Vancouver, Canada, July 3, 2020 — GreenPower Motor Company Inc. (TSXV: GPV) (OTCQB: GPVRF) (the “Company”) a leading manufacturer and distributor of zero emissions electric powered vehicles serving the cargo and delivery, transit and school bus markets announces that the Company has granted an aggregate of 360,000 incentive stock options to employees of the Company and 100,000 stock options to Michael Cole, Investor Relations (the “Consultant”). The stock options are subject to the approval of the TSX Venture Exchange and are exercisable for the Employees for a period of five years and for the Consultant for a period of two years and are exercisable at a price of $0.70 per share. For the Consultant the stock options vest as to 25% three months after the grant date, 25% six months after the grant date, 25% nine months after the grant date and 25% one year after the grant date and for the employees the stock options vest as to 25% four months after the grant date, 25% one year after the grant date, 25% two years after the grant date and 25% three years after the grant date.
Previously the Company had announced that it would be seeking a temporary reduction of the conversion price of its convertible debentures for a 30-day period. The Company had requested but not obtained the approval of the TSX Venture Exchange and given current market conditions will not be proceeding with its request for a temporary reduction in the conversion price.
For further information contact:
Fraser Atkinson, CEO
Michael Sieffert, CFO
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, and a double decker. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to go to greenpowermotor.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts in U.S. dollars.© 2020 GreenPower Motor Company Inc. All rights reserved.