A previously announce order for additional "Powered by ADOMANI®" all-electric drivetrain systems for zero-emission all-electric school buses is cancelled due to late deliveries
CORONA, CA / ACCESSWIRE / July 3, 2019 / ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, announced today that orders placed in April exceeding $6.4 million were cancelled by Blue Bird due to ADOMANI's supplier Cummins Inc.'s inability to meet delivery schedules. In addition, a school district who had ordered 3 all electric school buses from ADOMANI in September, 2017 also cancelled that order for approximately $1.0 million because the supplier, GreenPower Motor Company, Inc., also had not met delivery schedules. These reductions, combined with shipments of completed drivetrains, resulted in a net decrease from the previously announced April 30, 2019 backlog of $18.9 million to a June 30, 2019 backlog of $10.7 million. ADOMANI's product portfolio currently includes electric drivetrain systems, vehicles, including trucks and vans, and the recent addition of e-trikes and low speed vehicle products. ADOMANI expects to deliver the majority of the June 30, 2019 backlog of drivetrain systems, complete school buses, and other vehicles during 2019.
Jim Reynolds, President and CEO of ADOMANI stated, "As we have mentioned a number of times in recent months, we have been working on our supplier issues, and have made progress with them, but not quickly enough. We are extremely disappointed by these cancellations after extensive discussions/negotiations, but remain very excited about the potential growth from our diversified product offerings of trucks, vans, chassis, NEVs and e-trikes that lie ahead of us. It is promising to see a high level of interest from customers as they see the benefits of adding these zero-emission electric vehicles to their fleets." Reynolds continued, " 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, chassis and NEVs, realize how their communities can be improved by a reduction in greenhouse gases that our many vehicles provide. We believe our ability to deliver all-electric vehicles that meet customer expectations for quality and timeframe gives ADOMANI a competitive edge in the commercial EV space. When you have the technology, the product, and can deliver within an acceptable amount of time, you increase your success rate and that is what we are working toward," Reynolds concluded.
About ADOMANI®
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. 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:
ADOMANI, Inc.
Kevin Kanning
V.P. of Investor Relations
(650) 533-7629
[email protected]
Hayden IR
James Carbonara
Partner
(646) 755-7412
[email protected]
ADOMANI, Inc.
Michael K. Menerey
Chief Financial Officer
(951) 407-9860, ext. 205
[email protected]
SOURCE: ADOMANI, Inc.