Under the Symbol:
ADOMANI Receives First Order from the Philippines
Monday, April 8, 2019 4:15 PM
ADOMANI® receives initial order for "Powered by
ADOMANI®" all-electric drivetrain systems for zero-emission all electric e-trikes in the Philippines.
CORONA, CA / ACCESSWIRE / April 8, 2019 / ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, announced today it received its initial order from GerWeiss EV USA LLC (GerWeiss) for zero-emission all-electric e-trikes, the three-wheeled vehicles widely used in the Philippines. This purchase order represents a revenue opportunity for ADOMANI of approximately $1.7 million, and more importantly, will give ADOMANI access to a market where approximately 3.5 million e-trikes are currently in service, based on an Asian Development Bank study. ADOMANI currently expects to deliver the first ten e-trikes in Q3 2019 with more to follow in Q4.
GerWeiss is a manufacturer, that, to date, has concentrated on the manufacture of all-electric vehicles with a focus on the three-wheeled e-trikes in the Philippines. This purchase order represents the initial outcome of GerWeiss and ADOMANI exploring ways to collaborate in order to respond to the Philippine government's desire to reduce emissions and improve the health of its citizens. Both parties continue discussions about targeting additional markets, including electrified chassis for bus body builders in the Philippines. "It is gratifying to see this initial order from GerWeiss after months of groundwork by both parties and our recent visit to the Philippines where we met with the Department of Transportation, Development Bank of the Philippines and the Board of Investments, among others, who seem excited about the prospect of replacing polluting 3-wheel vehicles with all-electric e-trikes", stated Jim Reynolds, President and CEO of ADOMANI. Reynolds continued: "GerWeiss has been a pioneer in the country for the promotion of electric vehicles, and we are proud to be partnering with them to help realize their mission of helping the Philippine citizens reap the benefits of adding zero-emission all electric e-trikes Powered by ADOMANI to the current vehicles in operation. We are also very excited about this international opportunity, and we intend to build upon it."
GerWeiss President Gerard Villoria commented, "GerWeiss is focused on the triple bottom line principle. Through this partnership with ADOMANI, we expect to be able to uplift millions of families who belong to the base of the pyramid, eliminate the biggest source of air pollution in the transportation sector of the Philippines, and secure long-term revenue. Thanks to the forward-looking vision and technical expertise of ADOMANI, we are confident that we will be able to be a major player in the transportation industry in the Philippines starting with e-trikes."
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 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, Inc. 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
Gerweiss EV USA LLC
SOURCE: ADOMANI, Inc.