Oakridge Global Energy Solutions this morning released its third-quarter results, a three-month period in which the company significantly advanced its new manufacturing facility in Florida.
Total company assets for the third quarter ended September 30, 2015, exceeded $76.0 million, while liabilities are reported at slightly more than $2.75 million. In the next year and a half, Oakridge said it plans to continue to strengthen its balance sheet, and ramp-up and install more than 2.6GW hours of production capacity of U.S. manufacturing of electrodes, cells and batteries in its facilities located in the Brevard County, Florida, area.
“During the process of restructuring this business we had the opportunity to purchase a major supply of equipment and have continued to develop I/P in the battery space,” Oakridge executive chairman and CEO Steve Barber stated in the news release. “We are very pleased with the third-quarter results and expect the fourth-quarter results to be even better. Our business plan is simple; we develop, manufacture and sell products. I know it’s a bit old fashioned, but we are in the business of manufacturing.”
Also in the third quarter, Barber, through the majority ownership of Oakridge by Precept Fund Management SPC (“Precept”), funded the creation of a major full-scale manufacturing facility for Oakridge in Brevard County, Florida, in Melbourne and Palm Bay, further rooting the company’s position in the battery industry.
“Our third-quarter results reflect the significant investment that Precept has made into this exciting business,” stated Barber. “From development of products to purchase of manufacturing equipment, this business is now fully operational and poised for growth.”
Oakridge’s third quarter 2015 earnings report may be viewed at http://www.otcmarkets.com/financialReportViewer?symbol=OGES&id=147767
For more information, visit www.oakg.net
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