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ADOMANI's Backlog Grows to $12.9M, a 28% Increase from its Backlog Announced February 12, 2019
Thursday, April 4, 2019 9:05 AM
ADOMANI® receives orders for additional "Powered by ADOMANI®" all-electric drivetrain systems for zero-emission all electric school buses
CORONA, CA / ACCESSWIRE / April 4, 2019 / ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, announced today a 28% increase in its previously reported February 12, 2019 backlog of $10.1 million to $12.9 million. The increase is a result of recent purchase orders for additional zero-emission all electric drivetrain systems for all-electric school buses. ADOMANI currently expects to deliver the $12.9 million in backlog during 2019.
"It is gratifying to see new orders for drivetrain systems continue to come in from school districts as they see the benefits of adding zero-emission all electric school buses "Powered by ADOMANI®" to their fleets" stated Jim Reynolds, President and CEO of ADOMANI. Reynolds continued, "The hard work by our experienced and dedicated sales staff and operational people, who have attended over 76 events over the past 12 months, is paying off for ADOMANI. This has been a real team effort, and it's exciting to see such a high level of interest from existing and new customers as they move their fleets to electric vehicles. We are also very pleased to see the school districts, when presented the opportunity to see our additional ADOMANI zero-emission all electric vehicles, including trucks, cargo vans and chassis, realize how their communities can be improved by a reduction in greenhouse gases that our vehicles provide."
ADOMANI, Inc. is a provider of zero-emission electric and hybrid drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI is also a provider of new zero-emission electric and hybrid vehicles focused on reducing the total cost of vehicle ownership, and helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.com
Cautionary Statement Regarding Forward Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by ADOMANI with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed" and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
INVESTOR RELATIONS CONTACTS:
V.P. of Investor Relations
Michael K. Menerey
Chief Financial Officer
(951) 407-9860, ext 205
SOURCE: ADOMANI, Inc.