GreenPower Announces Letter of Intent to Produce 20 All-Electric School Buses for ADOMANI, Inc.
Vancouver, Canada October 29, 2015 – GreenPower Motor Company Inc. (TSXV: GPV) (OTCQB: GPVRF) (“GreenPower” or the “Company”), announced today that it has entered into a letter of intent with ADOMANI, Inc. (“ADOMANI”) pursuant to which it has agreed to produce 10 EVS 01M (Type A) all-electric school buses and 10 EVS 03 (Type C) all-electric school buses with delivery expected in the third quarter of 2016.
The aggregate purchase price for the 20 buses is more than U.S.$4 Million and is subject to U.S. Department of Transportation compliance and the State of California CHP School Bus inspection and S endorsement. The Company expects to satisfy those conditions by the second quarter of 2016, at which point ADOMANI will pay an initial deposit of 10% and the balance upon delivery.
GreenPower’s EVS 01M all-electric school bus will be configured with a wheelchair lift and space for up to four wheelchairs. GreenPower’s EVS 01M and EVS 03 incorporate in-wheel drive motors maximizing the batteries deployed on each of these buses, which combined with the battery management system delivers a range of more than 100 miles on a single charge.
Phillip Oldridge CEO of GreenPower, stated, “When we sought a distribution agreement with ADOMANI, we did so because they bring an established sales infrastructure and long standing relationships with school bus fleet managers. They are a trusted name in the space with an excellent reputation and this Letter of Intent to purchase 20 buses is a vote of confidence in our ability to acquire market share.”
About ADOMANI, Inc.
California-based ADOMANI, Inc. provides school bus and fleet operators with complete Zero Emission Vehicles and plug-in hybrid solutions. ADOMANI brings together proven electric drivetrain technology, customized products, and trusted service partners to cut total cost of ownership, boost vehicle reliability, and unlock the many benefits of green technology. For more information, visit www.adomanielectric.com.
About GreenPower Motor Company Inc.
GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or high floor body. GreenPower’s bus is based on a flexible clean sheet design and utilizes a custom battery management system and a proprietary Flex Power system for the drive motors. GreenPower integrates global suppliers for key components such as Siemens for the two drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowermotor.com
Forward-Looking Statements
This document contains forward-looking statements relating to, among other things, GreenPower’s business and operations and the environment in which it operates. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding GreenPower’s expectation that it can deliver the 20 buses in the third quarter of 2016 and GreenPower’s expectation that it will receive compliance approvals from the U.S. Department of Transportation and the State of California in the second quarter of 2016. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower’s control. These risks include the risk that: the Company may not be able to produce and deliver the buses by the third quarter of 2016 due to lack of working capital, changes in regulations and compliance standards, failure of suppliers to deliver necessary parts and other circumstances beyond the Company’s control; the Company may not receive all necessary compliance approvals from the U.S. Department of Transportation and/or the State of California in the second quarter of 2016 or at all; Adomani may decide to proceed with a manufacturer other than the Company; the Company’s business may not develop as expected; the Company may not have the capital necessary to produce the required buses; the regulations and compliance standards may change such that the Company would not able to supply buses in the required timeframe or at all; and such other risks and factors beyond the control of the Company. A number of important factors including those set forth in the Company’s public filings (filed under the Company’s profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
For further information contact:
Fraser Atkinson, Chairman
(604) 220-8048
Neither the 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.
© 2015 GreenPower Motor Company Inc. All rights reserved.
