VANCOUVER, British Columbia, July 05, 2017 (GLOBE NEWSWIRE) -- Torino Power Solutions Inc. (CSE:TPS) (Frankfurt:A143TE) (the “Company” or “Torino”), is pleased to announce that it entered in to a testing agreement with a France based industrial group specializing in products and services relating to the transport and distribution of electrical energy. Torino is under a non-disclosure agreement with the evaluating company (“the client”). The agreement is for Torino to deliver one of its Power Line Monitoring systems (“PLM”) to the client for a 90-day period for industrial laboratory testing and evaluation. Upon successful evaluation, the agreement provides purchase terms for the Torino PLM. The French based client has operations in five continents and is considered one of the largest independent entities in its sector.
Rav Mlait, CEO of Torino commented, “The level of interest and sector awareness of the Torino sensors is growing. We are excited to deliver our PLM system for evaluation to France. The utility industry is undergoing a major transformation as utilities seek to improve power quality and reliability, reduce downtime, energy waste, and minimize customer costs. Torino is delivering a unique solution to the utility sector that is cost effective and provides significant return on investment.”
About Torino Power Solutions Inc.
Torino Power Solutions Inc. is a Vancouver, BC based technology company that provides its unique, passive Power Line Monitoring System ("PLM") system for electrical power transmission and distribution (T&D) grids. T&D infrastructure is in urgent need of expansion and upgrading due to increasing population, growing loads (due to renewable energy sources like wind and solar) and aging equipment. Utilities globally are investing in new technology to improve grid performance and reduce cost for their customers. Torino’s patented microwave cavity sensor technology delivers real time measurements that allow for closed loop Dynamic Line Rating leading to improved grid resiliency, lower energy costs and bottleneck elimination. Torino PLM creates real-time situational awareness that will help prolong the life of powerline assets and help with the management of future distribution networks that are expected to host high concentrations of distributed energy resources which include distributed generation, renewable energy sources, local storage systems and flexible loads.
Please visit www.torinopower.com for more information.
We seek Safe Harbor.
On behalf of the Board of Directors
“Rav Mlait”
CEO and Director
Torino Power Solutions Inc.
For further information, contact at info@torinopower.com
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This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as final development of a commercial product(s), successful trial or pilot of company technologies, no assurance that commercial sales of any kind actually materialize; no assurance the Company will have sufficient funds to complete product development. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks regarding protection of proprietary technology; (iii) the ability of the Company to complete financings; (iv) the ability of the Company to develop and market its future product; and (v) risks regarding government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. There is no assurance that the DTCR business will provide any benefit to the Company, and no assurance that any proposed new products will be built or proceed. There is no assurance that existing “patent pending” technologies licensed by the Company will receive patent status by regulatory authorities. The Company is not currently selling commercial DTCR systems. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.