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SOURCE Pioneer Power Solutions, Inc.
FORT LEE, N.J., Dec. 27, 2017 /PRNewswire/ -- Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer" or the "Company"), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, today announced its Transmission & Distribution Solutions Division has been selected to provide a harmonics suppression system for the John Paulson School of Engineering at Harvard University. The order, which is expected to ship in the second quarter of 2018, is valued at approximately $400,000.
The proven and patented technology eliminates the formation of damaging 3rd harmonic current generated by non-linear computer loads in commercial and industrial facilities. Instead of filtering or accommodating the flow of harmonic currents after they are generated, Pioneer's patented technology prevents the generation of those currents, enabling transformers to perform with increased reliability and reduced operating costs.
With the selection of HSS Technology, Harvard University adds its name to the nationwide list of colleges and universities that are leading the way in energy efficiency. That lists includes Columbia University, The Sloan School at MIT, University of Texas, Stanford University, University of Michigan, Cornell University, Yale University, University of Alabama, St. John's University, University of Pittsburgh and the US Air Force Academy.
Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, "This project demonstrates the expanding scope of our business and highlights the power quality side of our business. Increasingly, Pioneer is growing its addressable market by introducing new solutions and bringing existing solutions to new markets. Utilizing harmonic suppression technology enables the recapture of wasted electrical capacity to lower operating costs while also reducing carbon emissions from power distribution systems. With an average estimated 18 to 24-month payback, this technology provides measurable and sustainable energy savings and is fitting for a variety of environments that deploy sensitive testing equipment or technology such as universities, casinos, broadcasting and in applications that require significant power consumption such as bitcoin mining."
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 and services include custom-engineered electrical transformers, low and medium voltage switchgear and engine-generator sets and controls, complemented by a national field-service organization to maintain and repair power generation assets. Pioneer is headquartered in Fort Lee, New Jersey and operates from 13 additional locations in the U.S., Canada and Mexico for manufacturing, centralized distribution, engineering, sales, service and administration. 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 expand its business through strategic acquisitions, (ii) the fact that many of the Company's competitors are better established and have significantly greater resources, and may subsidize their competitive offerings, (iii) the Company's dependence on a few large customers for a material portion of its sales, (iv) the potential loss or departure of key personnel (v) the fact that fluctuations between the U.S. dollar and the Canadian dollar will impact the Company's results, (vi) market acceptance of existing and new products, (vii) restrictive loan covenants or the Company's ability to repay or refinance debt under its credit facilities that could limit the Company's future financing options and liquidity position and may limit the Company's ability to grow its business, (viii) general economic and market conditions, (ix) unanticipated increases in raw material prices or disruptions in supply, (x) the fact that the Company's Chairman controls a majority of the Company's combined voting power, and may have, or may develop in the future, interests that may diverge from yours, (xi) reported material weaknesses in the Company's internal control over financial reporting, and (xii) the fact that future sales of large blocks of the Company's common stock may adversely impact the Company's stock price. 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.
Brett Maas, Managing Partner
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