Key Operational Highlights:
- Sarasota, Florida Facility Expansion Complete
- New Kingston, Ontario Centre of Excellence for Battery Technology and Manufacturing Facility
- Braille Battery issues final payment to FAA for Civil Penalty
- Braille Energy Systems Fixed Stock Option Plan
OTTAWA, ON / ACCESSWIRE / November 2, 2021 / Braille Energy Systems Inc. (formerly Mincom Capital Inc.) (TSXV:BES) ("BESI" or the "Company"), is pleased to provide the following operational updates:
Sarasota Facility Expansion Complete: The expansion of Braille Battery's Sarasota facility, announced in a press release on July 13, 2021, has now been completed. The expansion will allow Braille to augment its production capabilities and increase its finished goods inventory and on-hand supply of critical materials. "This increase in space, coupled with additional automated production equipment that is now ready to be installed, will allow us to increase our manufacturing unit output by up to 400%," said Lindsay Weatherdon, President and CEO of BESI.
New Centre of Excellence for Battery Technology: Braille Energy Systems Inc (BESI) will establish a Centre of Excellence for Battery Technology in Kingston, Ontario, Canada, in Q2 of 2022. The new BESI facility's mandate is to perform engineering research into mechanical and materials properties to enhance the efficiency of energy conversion and energy storage in energy storage systems (ESS). This new BESI R&D facility also has a mandate to develop technologies that improve the environmental impact of ESS with respect to raw material consumption, production methods and end of life streams.
Kingston Manufacturing Facility: BESI plans to open a manufacturing facility in Kingston, where it will leverage its core competence in the manufacture of high density/high reliability battery packs and expand its manufacturing scope into system solutions for Mission Critical energy storage. BESI is applying its high-reliability battery pack designs to create scalable and modular solutions for challenging applications such as:
- Backup power systems for data centres and commercial/industrial facilities such as hospitals and air traffic control towers;
- Low voltage DC backup for wireless communications infrastructure;
- Low voltage 120VDC backups for DC-driven industrial loads,
"There are many situations where a loss of power can lead to catastrophic consequences, and reliable, efficient backup power systems are essential," said BESI President and CEO Lindsay Weatherdon. "Our Braille solutions are designed with scalability in mind to ensure adequate capacity and redundancy for a wide variety of situations and applications. Braille's experience in designing and manufacturing high performance / high reliability battery packs gives us an edge in supplying the fundamental building blocks to be used in an energy system solution."
Additionally, Braille Battery Inc. is pleased to announce that it has completed the terms of the Federal Aviation Administration (FAA) Civil Penalty issued in 2018 by executing the final payment on September 30, 2021.
Lastly, Braille Energy Systems Inc. is pleased to provide the following update regarding its Fixed Stock Option Plan. At the shareholders meeting held May 21, 2021, shareholders of the Company approved a fixed 20% incentive stock option plan (the "Amended Plan") to replace the previous fixed stock option plan.
Pursuant to the Amended Plan, the number of options available under the plan is 14,877,949 common shares in the capital of the Company which may be granted to directors, officers, employees, and consultants of the Company from time to time. The Amended Plan also permits options granted under the Amended Plan to be exercised at a price not less than the Discounted Market Price (as such term is defined in the polices of the TSX Venture Exchange ("TSXV")), subject to a minimum exercise price of $0.05.
The Amended Plan is subject to the approval of the TSXV.
About Braille Energy Systems Inc.
Braille Energy Systems Inc. holds an 89.95% equity interest in Braille Holdings Inc., which holds a 100% equity interest in Braille Battery Inc. Braille Battery is an established battery-manufacturing and energy storage company supplying batteries to the professional motor sports industry and the pioneer of a complete line of lightweight high powered battery systems for the transportation market. Braille Energy Systems (BESI) will expand its market penetration into a wider range of market segments that require lightweight, high-performing energy solutions, using the most scientifically advanced materials. For additional information about BESI and Braille Battery products, please visit our website at: www.brailleenergysystemsinc.com or www.braillebattery.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
Braille Energy Systems Inc. Investor Contacts
Kimberly Darlington
Communications, Braille Energy Systems Inc
kimberly@refinedsubstance.com
Judith Mazvihwa-MacLean
CFO
(613) 581-4040
jmazvihwa@mincomcapital.com
SOURCE: Braille Energy Systems Inc.
View source version on accesswire.com:
https://www.accesswire.com/670806/Braille-Energy-Systems-Inc-Provides-Operational-Update
