TurnOnGreen Announces FY2023 Third Quarter Business Operations Update

Rhea-AI Summary

TurnOnGreen, Inc. announces positive progress across operating entities, showing strong growth in commercial EV charging operations and development of power solutions for multiple industries. The Company operates 493 Level 2 EV chargers and DC Fast Chargers across 76 active sites in the US and Canada, a 61% increase from 2022. They work with various commercial segments and have demonstrated robust growth in the power electronics market. CEO Amos Kohn highlights the Company's commitment to sustainable energy solutions and meeting the demands of defense, medical, and industrial sectors.

Positive

• TurnOnGreen has shown strong growth in commercial EV charging operations, with a 61% increase in the number of chargers from 2022. They operate 493 Level 2 EV chargers and DC Fast Chargers across 76 active sites in the US and Canada. The Company works with various commercial segments, including resorts and hotels, fleet operators, multi-family dwellings, commercial workplaces, municipalities, commercial/retail, and universities. In addition to EV charging, TurnOnGreen has demonstrated robust growth in the power electronics market, with a focus on defense and aerospace, industrial and telecommunications, and medical and healthcare sectors. The CEO highlights the Company's commitment to sustainable energy solutions and meeting the demands of defense, medical, and industrial sectors.

Negative

• None.

MILPITAS, Calif.--(BUSINESS WIRE)-- Imperalis Holding Corp. (OTC: IMHC), dba TurnOnGreen, Inc. (“TurnOnGreen” or the “Company”), an electric vehicle (“EV”) charging, green energy technology, and custom power supply company that provides e-mobility infrastructure solutions to homes, businesses, and fleets across North America, today announced positive progress across the Company’s operating entities.

EVP1100 Series / 48 amp / 11 kw 5” LCD Screen Modern, Ergonomic Design Supports Dynamic Load Distribution RFID Card Capable/QR Code Capable Universally Compatible J1772 Connector (Tesla Adapter Required) NEMA 3R Protection for Indoor and Outdoor Installations Flexible 16’ cable to minimize clutter and potential cable damage Certified to function at temperatures between -22 °F to 122 °F Wall and Pedestal Mountable Multiple Authentication Methods - Web, RFID or TurnOnGreen App Energy Star Certified UL Approved (Photo: Business Wire)

As of the third quarter of 2023 (“Q3”), the Company has shown strong growth in commercial EV charging operations across multiple locations throughout North America in various business segments. The Company currently operates 493 Level 2 EV chargers and DC Fast Chargers across 76 active sites in the United States and Canada, an increase of 61% from the same time period in 2022. The Company works across a variety of commercial segments:

Business Segment	Percent (%) of Business as of Q3 2023
Resorts and Hotels	26%
Fleet Operators	12%
Multi-Family Dwellings	6%
Commercial Workplace	10%
Municipalities	6%
Commercial/Retail	37%
Universities	3%

In addition to the strong growth in e-Mobility, the Company has demonstrated robust growth by developing and delivering cutting-edge telecommunications broadband network power solutions and high-grade, scalable power solutions for multiple industries. In Q3, the Company announced a new contract to manufacture custom power solutions for multiple launch rocket systems and has made significant strides in the design and development of a generic access platform power supply unit that the Company had previously announced in January of 2023.

Power Electronics Market Segment	Percent (%) of Business as of Q3 2023
Defense and Aerospace	38%
Industrial and Telecommunications	36%
Medical and Healthcare	26%

Chief Executive Officer and Chairman of TurnOnGreen, Inc., Amos Kohn, stated, “As we close out the third quarter of 2023, I'm proud to report that our Company is showing growth in multiple sectors. Our commercial EV charging operations have gained traction across various localities in the U.S. and Canada, underscoring our commitment to sustainable energy solutions. Moreover, we provide advanced custom power solutions to meet the exacting demands of the defense, medical, and industrial sectors. Our 50+ year legacy and good reputation continues as these achievements affirm our dedication to innovation, quality, and meeting the evolving needs of our valued customers."

In corporate related matters, in September of 2023, the Company filed Form 211 with the Financial Industry Regulatory Authority ("FINRA”) to request the initiation of market-priced quotations on Imperalis Holding Corp. (“IMHC”) common stock. FINRA's processing of Form 211 does not constitute or imply FINRA's approval of the IMHC’s securities, IMHC, or the IMHC’s business.

For more information on TurnOnGreen’s product line, please visit www.TurnOnGreen.com.

About TurnOnGreen

TurnOnGreen Inc. (OTC: IMHC) designs and manufactures innovative, feature-rich, and top-quality power products for mission-critical applications, lifesaving and sustaining applications spanning multiple sectors in the harshest environments. The diverse markets we serve include defense and aerospace, medical and healthcare, industrial, telecommunications and e-Mobility. TurnOnGreen brings decades of experience to every project, working with our clients to develop leading-edge products to meet a wide range of needs. TurnOnGreen headquarters are located at Milpitas, CA; www.TurnOnGreen.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.TurnOnGreen.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231024145575/en/

IR@TurnOnGreen.com or (877) 634-0982

Source: TurnOnGreen, Inc.

FAQ

What is the growth rate of TurnOnGreen's commercial EV charging operations?

TurnOnGreen has shown a 61% increase in the number of chargers from 2022.

How many Level 2 EV chargers and DC Fast Chargers does TurnOnGreen operate?

TurnOnGreen operates 493 Level 2 EV chargers and DC Fast Chargers.

Which commercial segments does TurnOnGreen work with?

TurnOnGreen works with resorts and hotels, fleet operators, multi-family dwellings, commercial workplaces, municipalities, commercial/retail, and universities.

What is the focus of TurnOnGreen's growth in the power electronics market?

TurnOnGreen focuses on defense and aerospace, industrial and telecommunications, and medical and healthcare sectors in the power electronics market.

What is the CEO's statement about the Company's achievements?

The CEO highlights the Company's commitment to sustainable energy solutions and meeting the demands of defense, medical, and industrial sectors.