While details of this transaction are under non-disclosure with the buyer, Golden Partner Management SPC of Luxemburg, the purpose of the sale is to make available the necessary capital to fund Oakridge’s previously announced expansion strategy. Proceeds of the sale will sufficiently fund Oakridge’s growth plans and operations going forward, and the Company has launched full production in the first quarter of 2016.
The sale has also enabled Oakridge to bring all outstanding payables to current status and also completely pay out its long-standing $2 million loan to Expedia Holdings Limited.
As a result of this transaction, Oakridge enters into 2016 completely debt-free and funded for growth.
On January 4, 2016, Oakridge entered into the full-scale production phase of the Company’s restructuring, as planned out by Barber and his team. The company forecasts solid revenues in January and rapid growth each month thereafter.
Oakridge Global Energy Solutions CEO, Steve Barber, stated:
In the process of growing Oakridge from an R&D company to a production company we have had, like all growth companies, our share of speed bumps. However, with the infusion of cash from this sale of our holdings in Leclanché, we are now debt-free, well-funded and self-sustaining for the first time in Oakridge’s corporate history. Pivoting from here, we will continue to follow our previously announced goals and expansion plans for our existing manufacturing facilities in Florida. We are now well on our way to becoming a major player in the world lithium-ion battery manufacturing space. The addition of this significant capital into Oakridge provides the liquidity that we needed to launch this company from small scale production to one of the largest lithium battery manufacturing facilities in the world.
Oakridge is a fantastic place to work. The business is really taking off and we are all glad to be a part of it,” says Oakridge employee Idelfonso Silva. “The addition of this new infusion of capital has will allow us to go from producing a small number of units each day to producing large scale quantities. It is a very exciting time to be at Oakridge!
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