SOURCE: Solis Tek Inc.

Solis Tek Inc.

August 24, 2016 08:30 ET

Solis Tek Inc. Reports Record Sales of $4,710,498 and Gross Profit of $1,727,622 for the Six Months Ended June 30, 2016 After It Reported Record Q1 2016 Sales

CARSON, CA--(Marketwired - Aug 24, 2016) - SolisTek Inc. (OTCQB: SLTK) Solis Tek Inc., (the "Company"), a leading provider of digital lighting equipment for the hydroponic industry, reported record sales for the six months ended June 30, 2016 of $4,710,498 compared to sales of $3,935,127 for the same period of 2015. This represents a 20% increase over 2015. Gross profit for the first six months of 2016 was a record $1,727,622, which represents an increase of $248,419, or 17%, over 2015. Net income was $9,803 for the six months of 2016 compared to a net loss of $256,508 for the first six months of 2015. The Company's sales and gross profit for the first six months of 2016 were records for the Company.

The Company also reported record sales for the quarter ended March 31, 2016 of $2,584,668 compared to sales of $2,091,484 for the first quarter of 2015. This represented a 24% increase over 2015. Gross profit for the quarter ended March 31, 2016 was a record $925,927 and represented an increase of $180,924, or 24%, over 2015. Net income was $44,960 for the first quarter of 2016 compared to net income of $2,592 for the first quarter of 2015.

Sales for the quarter ended June 30, 2016 were $2,125,830 compared to sales of $1,843,643 for the second quarter of 2015. This represents a 15% increase over 2015. Gross profit for the second quarter of 2016 was $801,665 and represents an increase of $67,495, or 9%, over the second quarter of 2015.

For additional financial information on the company please visit the following link: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11306652

CEO Alan Lien commented, "We are pleased that we were able to achieve record sales and gross profit in the first six months and first quarter of 2016, as we expect our annual sales and gross profit for 2016 to increase over 2015. We are very excited about the growth in our industry and feel that the company is well positioned to take advantage of increased demand for hydroponic equipment."

About Solis-Tek:
Solis Tek Inc. is an importer, distributor and marketer of digital lighting equipment for the hydroponics industry with specific focus on the research, design, development and manufacturing of advanced, energy efficient indoor/greenhouse horticulture lighting and ancillary equipment. Using its proprietary technologies, the Company provides innovative aptitudes with its ballast, reflector and lamp products. The company's vision is to apply the latest advances in high efficiency lighting and controls technology as well as advanced manufacturing techniques to deliver highly differentiated products with clear benefits at competitive prices to the greenhouse and indoor horticulture markets. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information please visit our website www.solis-tek.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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