New York, NY / ACCESSWIRE / December 19, 2014 / SeeThruEquity, a leading independent equity research and corporate access firm focused on small-cap and micro-cap public companies, today announced it has issued an update on AMP Holding Inc. (OTCQB: AMPD), the only electric truck original equipment manufacturer ("OEM") that designs, develops, manufactures, and sells high-performance, medium-duty trucks with advanced powertrain components under the proven Workhorse chassis brand. The note highlights AMP's purchase agreement with United Parcel Service, Inc. (NYSE: UPS), which is to supply 18 all-electric Workhorse E-100 Walk In Vans to be deployed in the Houston-Galveston-Brazonia, Texas area. The press release on this announcement can be found here: http://cte.tv/press-releases/
The note is available here: AMPD December Update. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack's. The report will also be available on these platforms. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
"On November 12, AMP announced that it had entered into a purchase agreement with a leading transportation company to supply 18 all-electric Workhorse trucks. This week the Center for Transportation and the Environment disclosed that AMP entered into a purchase agreement with UPS to supply 18 all-electric Workhorse E-100 Walk In Vans to be deployed in the Houston-Galveston-Brazonia, Texas area. The U.S. Department of Energy selected this project to improve local air quality in the Houston-Galveston area. Funded by a grant from the DOE's National Energy Technology Laboratory, the Houston-Galveston Area Council has partnered with CTE with the objective of accelerating the introduction and deployment of electric vehicles into the cargo transportation sector. The adoption of the trucks by a high profile customer such as UPS should also help lead to wider industry adoption," commented Ajay Tandon, CEO of SeeThruEquity. "We are maintaining our target price of $0.46 per share."
Additional investment highlights are as follows:
UPS purchase agreement announced
On November 12, 2014, AMP announced that it had entered into a purchase agreement with a leading transportation company to supply 18 all-electric Workhorse E-100 Walk In Vans to be deployed in the Houston-Galveston-Brazonia, Texas area. On December 15th, Fleets & Fuels confirmed the purchaser to be UPS. We view this as major news for the company. In SeeThruEquity's company initiation report on AMP (released October 27, 2014) we had assumed that the company would not have any sales of its commercial electric vehicles ("EVs") until 3Q15. This puts the company well ahead of our timetable. This project was selected by the US Department of Energy ("DOE") to improve local air quality in the Houston-Galveston-Brazonia area, which is currently designated as a National Ambient Air Quality Non-Attainment Area.
The second purchase agreement for two E-GEN EVs, announced on November 24, 2014, keeps the momentum going for AMP. The E-GEN EVs are expected to be deployed in February 2015. The purchase agreement speaks to both the value proposition to fleet operators, as AMP's E-GEN EVs yield a positive return on their incremental cost in as little as three years, and to the environmental benefit of the increased penetration of zero-emission vehicles.
Maintain price target of $0.46
We view these purchases as a significant first step for AMP as it begins to commercialize its EV products. We had modeled in initial sales of 25 EVs in 3Q15, and these orders put AMP well ahead of our timetable. We maintain our price target of $0.46 for AMPD. This represents 228.6% upside potential from the recent market price of $0.14.
Please review important disclosures on our website at www.seethruequity.com.
About AMP Holding Inc.
AMP Holding Inc. is the parent company of AMP Electric Vehicles Inc. and AMP Trucks Inc. Amp Electric Vehicles manufactures electric drive systems for medium-duty, class 3-6 commercial truck platforms. AMP Trucks, Inc., which purchased the assets of Workhorse Custom Chassis LLC from Navistar in March of 2013, can equip its Workhorse chassis with gasoline, propane, or CNG engines.
For additional information visit www.ampelectricvehicles.com.
About SeeThruEquity
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks, and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.
Contact:
Ajay Tandon
SeeThruEquity
(646) 495-0939
SOURCE: SeeThruEquity