Powin Corporation Announces 2011 Six Month Financial Results

TUALATIN, Ore., Aug. 15, 2011 /PRNewswire/ -- Powin Corporation (OTC QB: PWON); an Oregon-based OEM and direct manufacturer of outdoor cookware products, gun safes, fitness and recreational equipment, truck parts, plastic products, renewable energy products and furniture for some of America's most well known retailers, today announced financial results for the three and six month periods ended June 30, 2011.

The Company's sales revenue decreased in the second quarter, and for the first six months of 2011, while gross profits increased.  Powin Corporation posted increased gross profit to $3.019 million for the six months ended June 30, 2011, compared to gross profits of $2.835 million for the same period in 2010.

Net revenues for the six-month period ended June 30, 2011 were down 3 percent, or approximately $723,000, compared to the same period in 2010.  Revenues for the second quarter were down 12.5 percent or approximately $1.8 million.  "The Company's OEM segment sales were down primarily because a key customer lost a large portion of its sales to provide our product to a major national chain store.  We are working with this customer to improve margins and to attract additional opportunities," said Ronald Horne, Chief Financial Officer.  "We also believe the uncertainty in the worldwide economy is impacting our customers."

However, while investing in growth opportunities in a down economy, the Company continues to post positive net income and posted $79,485 for the six months ended June 30, 2011.  "Powin Corporation is investing in new segments which increased our consolidated operating expenses but, we believe, returns will start showing for the Company in this year's third and fourth quarters.  These new segments include Powin Energy, which we have developed to be an industry leader in the manufacture, sales and distribution of solar, battery, LED and fluorescent lighting and wind products; Gladiator, which will provide our own line of exercise equipment; Channel Partner Program, which will allow U.S. manufacturers to introduce and distribute their products into China's vast consumer marketplace; our investment in a major manufacturing company in Mexico; and our partnership with a major Chinese manufacturer of renewable energy products which we will market in the U.S.," Mr. Horne said.

"Powin Corporation is exploring ways to make adjustments necessary to decrease the cost of our sales and increase new opportunities such as the major program that we signed, and announced on July 7, 2011, to provide parts and components to a major installer of carport structures at multi- family and commercial sites that incorporate solar to be used for energy storage and distribution. We are dedicated to continue to be inventive and successful for our shareholders," Mr. Horne concluded.

Powin Corporation trades on OTCQB, the OTC market tier for companies that report to the SEC or a U.S. banking or insurance regulator.  Investors can find Real-Time quotes and market information for the company at http://www.otcmarkets.com/stock/PWON/quote.    The company's entire FORM 10-Q filing is available on the SEC's website by clicking on the following link.

www.sec.gov/cgi-bin/browse-edgar?company=powin&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany

About Powin Corporation

Powin Corporation was founded in Tigard, Oregon in 1990 by Joseph Lu, a Chinese-American, and has grown into a large international distributor of more than 2,000 original equipment manufacturer products annually as well as being a direct manufacturer.  It leases two plants in Oregon and contracts with six in Mainland China and two in Taiwan.  For more information please visit www.Powin.com.

Contact:
Powin Corporation
Ronald Horne, CFO, 503.598.6659 x 119
[email protected]

Paul Knopick
E & E Communications
[email protected]
949.707.5365

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.

SOURCE Powin Corporation