Pioneer to Provide Remote Monitoring Systems for Leading Home Improvement Retailer
Initial Pilot Rollout with Significant Expansion Opportunity
Fort Lee, NJ, September 28, 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 that its Critical Power Division has been selected to provide a remote monitoring solution for the emergency power systems at a limited number of stores for a leading home improvement retailer.
The initial pilot program, which is expected to lead to a significantly larger opportunity across the retailer’s approximately 2,000 locations nationwide, utilizes Pioneer Power proprietary solutions, which enable comprehensive asset management for onsite power generation. These solutions enable real-time tracking, as well as extended tracking and trend-identification over weeks and months. These monitoring systems also provide remote test, start and stop capabilities for onsite power systems. Pioneer’s network operations center can help to anticipate and identify potential failures or overloads before they occur through remote monitoring, often before a customer is aware of an issue.
“Increasingly, many businesses recognize the importance of monitoring their power solutions around the clock,” commented Nathan Mazurek, Pioneer’s Chairman and Chief Executive Officer. “Outages can lead to costly inventory loss and create risk of theft or injury, ultimately resulting in business interruptions. This cost-effective solution, provides a potentially large return on investment, particularly for companies with a large, distributed footprint. The recent hurricanes in Southeastern Texas, Florida and Puerto Rico, and the wildfires in the Western U.S., underscore risks that can disrupt business, and serve as a reminder of the need to increase preparedness.”
The company offers its state-of-the-art remote monitoring solution, complete with services, support and updates, for its own full-line of power generation equipment and as an add-on to third party installed systems. The solution is currently offered as an upgrade to new or previously installed systems and is provided under standard terms of an Annual Maintenance Agreement. For more information regarding Pioneer’s remote monitoring solutions, please contact Todd Buehler, National Accounts Sales Manager, at email@example.com.
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