Balqon Corporation Completes Reverse Merger With BMR Solutions, Inc.
SANTA ANA, Calif., Nov. 20 /PRNewswire-AsiaNet/ --
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".
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 $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.
SOURCE Balqon Corporation
/CONTACT: Balwinder Samra, President and CEO, Balqon Corporation,
+1-714-836-6342 /
AP PhotoExpress Network: PRN9
PRN Photo Desk, photodesk@prnewswire.com/
Attachments:
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