Associated tags: Engineering, Natural gas, Gasoline, Transport, Propane, PSI, Biofuel, OTC Markets Group, WOOD, Standard Chartered, Second
Locations: UNITED STATES, UKRAINE, NEW ORLEANS, EUROPEAN UNION, WOOD DALE, IL, US, ISRAEL, UAE, DUBAI
Standard Chartered,
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Growth WOOD DALE, Ill., May 07, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announces first quarter 2024 financial results.
Key Points:
- WOOD DALE, Ill., May 07, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announces first quarter 2024 financial results.
- Today, Power Solutions International, Inc., reported results for the three months ended March 31, 2024, with first quarter of 2024 net income of $7.1 million and diluted earnings per share of $0.31, compared to net income of $3.7 million and diluted earnings per share of $0.16 for the first quarter of 2023.
- Gross profit increased by $2.3 million, or 10%, during the first quarter of 2024 as compared to the same period in the prior year.
- The Company made payments totaling $5.0 million related to the Credit Agreement, during the first quarter of 2024 and an additional $5.0 million in April 2024.
PSI will display the engine in Stand S3.B40 in conjunction with Société Internationale des Moteurs Baudouin (Baudouin), a France-based manufacturer of diesel engines for marine and power generation applications.
Key Points:
- PSI will display the engine in Stand S3.B40 in conjunction with Société Internationale des Moteurs Baudouin (Baudouin), a France-based manufacturer of diesel engines for marine and power generation applications.
- Middle East Energy features 1,300 global exhibitors showcasing the latest in energy products and solutions across critical and backup power, energy storage, transmission and distribution, renewable and clean energy, energy consumption and management, and smart solutions.
- PSI has an international collaboration distribution agreement with Baudouin to bring its Power Systems line of products into international markets.
- PSI offers a range of products for power generation applications ranging in displacement from 2.4- to 88-liters in 50- and 60-hz configurations ranging from 15 kWe to 3,000 kWe in power.
WOOD DALE, Ill., April 02, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (“PSI” or “the Company”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emissions-certified engines and power systems, is excited to announce the launch of its new website.
Key Points:
- WOOD DALE, Ill., April 02, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (“PSI” or “the Company”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emissions-certified engines and power systems, is excited to announce the launch of its new website.
- The new site features a refreshed modern design and user-friendly navigation, allowing visitors to easily access information about our company, services and full range of engine and power systems products.
- The new site is fully aligned with our mission and values, and is compliant with U.S. and European Union data privacy regulations.
- An online fillable Request For Quote form is available for you to gather information about our engine applications.
The Company also previously entered into two other loan agreements with Weichai, including the $25 million Second Amended and Restated Shareholder’s Loan Agreement (the “$25 Million Second Amended Shareholder’s Loan Agreement”) and the $50 Million Second Amended and Restated Shareholder’s Loan Agreement (the “$50 Million Second Amended Shareholder’s Loan Agreement”).
Key Points:
- The Company also previously entered into two other loan agreements with Weichai, including the $25 million Second Amended and Restated Shareholder’s Loan Agreement (the “$25 Million Second Amended Shareholder’s Loan Agreement”) and the $50 Million Second Amended and Restated Shareholder’s Loan Agreement (the “$50 Million Second Amended Shareholder’s Loan Agreement”).
- The $25 Million Second Amended Shareholder’s Loan Agreement will mature on May 20, 2024 and the $50 Million Second Amended Shareholder’s Loan Agreement will mature on November 30, 2024.
- The Company intends to work with Weichai to extend both the $25 Million Second Amended Shareholder’s Loan Agreement and the $50 Million Second Amended Shareholder’s Loan Agreement as the maturity date of each agreement approaches.
- As of March 22, 2024, both the $25 Million Second Amended Shareholder’s Loan Agreement and the $50 Million Second Amended Shareholder’s Loan Agreement have been fully drawn.
Retrieved on:
Wednesday, March 20, 2024
WOOD DALE, Ill., March 20, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, is excited to announce its diesel engine line is now approved for the use of Hydrotreated Vegetable Oil (HVO).
Key Points:
- WOOD DALE, Ill., March 20, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, is excited to announce its diesel engine line is now approved for the use of Hydrotreated Vegetable Oil (HVO).
- HVO, a renewable and eco-friendly alternative to traditional diesel, is produced from waste sources, primarily residue oils and fats such as used cooking oil.
- PSI’s diesel engine portfolio includes 20-, 26-, 40-, 53-, 65-, 66- and 88-liter engines with a power range of 600 to 3300 kWe (670 to 3600 kWm).
- Our diesel line is EPA certified for stationary power generation applications including emergency power, wastewater treatment, oil and gas exploration and other industrial uses.
OTC Markets Group,
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Growth,
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Engineering,
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Life insurance WOOD DALE, Ill., March 14, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced fourth quarter and full year 2023 financial results.
Key Points:
- Gross profit decreased by $1.9 million, or 6%, during the fourth quarter of 2023 as compared to the same period in the prior year.
- For both the fourth quarter of 2023 and 2022, warranty costs were $1.0 million.
- Net income in the fourth quarter of 2023 was $8.4 million, or $0.36 per share, compared to net income of $9.3 million, or $0.40 per share for the fourth quarter of 2022.
- Adjusted net income was $7.5 million, or Adjusted income per share of $0.34 in the fourth quarter of 2023, compared to Adjusted net income of $10.1 million, or Adjusted income per share of $0.44 for the fourth quarter of 2022.
WOOD DALE, Ill., March 01, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company”) today announced that on February 7, 2024, the Board of Directors of the Company appointed Randall D. Lehner as its General Counsel, effective March 4, 2024.
Key Points:
- WOOD DALE, Ill., March 01, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company”) today announced that on February 7, 2024, the Board of Directors of the Company appointed Randall D. Lehner as its General Counsel, effective March 4, 2024.
- Mr. Lehner is an accomplished Legal Counsel who has more than 20 years of legal experience in the areas of complex commercial litigation, arbitration, regulatory compliance, internal controls and strategy, among others.
- Most recently, from May 2020 to February 2024, Mr. Lehner served as associate general counsel for Guaranteed Rate, LLC, a leading mortgage company, where he was a member of the executive leadership management team with primary responsibility for litigation and legal risk management.
- Prior to Kelly, Drye & Warren, LLP, from 1997 to 2014, Mr. Lehner worked at several other prestigious law firms.
Retrieved on:
Tuesday, February 13, 2024
WOOD DALE, Ill., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, is excited to announce it will feature products during the World Ag Show, scheduled February 13 to February 15 in Tulare, Calif.
Key Points:
- WOOD DALE, Ill., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, is excited to announce it will feature products during the World Ag Show, scheduled February 13 to February 15 in Tulare, Calif.
Husker Power Products, a custom power product integrator, will display several products featuring our 5.7L, 6.7L NA, 6.7LT, 10LT, 13LT and 20L engines in its booth, located in H35 in the North Exhibit area of Tulare’s International Agri-Center.
- Amarillo Wind Machine, a manufacturer of high-quality wind machines globally, will debut PSI’s 5.7-liter stationary industrial engine in one of its machines on display in booths SS57 and SS59 in the South Exhibit area.
- This is PSI’s most recent debut in the wind machine market.
WOOD DALE, Ill., Jan. 22, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, is excited to announce its participation in PowerGen International, taking place from January 23 to January 25 at the Ernest N. Morial Convention Center in New Orleans.
Key Points:
- WOOD DALE, Ill., Jan. 22, 2024 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, is excited to announce its participation in PowerGen International, taking place from January 23 to January 25 at the Ernest N. Morial Convention Center in New Orleans.
- The event brings together industry professionals, experts and innovators to explore the latest advancements in power generation technologies.
- PSI is proud to be a part of the event, showcasing its 20-liter and 2.4-liter Turbo engines in Booth 2544.
- The engines are part of PSI’s Power Systems line, known in the industry for their exceptional performance, reliability and efficiency.
Retrieved on:
Tuesday, December 5, 2023
WOOD DALE, Ill., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced today that it amended and restated its $50 million shareholder’s loan agreement with its majority stockholder, Weichai America Corp. (“Weichai”), dated as of November 29, 2023 (the “Third Shareholder’s Loan Agreement”), to extend the loan maturity date to November 30, 2024.
Key Points:
- WOOD DALE, Ill., Dec. 05, 2023 (GLOBE NEWSWIRE) -- Power Solutions International, Inc. (the “Company” or “PSI”) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced today that it amended and restated its $50 million shareholder’s loan agreement with its majority stockholder, Weichai America Corp. (“Weichai”), dated as of November 29, 2023 (the “Third Shareholder’s Loan Agreement”), to extend the loan maturity date to November 30, 2024.
- Borrowings under the Third Shareholder’s Loan Agreement will incur interest at the applicable Secured Overnight Financing Rate (“SOFR”), plus 4.05% per annum.
- If the interest rate for any loan under the Third Shareholder’s Loan Agreement is lower than Weichai’s borrowing cost, the interest rate for such loan shall be equal to Weichai’s borrowing cost plus 1%.
- Additional details on the Third Shareholder’s Loan Agreement can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 5, 2023.
