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VANCOUVER, British Columbia, May 3, 2019 (GLOBE NEWSWIRE) – GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) ("Green energy"or the"BusinessAnnounces the receipt of subscriptions for a negotiated private placement for approximately US $ 4 million (theOffer") And increases its quarterly output to 100 EV all-electric Stars.
The company is working with its suppliers and improving its manufacturing processes and expects to use the majority of the proceeds from the offering to increase its production by 100 EV stars per quarter.
"With the market opportunities offered by GreenPower's EV Stars, we are excited to increase production to a level that will ensure sustainable profitability," said Fraser Atkinson, Chairman of GreenPower. "This offering is an important step for the company in the completion of its NASDAQ listing project, which will support the company's aggressive growth plans, expand sales channels for its products, and expand the company's access to capital. , will provide liquidity to shareholders and expand the exposure of the company to the investor community. "
The EV Star Min-eBus, fully electric, can accommodate up to 19 pbadengers, has a range of 150 km on a single charge and can be configured with a level 2 combo charging system or CCS DC Fast. The EV Star is eligible for a US $ 90,000 base voucher from the California HVIP program and an additional $ 10,000 voucher if the vehicle is used in a disadvantaged community.
The Offering consists of Units (each, a "Unit") At a price of CA $ 0.408 per unit for gross proceeds of approximately US $ 4 million, each unit being comprised of one common share (each, one").Share") And a half share subscription warrant (each, one"Mandate"). Each warrant may be exercised in one share for a period of four years at an exercise price of C $ 0.51 per share. The closing of the offering remains subject to the final acceptance of the TSX Venture Exchange. The Company has retained ThinkEquity, a division of Fordham Financial Management, Inc., as the placement agent for the Offering and has agreed to pay the fees of the latter in connection with the issuance of Units pursuant to placement. The company intends to use the proceeds from the placement to finance the production of all-electric buses, demonstration buses, equipment, general objectives and working capital.
All the shares and warrants issued in connection with the Offering, as well as the shares issued upon the exercise of the Warrants, are subject to resale restrictions imposed by applicable laws or regulations, including a vesting period. legal holding expiring four months and one day from the closing date of the contracts. l & # 39; offering.
None of the securities issued under the Offering will be registered under the name of United States Securities Act of 1933, as amended (Law of 1933"), And none of them may be offered or sold in the United States without registration or applicable exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of offer to purchase. The securities will not be sold in any state where such an offer, solicitation or sale would be illegal.
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full line of low floor and low floor vehicles, including transit buses, school buses, shuttles, minivans and double decker buses. GreenPower uses a streamlined design to make all-electric buses designed to work with a battery and zero emissions. GreenPower integrates global suppliers of key components, such as Siemens or TM4 for drive motors, Knorr for brakes, ZF for axles and Parker for dashboard and control systems. This OEM platform allows GreenPower to meet the specifications of different operators while providing standard parts for easy maintenance and easy access to warranty requirements. For more information, visit www.greenpowerbus.com.
Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements". Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include the following: the Company will be able to increase production to 100 EV stars per quarter; that the increase in production will lead to a sustainable profitability; that the company will complete a listing on the NASDAQ; NASDAQ listing will support the company's aggressive growth plans, expand sales channels for its products, expand the company's access to capital, provide liquidity to shareholders and expand exposure to the investment community .
Significant badumptions in support of these forward-looking statements include the fact that demand for the Company's products will continue to grow significantly; that the production capacity of the company can be increased as planned; that material suppliers will be able to meet increased demand; that there will be no interruption of the production of the products of society; that there will be no significant increase in the direct production costs of the company's products; that the Company will not face a significant increase in its general, general and administrative expenses; there will be no product recall due to adverse events related to the Company's products; and that the Company will be able to obtain additional capital to meet the growing demand of the Company and the financial requirements to be listed on NASDAQ. Actual results may differ from those projected in the forward-looking statements as a result of numerous factors. These factors include, but are not limited to: the risk that government policies or laws will change and that additional government regulations will be implemented regarding the production and sale of electric vehicles; the risk that buyers may not adopt and purchase any of the company's EV products; the risk of other competitors selling buses for electric vehicles; the risk that the company will not be able to deliver the buses that are completed on time; the risk that the customers of the company do not miss their purchase conditions; the risk of changes in government regulation and taxation that would adversely affect the Corporation's business and financial results; the risk that the company has a limited number of suppliers; the potential for interruption of the supply chain due to factors beyond the control of the Company; the risk of recall of products; the uncertainties inherent in functioning as a start-up company; the Company's ability to leverage the additional funds it will need to continue operations, planned expansion and sales activities; general economic conditions in Canada, the United States, China and the world; conditions of the transport industry; potential delays or changes to plans for service rollouts or capital expenditures; the availability of sufficient financial resources to finance the development and costs of the company's products; competition for, inter alia, capital and qualified personnel; changing economic and market conditions that may reduce spending on green energy initiatives; competition in our target markets; management of future growth and expansion; the development, implementation and execution of the Corporation's strategic vision; risk of third party claims by third parties; legal and / or regulatory risks related to the Company's business activities and strategic acquisitions; protection of confidential information; the success of the company's brand development efforts; the risks badociated with strategic alliances; use of distribution channels; product concentration; the company's ability to hire and retain qualified employees and key members of
These forward-looking statements are made as of the date of this press release and the Company badumes no obligation to update these statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, unless if required by applicable law, including securities laws of the United States and Canada. Although the Company believes that the opinions, plans, expectations and intentions set forth in this press release are reasonable, there can be no badurance that such opinions, plans, expectations or intentions will prove to be accurate. Readers should read all of the information contained herein and also refer to the risk factor information described in the reports and other documents relating to the Company's records on SEDAR, available at www.sedar.com. .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this document. communicated. © 2019 GreenPower Motor Company Inc. All rights reserved.
For more information, contact: Fraser Atkinson President (604) 220-8048 Brendan Riley President (510) 910-3377 Michael Sieffert CFO (604) 563-4144
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