|By Business Wire||
|April 29, 2014 09:06 AM EDT||
Probe Manufacturing, Inc. (OTC QB: PMFI) (“Probe” or “the Company”), a global electronics design & manufacturing services company, today announced that its order backlog has increased to $3 million.
$3 million order backlog consists of the following:
- Probe Manufacturing’s order backlog reflects its successful effort to build its Global Electronics and Manufacturing Services (EMS) business by providing Original Equipment Manufacturers with manufacturing services through its domestic factories.
- All orders are well diversified among the aerospace, medical, industrial, instrumentation and alternative energy industries.
- The increase in Probe’s backlog was also contributed to by the recent acquisition of Trident Manufacturing which operates out of its 16,000 square foot facility in Salt Lake City, Utah.
- Backlog consists of existing and new customers.
- The Company anticipates achieving gross profit margin in the range of 28% - 30%, in line with past financial results.
Kam Mahdi, CEO of Probe Manufacturing, commented, “Our order backlog puts us in excellent position to meet our revenue target of 20% year-over-year growth by the end of 2014. We strongly believe that manufacturing for small to medium sized businesses is coming back to the U.S. We have witnessed businesses of this size become adversely affected by the subsequent increase in costs, unmanageable processes, and intellectual property protection concern of manufacturing abroad. As a result, demand for our services has increased and backlog steadily improves. We expect that trend to continue throughout the remainder of the year.”
About Probe Manufacturing
Probe Manufacturing is a Global Electronics Design & Manufacturing Services Company providing Original Equipment Manufacturers with electronics manufacturing services through its domestic factories in the United States. Headquartered in Irvine, California, Probe has been serving industrial, instrumentation, medical, aerospace, defense, alternative energy, and telecommunication industries since 1994. Probe’s common stock is traded on the OTC Market QB under the symbol PMFI. Further information is available on Probe’s website: www.probeglobal.com.
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) with respect to PMI’s positive financial outlook; whether it can maintain the increased bookings; whether PMI will be able to successfully integrate Trident Manufacturing’s operations, realize cost savings from the joint operations and capture increased revenue from Trident’s customer base and whether PMI’s net operating loss will continue and have a significant impact on PMI’s financial performance going forward. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties relating to changes in general economic and market conditions; uncertainties regarding changes in the EMS industry; the uncertainties relating to the implementation of PMI’s business strategy and adherence to its business model; and other risk factors as outlined in the company’s periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.