Company to Consider and Evaluate Spinoff of Charge! Energy Storage
LAKE ELSINORE, CA -- (Marketwired) -- 05/14/14 --
IDS Industries, Inc. (OTCQB:IDST) announced today that its management met with two major shareholders recently to discuss their concerns about the current low Company valuation and poor market response to Charge! Energy Storage, Inc. (Charge!), a Company wholly-owned subsidiary. Scott Plantinga, CEO and President of IDST and Charge! led the meeting with the commitment made that a committee would be formed to explore and evaluate the shareholders concerns and comments including their proposal for the Company to spin off Charge! and dividend out to its shareholders, on a pro-rata basis, equity in the new publicly traded company. The Company committed to providing no further comment regarding this subject matter until such time as the exploration and evaluation by this special committee was completed and the results presented and reviewed by the Company's Board of Directors.
"We appreciate the input from our shareholders and understand their concern that the Company currently has a low market valuation. Similarly the shareholders were concerned that the 'market' seems to not appreciate the marketing opportunities currently for Charge! Energy Storage and its business model," said Mr. Plantinga.
Charge! recently announced their manufacturing and marketing relationship with a nationwide leading manufacturer, Ultralife, to provide Lithium-iron phosphate portable power line targeting those needing an off-grid and "lower total cost of ownership" solution when compared to fuel-run generators. Charge! Energy Storage offers indoor and outdoor agricultural based businesses a suite of products from 1.25 kWh FEMA-reviewed Portable Power Solutions to 30 kWh units manufactured by Ultralife. This product line allows users access to off- grid power when utilized with a renewable energy solution such as wind or solar. Depending on power consumption, these systems can reduce grid reliance or fuel consumption of a traditional generator, or operate as a stand-alone power source when recharged through renewable energy. These units are now available through Charge! Energy Storage, www.ChargeEnergyStorage.com.
About IDS Industries, Inc.
IDS Industries, Inc
., a diversified holding company, is focused on creating superior long-term returns for shareholders through a unique structure of diversified public and non-public holdings. Today, IDS is made up of two principal subsidiaries:
Charge! Energy Storage is a designer and developer of GIIRS-rated energy storage devices for residential, commercial, and light industrial markets and products that deliver clean stationary and portable electrical energy. The Company's residential & commercial products are large scale products that have characteristics applicable to their usage. Charge! has made a broad reaching commitment to create reliable and affordable hi-tech energy storage systems for all commercial and residential applications. The Company's proprietary integrated Battery Management and Charge Controller System (BMCCS) optimizes advanced lithium chemistry functions improving battery performance and extending battery life.
Propel Management Group (PMG) provides a full range of program management, acquisition, and lifecycle support services to its customers. PMG is at the forefront of integrating acquisition, logistics, engineering, and technology disciplines into a comprehensive lifecycle management approach. PMG continually strives to improve the process of developing, procuring, and sustaining its customers' systems to achieve their overarching goals of transformation, consolidation, and efficiency. Its Direct-to-Consumer business delivers comprehensive call center and online marketing solutions to brands seeking maximum reach and return on investment (ROI).
Forward-looking & Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and those statements are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company cautions that these forward-looking statements are further qualified by other factors. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
IDS Industries, Inc.
Source: IDS Industries, Inc.