Adomani(R) and Envirotech Travel Devices, Inc. Enter Into Non-Binding Letter of Intent for Proposed Small business Blend
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CORONA, CA / ACCESSWIRE/ December 24, 2020 / ADOMANI, Inc. (OTCQB: ADOM ) a company of new zero-emission, purpose-developed electric vehicles and drivetrain solutions, announced that it entered into a non-binding letter of intent (“LOI”) with Envirotech Drive Programs, Inc. (“EVT”), North America’s very first and only maker of function-designed all-electrical zero-emission Class 3, 4 and 5 cars, pertaining to a potential company blend transaction pursuant to which a freshly fashioned subsidiary of ADOMANI would merge with and into EVT, whereby EVT would come to be a wholly-owned subsidiary of ADOMANI in trade for shares of ADOMANI widespread stock (the “Proposed Transaction”). On completion of the Proposed Transaction, it is contemplated that the stockholders of EVT would keep approximately 58% of the whole superb shares of popular stock of ADOMANI, subject to selected changes.
“This is an interesting advancement for ADOMANI. The about 30 many years of encounter and achievements in the EV field that the EVT workforce provides will confirm quite beneficial to ADOMANI as we jointly proceed to produce, make improvements to and broaden our chopping-edge, technologically-advanced zero-emission all-electrical merchandise in service, while lowering the expense of our cars and our overhead charges, both of those of which will advantage our stockholders,” claimed Phillip Oldridge, Main Govt Officer of ADOMANI. Mr. Oldridge ongoing: “In addition, I have a program to achieve beneficial benefits for stockholders by receiving our cars on the highway and in support swiftly. Mixed with the charge cost savings, we consider this organization combination will give significant benefit to our stockholders.”
David Oldridge, Chief Technological know-how Officer of Envirotech Electric Motor vehicles Inc., the mum or dad corporation of EVT, commented, “The ROI is desirable for medium and large-obligation electrical automobiles. We presently have a quantity of new multi-platform chassis in the remaining phase of improvement, which when added to ADOMANI’s line of goal-crafted and prepared to deliver all-electric powered vans and vehicles, will increase the current product or service choices of ADOMANI’s portfolio of EVs. We anticipate the ADOMANI/EVT combined entity to have a single of the most, if not the most, entire lineup of medium and weighty-obligation electric powered car or truck chassis which can be seamlessly built-in into a range of hefty responsibility programs from shipping and delivery vans to rubbish vehicles, university buses and a variety of other motor vehicles, supplementing ADOMANI’s current motor vehicle line-up of logistic vans, and taxi overs.”
Phrases of the Proposed Transaction amongst ADOMANI and EVT as Contemplated by the LOI:
The pursuing is a summary of the critical terms of the Proposed Transaction as contemplated by the LOI. The Proposed Transaction stays topic to completion of a thanks diligence critique by each individual social gathering and negotiation of definitive agreements and the composition could improve because of to tax or other transaction factors. There can be no assurance that the events will concur on the phrases of definitive agreements or that the Proposed Transaction will be concluded as now contemplated or at all.
- ADOMANI to get EVT as a result of a share trade transaction whereby shares of typical stock of ADOMANI will be exchanged for shares of common inventory of EVT, which trade shall be effected via a reverse triangular merger transaction involving a freshly formed subsidiary of ADOMANI that will merge with and into EVT with EVT surviving the merger as a wholly-owned subsidiary of ADOMANI.
- Following the completion of the Proposed Transaction, it is contemplated that the holders of the popular stock and all other remarkable securities that are convertible into or exercisable for shares of widespread inventory of EVT will maintain shares of typical stock of ADOMANI representing 58% of the complete outstanding shares of typical stock of ADOMANI as of the day of the LOI, which proportion ownership could be minimized to acquire into account any inventory issuances produced by ADOMANI soon after the signing of the LOI and ahead of the closing of the Proposed Transaction.
- As a problem to the closing of the Proposed Transaction, EVT’s whole property will include at the very least $5 million of income.
- Next the closing of the Proposed Transaction the board of administrators of ADOMANI shall be comprised of 7 users (a) four of whom shall be recommended by EVT, and (b) three of whom shall be suggested by ADOMANI.
- It is envisioned that the management of ADOMANI will proceed to function the business after the closing of the Proposed Transaction.
- Pursuant to the LOI, EVT is prohibited from instantly or indirectly soliciting or collaborating in any discussions concerning a sale of its organization till February 16, 2021, unless of course normally agreed by each events.
Entry into a transaction, such as the Proposed Transaction, will be subject to satisfactory completion of due diligence by both of those get-togethers and the negotiation of a definitive settlement. If a definitive agreement is entered into, it is envisioned that the closing of a transaction will involve customary closing disorders, such as approval by the board of administrators of every celebration, the stockholders of EVT and the sole stockholder of ADOMANI’s acquisition subsidiary, in addition to the closing situations explained previously mentioned. There can be no assurances that the Proposed Transaction will be consummated pursuant to the phrases of the LOI or at all.
Further details will be declared if and when a definitive agreement is arrived at in between ADOMANI and EVT.
About ADOMANI®
ADOMANI, Inc. is a service provider of new zero-emission electric vehicles and is a provider of zero-emission electric powered drivetrain units for integration in medium to hefty-responsibility business fleet automobiles, as well as re-electric power conversion kits for the alternative of drivetrain methods in combustion-run automobiles. ADOMANI’s zero-emission electrical motor vehicles are centered on lessening the full value of car or truck ownership and assist fleet operators unlock the rewards of environmentally friendly know-how and tackle the problems of traditional fuel cost value instability and regional, state and federal environmental regulatory compliance. For extra details take a look at www.ADOMANIelectric.com
About Envirotech Push Techniques, Inc.
Envirotech Push Units, Inc. has partnered with leading OEM suppliers, and utilizes proprietary methods and technological know-how to construct main edge all-electrical autos and travel train know-how that are now both of those a lot more successful as properly as much more affordable than traditional combustion engines. EVT thinks it will be the to start with to market place to promote and deliver reason-crafted all electric powered vehicles in California devoid of demanding authorities subsidies. EVT sells a line of recently innovated, higher top quality, multi-platform electric generate programs, controllers, ancillary elements, and telematics selections for existing truck fleets as perfectly as for distinctive-purposed cars of all measurements. EVT programs can be retrofitted into rolling inventory or integrated as OEM elements.
Cautionary Statement About Forward-Looking Statements
Statements manufactured in this press release that relate to upcoming strategies, occasions, economical benefits, potential clients or general performance are forward-on the lookout statements. While they are centered on the latest expectations and beliefs of management, this kind of ahead-hunting statements are subject to a range of challenges, uncertainties, assumptions and other components that could lead to precise results to differ materially from the anticipations expressed in this push release, including the hazards and uncertainties disclosed in stories filed by ADOMANI with the Securities and Exchange Commission, all of which are obtainable on-line at www.sec.gov. All statements, other than statements of historic point, are statements that could be considered forward-looking statements, including statements containing the words “planned,” “expects,” “believes,” “strategy,” “opportunity,” “anticipates,” “outlook,” “designed” and related words. Audience are cautioned not to place undue reliance on these forward-looking statements, which communicate only as of the day hereof. Other than as essential by regulation, ADOMANI undertakes no obligation to update or revise any ahead-wanting statements to replicate new information, modified conditions or unanticipated situations.
Trader Relations Contacts:
ADOMANI, Inc.
Michael K. Menerey, Main Economical Officer
Phone: (951) 407-9860 ext. 205
Email:
Supply: ADOMANI, Inc.
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