Wednesday, April 14, 2010

Electric Vehicle Company, Balqon Corporation (OTCBB: BLQN), Announces Record Revenue Growth in 2009

Balqon Corporation (OTCBB: BLQN) Announces Record Revenue Growth in 2009

HARBOR CITY, Calif. - April 14, 2010 ( renewable energy/green newswire) - Balqon Corporation (OTCBB: BLQN), an emerging developer and manufacturer of zero emissions heavy-duty electric vehicles for Class 7 and Class 8 applications, announced its financial results for the year ended December 31, 2009 on March 31, 2010. Revenues for 2009 were $3,598,752, an increase of $3,395,092, or 1,667%, over revenues of $203,660 for 2008. The increase in net revenues in 2009 is a direct result of the ramp up of our business in 2009 during which sales of our vehicles and parts increased by $3,148,798 over 2008. Balqon Corporation also reported a net loss of $3,015,405 for 2009, as compared to a net loss of $7,933,281 for 2008, a 62% decrease in the net loss. The $4,917,876 reduction in net loss during 2009 is primarily due to $5,940,713 of stock-based compensation expense incurred in 2008 as compared to no stock-based compensation expense in 2009.

The 5 Stocks to Own in 2010 -- Free Report!Between February 2, 2010 and April 12, 2010, Balqon raised $1,500,000 through the sale of its convertible notes and warrants to accredited investors in a private placement transaction. The proceeds of $1,500,000 are allocated to general working capital.

"We believe that the growth in our revenues in 2009 validates our ability to commercialize our core drive system technologies and meet the growing needs of the zero emission vehicle markets we serve," said Balwinder Samra, Chief Executive Officer of Balqon Corporation. "The successful implementation of higher range lithium-ion batteries into our heavy duty vehicles and development of proprietary battery management system are examples of our ability to develop and implement new technologies while generating record revenue growth," said Mr. Samra.

About Balqon Corporation

Balqon Corporation is a leading developer of heavy duty electric trucks, tractors and electric drive systems. The Company uses its proprietary flux vector motor technology to design propulsion systems for 10 to 50 ton capacity vehicles and material handling equipment. Balqon Corporation's current product line of tow tractors are designed to transport containers at ports, marine terminals, rail yards, warehouses, intermodal facilities, military bases and mail facilities. For information about Balqon Corporation and its product offerings, visit Balqon Corporation's common stock trades on the OTC Bulletin Board under the symbol "BLQN."

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 commercialize its core technologies and meet the growing needs of heavy-duty electric vehicle markets and its ability to ramp up production while at the same time implementing new technologies 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; Balqon Corporation's ability to attract sufficient capital; 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 Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission on March 31, 2010.
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