it has been awarded an
additional group of locations by one of the largest home
improvement retailers in the U.S. as part of the previously
announced service contract for preventative maintenance and repairs
at the retailer’s stores.
The award represents a 30% expansion of the contract. Pioneer
will provide scheduled generator preventative maintenance and
emergency repair services for the retailer’s engine generator
equipment assets. The aforementioned contract is expected to begin
in March, 2021.
Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer,
said, “In less than a month since the initial contract award, the
retailer has seen the benefits of our offering, as well as the
value of sustainable backup power at their locations. We have
demonstrated the ability of our expert technicians to provide
maintenance and repair services across a broad range of engine
manufacturers and models. We continue to believe there are
additional expansion opportunities for us with this retailer, and
this expansion further bolsters our outlook and backlog for the
year.”
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. manufactures, sells and services a
broad range of specialty electrical transmission, distribution and
on-site power generation equipment for applications in the utility,
industrial, commercial and backup power markets. The Company’s
principal products include switchgear and engine-generator
controls, complemented by a national field-service network to
maintain and repair power generation assets. To learn more about
Pioneer, please visit its website at
www.pioneerpowersolutions.com.
Safe Harbor Statement:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Such statements may be preceded by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Forward-looking statements are not
guarantees of future performance, are based on certain assumptions
and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company’s control, and
cannot be predicted or quantified and consequently, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such risks and uncertainties include,
without limitation, risks and uncertainties associated with (i) the
Company’s ability to successfully increase its revenue and profit
in the future, (ii) general economic conditions and their effect on
demand for electrical equipment, (iii) the effects of fluctuations
in the Company’s operating results, (iv) the fact that many of the
Company’s competitors are better established and have significantly
greater resources than the Company, (v) the Company’s dependence on
a single customer for a large portion of its business, (vi) the
potential loss or departure of key personnel, (vii) unanticipated
increases in raw material prices or disruptions in supply, (viii)
the Company’s ability to realize revenue reported in the Company’s
backlog, (ix) future labor disputes, (x) changes in government
regulations, (xi) the fact that the Company’s chairman, who
controls a majority of the Company’s voting power, may develop
interests that diverge from yours, (xii) the liquidity and trading
volume of the Company’s common stock and (xiii) an outbreak of
disease, epidemic or pandemic, such as the global coronavirus
pandemic, or fear of such an event.
More detailed information about the Company and the risk factors
that may affect the realization of forward-looking statements is
set forth in the Company’s filings with the Securities and Exchange
Commission, including the Company’s Annual and Quarterly Reports on
Form 10-K and Form 10-Q. Investors and security holders are urged
to read these documents free of charge on the SEC’s web site at
www.sec.gov. The Company assumes no obligation to publicly update
or revise its forward-looking statements as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210202005150/en/
Brett Maas, Managing Partner Hayden IR (646) 536-7331
brett@haydenir.com
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