Acquisition of Emily GT and PONS Projects from NEVS, Pending Reverse Merger with DrazCanna, Inc. (OTC PK: DZCA), and Organizational Development
DEARBORN HEIGHTS, MI / ACCESSWIRE / January 22, 2024 / EV Electra LTD, a Canadian electric vehicle manufacturer, announced the strategic acquisition of the Emily and PONS product lines and related assets from NEVS (National Electric Vehicle Sweden) on December 1, 2023. The acquisition provides the company with production-ready design on the Emily GT vehicle line and the PONS, an autonomous city mobility service system, as well as the revitalization of the automotive heritage in Trollhättan, Sweden plant.
"As the long days and tireless work of many dedicated individuals culminated in the announcement of EV Electra's acquisition of the Emily GT and PONS projects from NEVS." stated Jihad Mohammad, "The energy and excitement since the announcement has been incredible as the tireless efforts of many are needed for such a pivotal transformation. We are dedicated to completing the tactical steps to integrate the acquisition into the company and move forward as a worldwide leader in the electric vehicle industry."
Evolution of EV Electra - Strategic Production Plan
Drawing upon its humble beginnings in 2007, the EV Electra team has been dedicating its unique combination of expertise, technologies, and resources, towards accelerating innovation in the EV industry. It's impressive to see how companies combine efforts to push the boundaries of what's possible in sustainable transportation. The acquisition team from EV Electra and NEVS worked tirelessly to achieve a shared goal of a new chapter for the Emily and PONS projects, including efforts in securing their future production at the plant in Sweden. This move underscores EV Electra's commitment to fulfilling the legacy of these leading-edge product lines while leveraging the expertise of the Trollhättan facility.
With unique expertise, technologies, and resources, potentially accelerating innovation and the development of new EV models, we are excited as the convergence of efforts pushes the boundaries of what's possible in sustainable transportation leveraging the unique design elements of Emily GT. The company is currently examining with the intention of reaching a contract manufacturing partnership for the production of the Emily GT to begin.
"Our plan is to produce electric vehicles in Sweden. We were unable to obtain the existing assembly area at the Trollhättan facility and are currently working with the city leaders to acquire the necessary land to develop a purpose-built state-of-the-art EV assembly plant." Stated Jihad Mohammad, "As we work to finalize a contract manufacturing agreement to begin production, we remain hopeful a mutually beneficial arrangement can be had to build EV Electra's future in Trollhättan to ensure full-scale production in Sweden."
Transformation of EV Electra
The EV Electra Emily GT is redefining the boundaries of electric vehicle design. Wheel-mounted motors not only free up interior space but also enhance driving performance and safety. Torque vectoring, enabled by this innovative setup, significantly improves handling, traction, and overall driving dynamics unlike any other production-ready vehicle design in the industry redefining the EV driving experience unlike any other vehicle on the market today.
To underscore its dedication to local development and manufacturing, EV Electra is establishing a new subsidiary in Sweden. This subsidiary will play a pivotal role in the evolution of EV Electra with the production of the Emily GT and PONS product lines at the Trollhättan plant. This localization effort aligns with EV Electra's strategy of contributing to the growth and development of the Swedish automotive industry.
"With the establishment of a new subsidiary in Sweden, we are poised to lead the charge in electric vehicle development and production. The future looks promising as we integrate these projects into our portfolio, contributing to the growth of the Swedish automotive industry and expanding our global footprint." - Jihad Mohammad, CEO of EV Electra
Future Vision: EV Electra's Equity Capitalization
EV Electra's entry into the EV industry began as an entrepreneurial vision of its founder and CEO, Jihad Mohammad. Initial capitalization was provided by Jihad Mohammad Investments to establish EV Electra as a multinational corporation and begin the designing of an electric vehicle product line. As the design engineering team progressed in its work, the evolution of the company's capital structure continued.
As the company evolved, blockchain technology presented an innovative approach to addressing the need for the facilitation of shareholder administration and liquidity. EV Electra
"The benefits of blockchain technology in providing a process for shareholder tracking, coordination, and liquidity were the reasons we pursued the creation of EVNOW tokens." Stated Jihad Mohammad, "We saw blockchain technology as a basis for the future evolution into an internationally listed, publicly traded company to benefit our shareholders. However, we quickly realized that the design was for the benefit of the blockchain organization itself and ceased further participation."
No EV Electra shareholders were negatively impacted by the discontinuance of the EVNOW tokens and blockchain tracking for share administration aside from liquidity, as shareholder coordination and administration were returned to internal conventional processes.
Moving past blockchain technology, EV Electra set its sights on the public company capital markets. Although Special Purpose Acquisition Corporations (SPAC) have been in existence for decades, they became the purported "latest and greatest innovation" for the equity capital markets as we were looking at alternatives for shareholder liquidity, administration, and availability of the capital markets for growth without the up to 20% fee for the SPAC creators.
"The fundamental basis of SPACs made sense as it provided a process for privately held EV Electra to complete a reverse merger with a public entity." Stated Jihad Mohammad, "However, we can accomplish the goals of a SPAC through acquiring an OTC public shell as we are finalizing the reverse merger with DrazCanna, Inc. without the fee for a SPAC creator."
The company is increasing its authorized shares from 500 million to 1.2 billion. Upon completion of the reverse merger with DrazCanna, Inc., the company will have approximately 500 million shares issued and outstanding of the 1.2 billion authorized. Additionally, the company is still awaiting final processing of its name change filing with FINRA submitted on October 18th, 2023.
Capital Structure as Foundation for Growth
"Our commitment to innovative capital structure approaches for EV Electra has been a crucial element of the foundation for pursuing innovation and expansion within the EV industry. We have been fortunate to avoid the toxic debt structures that have failed so many organizations." stated Jihad Mohammad, "Since our beginnings, a fortress balance sheet supports our growth plans and opportunities for expansion, innovation, and market dominance while mitigating potential risks.
The company desires a robust financial position with ample cash reserves, manageable debt levels, and strong liquidity. This provides a solid foundation for pursuing growth opportunities such as acquisitions for expanding opportunities across continents providing revenue growth opportunities including additional manufacturing plants without compromising the company's stability.
Commitment to Fostering Capital Partner Relationships
As EV Electra continues its robust growth trajectory, it reiterates its commitment to fostering capital partner relationships. The company sees collaborations as instrumental in fueling innovation, expanding market reach, and accelerating growth. EV Electra invites potential partners to explore mutually beneficial opportunities, recognizing the value of strategic alliances in driving sustained success in the dynamic EV market.
In conclusion, EV Electra's recent announcements mark a pivotal moment in its journey, including announcing this key acquisition drives international growth in the electric vehicle industry, reflecting a commitment to innovation, transparency, and strategic growth. The company invites stakeholders, investors, and industry enthusiasts to stay tuned for further updates as it continues to shape the future of the electric vehicle industry.
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EV Electra LTD
About EV Electra LTD
EV Electra LTD, headquartered in Canada, holds the distinction of being the pioneering electric automotive manufacturer with its initial Research & Development Center based in Lebanon. Originally established under 'Jihad Mohammad Investments,' EV Electra has evolved into an independent entity, forging its path towards innovation and sustainability.
EV Electra stands as the premier electric automotive manufacturer, rooted in Lebanon and branching out to locations in Lebanon, Canada, Sweden, Germany, and Turkey, all underpinned by a global vision that propels its expansion.
From its inception, EV Electra has been driven by a singular mission: to champion environmental conservation. The company is deeply committed to producing Battery Electric Vehicles with zero emissions, fostering a cleaner, greener future. Fueled by this commitment, EV Electra's dedicated team strives to create an enticing, inventive, and affordable range of electric vehicles. Their collective inspiration lies in becoming a global leader in the transition toward sustainable energy, marking a significant milestone in our world's journey toward environmental responsibility.
About DrazCanna, Inc.
DrazCanna, Inc. (OTC: DZCA) was operating in the educational sector until 2016 and was dormant until 2021 when the corporation filed its reports with regulatory authorities to achieve current status.
This press release contains forward-looking statements that involve risks and uncertainties concerning the plans and expectations of EV Electra LTD and DrazCanna, Inc. These statements are only predictions and actual events, or results may differ materially from those described in this press release due to a number of risks and uncertainties, some of which are out of the company's control. The potential risks and uncertainties include, among others, that the company's expectations of future growth may not be realized. These forward-looking statements are made only as of the date hereof. The company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise. All forward-looking statements are expressly qualified in their entirety by the "Risk Factors" and other cautionary statements included in the company's annual, quarterly, and current reports and other filings, including but not limited for the quarter ended September 30, 2023, and filings with the OTC Markets.
SOURCE: EV ELECTRA LTD.