ADOMANI® Signs Letter of Intent To Purchase, Assemble and Distribute ev Transportation Services’ FireFly ESV® Vehicle
April 21, 2020
CORONA, CA / ACCESSWIRE / April 21, 2020 / ADOMANI, Inc. (OTCQB: ADOM), a provider of new zero-emission purpose-built electric vehicles and drivetrain solutions, announced today that it has signed a Letter of Intent (LOI) to purchase 120 FireFly ESV vehicles from Massachusetts-based ev Transportation Services, Inc (“evTS”), beginning late summer 2020. According to the LOI, ADOMANI would serve as a distributor in California for current and future evTS all-electric vehicle offerings, including the FireFly ESV and other vehicles as they are developed. In addition, it is contemplated by the LOI that evTS will discuss entering into a contract with ADOMANI to perform final assembly, testing and warranty servicing of its vehicles.
To meet the growing three-wheel vehicle demands in the U.S. market, evTS and ADOMANI are working together to market and sell evTS’ FireFly ESV. As urban centers in the US grow, the need for more compact, agile, and non-polluting transportation increases. According to Marketwatch.com, the electric three-wheel market is projected to grow at a compounded annual growth rate of over 17% through 2021.
The FireFly ESV is an all-electric, zero-emission vehicle designed for a variety of essential services applications that include last-mile delivery, parking enforcement, security, shipping and delivery, and grounds maintenance. The three-wheel styled Firefly ESV provides a quiet operation, while eliminating harmful pollutants expelled by internal combustion engines. With the ability for the street legal FireFly ESV to reach speeds in excess of 50 mph and a range of 90+ miles on a single charge, with a load capacity of 1,100 lbs, the vehicle is ideal to meet the demand of a variety of essential services applications. “We are in a perfect spot for the FireFly ESV,” stated Rick Eckert, COO for ADOMANI. “Our California facility is located close to urban centers and a variety of terrains where the vehicle can easily be put into play and utilized.”
ADOMANI opened their Corona, California assembly facility in February of this year for the specific purpose of assembling their current line of EV trucks and vans, as well as providing warranty and repair services for commercial EVs. “Our Corona assembly facility is already set-up to handle light production work. evTS’ FireFly ESV is a perfect fit for our operations,” said Jim Reynolds, President and CEO for ADOMANI. “Our goal is to become a commercial EV hub for assembly and service in Southern California,” Reynolds continued. ADOMANI’s Corona facility is approximately 10,600 square feet and with the adjacent lot, the total combined facility size is approximately 42,000 square feet.
“The agreement with ADOMANI represents a major milestone for evTS, and we are excited to explore a partnership with them. Our FireFly ESV all-electric lightweight commercial utility vehicle is a perfect complement to their existing lineup of EVs, and we expect to significantly expand our sales in California and surrounding states based on the quality and reach of ADOMANI’s sales, service and support organization. Our vehicle is filling the critical and exploding need for essential service vehicles, particularly for last mile on-demand urban delivery vehicles,” stated David Solomont, CEO for evTS.
ADOMANI, Inc. is a provider of new zero-emission electric vehicles and is a provider of zero-emission electric drivetrain systems for integration in new 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’s zero-emission electric vehicles are focused on reducing the total cost of vehicle ownership and help fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance. For more information, visit www.ADOMANIelectric.com
ev Transportation Services, Inc (“evTS”) designs, develops and manufactures all-electric light weight commercial utility vehicles and fleet management solutions. Based in Boston, the company is currently focused on the essential services transportation market, which represents approximately 100,000 vehicles or roughly $2.5 billion annually. End user applications for the company’s vehicles include, among others, parking enforcement, security, utility meter reading, parks & recreation, sanitation, airports, seaports, universities, warehouses, and local small package delivery. More information can be found at: http://evTaaS.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 ADOMANI’s reports filed 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:
Kevin Kanning, VP Investor Relations
Telephone: (650) 533-7629
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 205
ev Transportation Services, Inc.
David Solomont, CEO
Telephone: (617) 800-0212
Renmark Financial Communications, Inc.
John Boidman, CPIR
Email : email@example.com
Telephone: (416) 644-2020, ext. 1208 or (514) 939-3989