October 2, 2023

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Adomani(R) and Envirotech Generate Systems, Inc. Enter Into Non-Binding Letter of Intent for Proposed Company Mix

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CORONA, CA / ACCESSWIRE/ December 24, 2020 / ADOMANI, Inc. (OTCQB:ADOM) a supplier of new zero-emission, purpose-built electrical autos and drivetrain solutions, announced that it entered into a non-binding letter of intent (“LOI”) with Envirotech Drive Devices, Inc. (“EVT”), North America’s very first and only company of purpose-developed all-electric zero-emission Course 3, 4 and 5 vehicles, pertaining to a possible enterprise mix transaction pursuant to which a newly formed subsidiary of ADOMANI would merge with and into EVT, whereby EVT would turn out to be a wholly-owned subsidiary of ADOMANI in exchange for shares of ADOMANI widespread stock (the “Proposed Transaction”). Upon completion of the Proposed Transaction, it is contemplated that the stockholders of EVT would maintain roughly 58% of the full remarkable shares of prevalent stock of ADOMANI, issue to specified changes.

“This is an exciting enhancement for ADOMANI. The in excess of 30 a long time of expertise and achievement in the EV business that the EVT group delivers will verify very important to ADOMANI as we jointly carry on to establish, strengthen and expand our slicing-edge, technologically-state-of-the-art zero-emission all-electric powered products and solutions in company, though reducing the price of our autos and our overhead costs, both equally of which will reward our stockholders,” said Phillip Oldridge, Chief Government Officer of ADOMANI. Mr. Oldridge ongoing: “In addition, I have a strategy to attain beneficial effects for stockholders by having our autos on the street and in company speedily. Merged with the expense price savings, we imagine this business mix will provide considerable benefit to our stockholders.”

David Oldridge, Main Engineering Officer of Envirotech Electrical Motor vehicles Inc., the parent corporation of EVT, commented, “The ROI is desirable for medium and weighty-responsibility electrical cars. We at this time have a range of new multi-platform chassis in the closing stage of growth, which when included to ADOMANI’s line of reason-built and completely ready to provide all-electric vans and trucks, will extend the existing merchandise offerings of ADOMANI’s portfolio of EVs. We hope the ADOMANI/EVT combined entity to have a person of the most, if not the most, finish lineup of medium and large-obligation electric powered car chassis which can be seamlessly integrated into a wide range of major duty applications from shipping and delivery trucks to rubbish vans, university buses and a assortment of other motor vehicles, supplementing ADOMANI’s current vehicle line-up of logistic vans, and cab overs.”

Terms of the Proposed Transaction in between ADOMANI and EVT as Contemplated by the LOI:

The next is a summary of the important phrases of the Proposed Transaction as contemplated by the LOI. The Proposed Transaction continues to be subject to completion of a owing diligence evaluate by each celebration and negotiation of definitive agreements and the framework may perhaps transform thanks to tax or other transaction criteria. There can be no assurance that the functions will concur on the phrases of definitive agreements or that the Proposed Transaction will be completed as at present contemplated or at all.

  • ADOMANI to acquire EVT by a share exchange transaction whereby shares of prevalent stock of ADOMANI will be exchanged for shares of typical stock of EVT, which exchange shall be effected as a result of a reverse triangular merger transaction involving a newly formed subsidiary of ADOMANI that will merge with and into EVT with EVT surviving the merger as a wholly-owned subsidiary of ADOMANI.
  • Next the completion of the Proposed Transaction, it is contemplated that the holders of the popular inventory and all other fantastic securities that are convertible into or exercisable for shares of widespread stock of EVT will maintain shares of prevalent inventory of ADOMANI representing 58% of the complete remarkable shares of prevalent inventory of ADOMANI as of the date of the LOI, which share ownership may well be lessened to choose into account any inventory issuances produced by ADOMANI following the signing of the LOI and prior to the closing of the Proposed Transaction.
  • As a ailment to the closing of the Proposed Transaction, EVT’s whole property will consist of at the very least $5 million of cash.
  • Adhering to the closing of the Proposed Transaction the board of administrators of ADOMANI shall be comprised of 7 customers (a) 4 of whom shall be encouraged by EVT, and (b) 3 of whom shall be suggested by ADOMANI.
  • It is predicted that the management of ADOMANI will continue on to run the business following the closing of the Proposed Transaction.
  • Pursuant to the LOI, EVT is prohibited from directly or indirectly soliciting or taking part in any discussions about a sale of its business until finally February 16, 2021, unless of course usually agreed by both equally events.

Entry into a transaction, together with the Proposed Transaction, will be issue to satisfactory completion of owing diligence by each functions and the negotiation of a definitive agreement. If a definitive settlement is entered into, it is expected that the closing of a transaction will include customary closing conditions, like approval by the board of administrators of every party, the stockholders of EVT and the sole stockholder of ADOMANI’s acquisition subsidiary, in addition to the closing circumstances explained higher than. There can be no assurances that the Proposed Transaction will be consummated pursuant to the phrases of the LOI or at all.

More specifics will be announced if and when a definitive agreement is reached amongst ADOMANI and EVT.


ADOMANI, Inc. is a service provider of new zero-emission electric cars and is a company of zero-emission electric drivetrain methods for integration in medium to hefty-obligation business fleet automobiles, as effectively as re-electricity conversion kits for the substitution of drivetrain systems in combustion-powered motor vehicles. ADOMANI’s zero-emission electric powered automobiles are targeted on reducing the full price tag of car or truck ownership and support fleet operators unlock the benefits of environmentally friendly technologies and handle the issues of standard fuel rate cost instability and nearby, condition and federal environmental regulatory compliance. For a lot more data take a look at www.ADOMANIelectric.com

About Envirotech Travel Units, Inc.

Envirotech Push Techniques, Inc. has partnered with foremost OEM suppliers, and makes use of proprietary techniques and technological innovation to construct leading edge all-electric vehicles and drive prepare technological innovation that are now both equally a lot more productive as well as far more inexpensive than common combustion engines. EVT thinks it will be the 1st to current market to offer and provide function-developed all electrical autos in California without the need of requiring governing administration subsidies. EVT sells a line of freshly innovated, higher quality, multi-platform electric powered travel techniques, controllers, ancillary components, and telematics selections for existing truck fleets as well as for special-purposed motor vehicles of all measurements. EVT programs can be retrofitted into rolling inventory or built-in as OEM areas.

Cautionary Statement About Forward-On the lookout Statements

Statements produced in this push launch that relate to long run programs, events, economical results, prospective buyers or overall performance are forward-on the lookout statements. Although they are based on the recent anticipations and beliefs of management, these ahead-hunting statements are topic to a selection of challenges, uncertainties, assumptions and other elements that could lead to true results to differ materially from the expectations expressed in this press release, including the threats and uncertainties disclosed in experiences submitted by ADOMANI with the Securities and Trade Commission, all of which are available on the net at www.sec.gov. All statements, other than statements of historic fact, are statements that could be deemed forward-searching statements, together with statements containing the text “prepared,” “expects,” “believes,” “technique,” “option,” “anticipates,” “outlook,” “made” and similar words. Visitors are cautioned not to location undue reliance on these ahead-looking statements, which talk only as of the date hereof. Except as necessary by law, ADOMANI undertakes no obligation to update or revise any ahead-wanting statements to reflect new info, altered situations or unanticipated functions.

Investor Relations Contacts:

Michael K. Menerey, Main Economic Officer
Phone: (951) 407-9860 ext. 205
E-mail: [email protected]

Supply: ADOMANI, Inc.

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