Balqon Corporation Retains Merriman Capital As Capital Markets Advisor

SAN FRANCISCO – January 31, 2013 – Merriman Capital, Inc. (“Merriman”), a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR), announced today that it has been retained as capital markets advisor to Balqon Corporation. (“Balqon”) (OTCBB: BLQN). In this capacity, Merriman will advise Balqon on various strategic initiatives focused on increasing shareholder value. These initiatives include the effective engagement of a potentially broader institutional shareholder base, strategies intended to increase trading liquidity and evaluating various opportunities, including assessments of the company’s equity trading patterns and opportunities to pursue other venues, such as NYSE, NASDAQ and the OTCQX.

Balqon is a leading developer and manufacturer of Zero Emission Heavy-duty electric trucks, lithium battery packs, energy storage products and Electric Vehicle Drive Systems for heavy duty trucks and buses. Balqon vehicle products include yard tractors used at warehouses and ports and on-road zero emission short haul drayage and inner city applications. Balqon’s business model continues to diversify from electric vehicle manufacturing to energy storage system and lithium battery systems.

“The capital markets division continues to experience rapid growth. We’re very pleased to welcome our latest addition, Balqon Corporation,” commented Douglas Rogers, Managing Director of Merriman’s Capital Markets Advisory Group. “, We seek to offer advice to Balqon and all of our advisory companies on best practices regarding investor engagement, disclosure and overall strategies for optimal performance. We look forward to working closely with the Balqon management team in our capacity as their capital markets advisor.”

About Merriman Capital, Inc.
Merriman Capital, Inc. is an advisory-focused registered investment bank that provides equity and options execution services, market making, and differentiated research for high growth companies. The firm also provides capital formation, advisory, and M&A services. Merriman Capital, Inc. is a wholly owned subsidiary of Merriman Holdings, Inc. (OTCQX: MERR) and is the leading investment banking firm for OTCQX companies. For more information, please go to http://www.merrimanco.com/.

Merriman Capital, Inc. is a registered broker-dealer and member of The Financial Industry Regulatory Authority (FINRA) http://www.finra.org/ and the Securities Investor Protection Corporation (SIPC) http://www.sipc.org/.

About Balqon Corporation
Balqon Corporation engages in the development, manufacture, and sale of electric drive systems, charging systems, and lithium battery systems for trucks, tractors, buses, industrial equipment, and renewable energy storage devices worldwide. The company also designs and assembles electric powered yard tractors, short haul drayage tractors, and inner city trucks utilizing its proprietary drive systems, battery systems, and charging systems. Its products include electric drive systems that are designed to replace a fossil fuel powered drive train across various medium and heavy-duty product platforms for use in electric buses, trucks, tractors, large industrial forklifts, delivery vans, inner city delivery vehicles, and material handling equipment; lithium battery modules, such as lithium battery cells for use in plug-in hybrid vehicles; and flux vector motor controllers that regulate the flow of energy to and from the batteries during operation of the vehicle. The company’s products also comprise stationary power and energy storage products, which are designed to replace lead acid battery products in backup storage in the solar, wind, and geothermal industries to vehicle manufacturers and renewable energy storage companies; electric vehicles, such as electric yard tractors, electric short-haul tractors, and heavy-duty electric trucks; and service parts and consumables comprising battery modules and battery chargers. It sells its heavy-duty electric drive systems, lithium battery modules, and flux vector motor controllers directly to original equipment manufacturers of heavy-duty vehicles and industrial equipment; and electric vehicles through a dealer network. Balqon Corporation is based in Harbor City, California. http://prusers.com/balqon

Note to Investors
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. This release does not constitute an offer to sell or a solicitation of offers to buy any securities of the Company. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K/A filed on April 30, 2012 and the Form 10-Q filed on November 14, 2012. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise. The Form 10-K/A filed on April 30, 2012 and the Form 10-Q filed on November 14, 2012, together with this press release and the financial information contained herein, are available on our website, www.merrimanco.com. Please click on “Investor Relations.”

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