SOURCE: Balqon Corporation

September 07, 2010 07:00 ET

Balqon Signs Dealer Agreement With Beltway International for Its Zero-Emissions Electric Yard Tractors

HARBOR CITY, CA--(Marketwire - September 7, 2010) -  Balqon Corporation (OTCBB: BLQN), a developer and manufacturer of zero-emissions heavy-duty electric vehicles and drive systems, has entered into a dealer agreement with Beltway International, LLC, Maryland's largest full-service domestic and international truck dealer.

Under the terms of the agreement, Beltway International has agreed to distribute Balqon's Nautilus XE20, a zero-emissions electric tractor powered by lithium-ion batteries and Balqon's proprietary drive system technology. The Nautilus XE20 can tow up to 30 tons of cargo at speeds of up to 25 miles per hour. The tractor is designed for "in-terminal" operations to transport containers at shipyards, rail yards, intermodal facilities, industrial plants, distribution warehouses, food production facilities, military bases and mail facilities.

In April of this year, the president and chairman of the board of directors of Beltway International, John Saum, was named the winner of the American Truck Dealers/Heavy Duty Trucking Truck Dealer of the Year by the American Truck Dealer, a division of the National Automobile Dealers Association. In connection with the award, the Navistar group noted in a press release that "Saum has demonstrated his innovative business approach through his leadership of the 'A New Truck is a Green Truck' initiative which focuses on environmentally friendly truck technologies."

According to Saum: "Over the past year, we have been at the forefront of introducing green technologies in the automotive sector throughout the eastern freight corridor. The addition of Balqon's zero-emissions heavy-duty tractors to our existing line of Navistar ESTAR zero-emissions medium-duty vehicles provides us the ability to reduce our customers' carbon footprint."

Balwinder Samra, president and CEO of Balqon Corporation, commented: "Given their accomplishments, capabilities, and elevated position in the industry, we see Beltway as a strong strategic partner in expanding our sales efforts in the Unites States. We are excited to partner with a company that has been widely recognized for setting industry standards for green operations."

About Beltway International, LLC

Beltway International, LLC is the largest international truck dealer in Maryland and is the 'go-to' source for new and used medium-duty, heavy-duty and severe service international truck sales, truck lease and rental. The company offers all makes parts and service at their six Maryland truck dealer locations. It also represents lines of yard trucks, yard spotters and spotter trailers, commercial buses, emergency equipment, refuse trucks and continental mixers. Beltway is committed to being a green truck dealer. For more information about Beltway International, visit www.beltwaycompanies.com.

About Balqon Corporation

Headquartered in Harbor City, California, Balqon Corporation (OTCBB: BLQN) 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 product line of tow tractors built on Autocar, LLC chassis are designed to transport containers at ports, marine terminals, rail yards, warehouses, intermodal facilities, military bases and mail facilities. For more information about Balqon Corporation, visit www.balqon.com.

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 ability to sell products; the commercial viability of Balqon Corporation's products; the ability of Beltway International, LLC to market, distribute and service Balqon Corporation's products; and the ability of Balqon Corporation to develop a U.S. wide presence for its product offerings 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, unforeseen technical issues; Beltway International, LLC's ability to secure purchase orders for Balqon Corporation's products; Balqon Corporation's ability to fulfill any such purchase orders; Balqon Corporation's ability to attract sufficient capital to manufacture its products; the ability of Balqon Corporation to attract and retain talented individuals; adverse economic and market conditions; the projected future demand for Balqon Corporation's products; changes in technology and governmental regulations and policies; 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 most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission.

Contact Information

  • Company Contact:
    Balwinder Samra
    Chairman, President & CEO
    Balqon Corporation
    Tel 310-326-3056
    Email Contact

    Investor Relations:
    Scott Liolios or Cody Slach
    Liolios Group, Inc.
    Tel 949-574-3860
    Email Contact