Vancouver, Canada June 20, 2019 – GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) (“GreenPower” or the “Company”) today announced that its Board of Directors has appointed Fraser Atkinson, the Company’s Chairman, as Chief Executive Officer effective immediately, replacing Phillip Oldridge, who remains a director of the Company.
Mr. Atkinson commented, “Our strategy is to focus on our core EV products, significantly increase our production capabilities and maintain the highest standards for each GreenPower vehicle built while profitably growing the business. The Company has a great leadership team which, under President Brendan Riley’s guidance, has positioned us for rapid growth. This is a very exciting time for GreenPower, as we currently have 80 EV Stars in various stages of production and are expecting to deliver the first tranche of 15 EV Stars to customers shortly. Another key priority is our planned uplisting on NASDAQ to support the Company’s aggressive growth plans, extend our sales channels for our products, provide liquidity to shareholders and broaden the exposure of the Company to the investment community.”
Mr. Atkinson has served as the Chairman and a Director of GreenPower since February 2011. He has been a director and officer of a number of public companies throughout his career and is also the President and majority owner of Vancouver Ready Mix Inc., Hyland Precast Inc., and Fraserway PreKast Ltd.
For further information contact:
Fraser Atkinson, Chairman and Chief Executive Officer
(604) 220-8048
Brendan Riley
President
(510) 910-3377
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, a cargo van 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 www.greenpowermotor.com.
Forward-Looking Statements
Notice Regarding Forward-Looking Statements This news release contains “forward- looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward looking statements include, among other things, the following: that the Company will significantly increase its production capabilities while maintaining the highest standards for each GreenPower vehicle built, that the Company is positioned for rapid growth; that the Company will deliver the first tranche of EV Stars to customers shortly; and that the Company will complete a listing on NASDAQ. The material assumptions supporting these forward- looking statements include, among others, that the demand for the Company’s products will continue to significantly grow; that the production capacity of the Company can be increased as planned; that the suppliers of materials will be able to satisfy the increased demand; that there will not be interruptions on production of the Company’s products; that there will not be a significant increase in the direct production costs for the Company’s products; that the Company will not be faced with significant increases in its overhead, general and administrative costs; that there will not be a recall of products due to adverse events relating to the Company’s products; and that the Company will be able to obtain additional capital to meet the Company’s growing demand and satisfy the financial requirements needed to list on NASDAQ. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: the risk that government policies or laws may change and that additional governmental regulations may be implemented regarding the production and sale of electric vehicles; the risk that purchasers may not embrace and purchase any of the Company’s EV products; the risk that there may be additional competitors selling EV products; the risk that the Company will not be able to deliver completed buses on time; the risk that the Company’s clients will not default on their purchase terms; the risk that governmental regulations and taxation will change to adversely affect the Company’s business and financial results; the risk that the Company has a limited number of suppliers; the potential for supply-chain interruption due to factors beyond the Company’s control; the risk that there may be a recall of products; the inherent uncertainties associated with operating as an early-stage company; the Company’s ability to raise the additional funding that it will need to continue to pursue its business, planned capital expansion and sales activity; general economic conditions in Canada, the United States, China and globally; transportation industry conditions; potential delays or changes in plans with respect to deployment of services or capital expenditures; availability of sufficient financial resources to pay for the development and costs of the Company’s products; competition for, among other things, capital and skilled personnel; changes in economic and market conditions that could lead to reduced spending on green energy initiatives; competition in our target markets; management of future growth and expansion; the development, implementation and execution of the Company’s strategic vision; risk of third-party claims of infringement; legal and/or regulatory risks relating to the Company’s business and strategic acquisitions; protection of proprietary information; the success of the Company’s brand development efforts; risks associated with strategic alliances; reliance on distribution channels; product concentration; the Company’s ability to hire and retain qualified employees and key management personnel. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Readers should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents the Company files with on the SEDAR, available at www.sedar.com.
