Subsequent to the end of the quarter, Axion Power announced the signing of an agreement to supply its PbC(R) batteries, its PbC(TM) energy storage technology and certain PbC components to
"An ongoing goal for us has been to reduce expenses, especially SG&A, and our current quarter reflects a sharp reduction in that area. We are also fully cognizant that what distinguishes Axion from other battery companies is our proprietary technology and learned know how. We are always looking for R&D and engineering talent and we have increased our budget and expenditures in this area as we prepare to take the company to a new level of science and manufacturing production."
Granville continued, "We have also maintained production of our own collector-car batteries and race-car batteries. Additionally, we are producing a line of flooded batteries to more profitably fill some of the capacity created from a slow down in the markets serviced by our major customer, a large lead acid battery company. Toll processing has always been viewed as a 'filler' strategy for us and in Q-1 we introduced a line of AGM lead acid batteries - the Sure Energy product, which will eventually fill some of the flooded line production area. This 'superior margin' AGM product line will eventually evolve into our PbC product which will use an identical case, cover and separator material. We have also begun work on our aggregate of
"There are numerous markets available to us and we are picking our spots. An example is a project to build a renewable-energy electric-car charging station; we are working on that project with a privately held company called Envision Solar, based in
Conference Call / Webcast
The Company will hold a conference call on
For those who are unavailable to listen to the live broadcast, a replay will be available for 30 days and can be accessed by dialing 888 286 8010 (domestic) and 617 801 6888 (international) and using passcode 99344334.
About Axion Power International, Inc.
Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for
Axion Power International, Inc. is the industry leader in the field of lead-acid-carbon energy storage technologies. Axion believes this new battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world without significant changes to production equipment and fabrication processes. It also believes it will be able to manufacture carbon electrode assemblies in volume at low cost using standard automated production methods that are commonly used in other industries. If and when its electrode manufacturing methods are fully developed, Axion believes it will be able to sell carbon electrode assemblies as virtual plug-and-play replacements for lead-based negative electrodes used by all other lead-acid battery manufacturers. Axion's future goal, after filling their plant's lead-carbon battery production, is to become the leading supplier of carbon electrode assemblies for the lead-acid battery industry.
For more information, visit www.axionpower.com.
Forward-looking Statements/Axion Power
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These statements include, without limitation, statements concerning the Company's ability to expand its manufacturing capabilities and bring its new PbC(R) based battery products to market, the Company's belief that its completed products will be the only class of advance battery of its kind and that it will be a viable replacement for older generation lead-acid batteries. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
Contacts Axion Power International Kelly Gubish firstname.lastname@example.org (724) 654 9300 Allen & Caron Inc Rudy Barrio (Investors) email@example.com (212) 691-8087 Brian Kennedy (Media) firstname.lastname@example.org (212) 691-8087 - FINANCIAL TABLES FOLLOW -
AXION POWER INTERNATIONAL, INC CONSOLIDATED STATEMENTS OF OPERATIONS (A Development Stage Company) UNAUDITED Three Months Ended March 31, 2009 2008 Revenues $327,093 $215,727 Costs of goods sold 235,687 105,090 Gross profit 91,406 110,637 Expenses Research & development 1,233,967 671,163 Selling, general & administrative 881,543 1,713,165 Interest expense - related party - 419,673 Impairment of assets - - Derivative revaluation - (2,844) Mega C Trust Share Augmentation (Return) - - Interest & other income, net (8,600) (11,328) Net loss before income taxes (2,015,504) (2,679,192) Income Taxes - - Deficit accumulated during development stage (2,015,504) (2,679,192) Less preferred stock dividends and beneficial conversion feature (281,150) (287,415) Net loss applicable to common shareholders $(2,296,654) $(2,966,607) Basic and diluted net loss per share $(0.09) $(0.17) Weighted average common shares outstanding 26,419,404 17,861,987
AXION POWER INTERNATIONAL, INC CONSOLIDATED BALANCE SHEETS (A Development Stage Company) March 31, December 31, 2009 2008 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $3,212,217 $3,124,168 Short-term investments - 2,193,920 Accounts receivable 250,861 128,035 Other receivables 6,527 64,456 Prepaid expenses 119,505 78,989 Inventory 1,470,624 1,269,515 Total current assets 5,059,734 6,859,083 Property & equipment, net 3,337,271 3,274,183 Other receivables, non-current 64,623 28,388 TOTAL ASSETS $8,461,628 $10,161,654 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $1,470,857 $1,324,287 Other current liabilities 120,655 162,580 Total current liabilities 1,591,512 1,486,867 Deferred revenue 730,082 751,096 Total liabilities 2,321,594 2,237,963 Stockholders' Equity: Convertible preferred stock-12,500,000 shares authorized . Senior preferred - 1,000,000 shares designated . 137,500 issued and outstanding (137,500 in 2008) 1,693,851 1,656,735 . Series A preferred - 2,000,000 shares designated . 718,997 shares issued and outstanding (718,997 in 2008) 9,684,392 9,440,359 Common stock-100,000,000 shares authorized $0.0001 par value 26,420,437 issued & outstanding (26,417,437 in 2008) 2,641 2,641 Additional paid in capital 46,419,195 46,184,287 Deficit accumulated during development stage (51,407,716) (49,111,062) Cumulative foreign currency translation adjustment (252,329) (249,269) Total Stockholders' Equity 6,140,034 7,923,691 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $8,461,628 $10,161,654
SOURCE Axion Power International, Inc.