Vancouver, Canada July 8, 2019 – GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) (“GreenPower” or the “Company”) announces that its Board of Directors has unanimously appointed Brendan Riley as a director of the Company and that Phillip Oldridge has resigned from the Board.
“It is my pleasure to welcome Brendan to the Board of Directors. We look forward to Brendan having an even greater impact on shaping and implementing the vision we have for GreenPower,” said Fraser Atkinson, Chairman and Chief Executive Officer. “He has built a solid team and is leading them on our next phase of growth – focused on increased market penetration, production, and an uplisting on NASDAQ – in the upcoming quarters.”
Brendan Riley has served as the Company’s President since October 2016, during which time he has been instrumental in overseeing GreenPower’s growth plans and executing its operating strategy. Prior to joining GreenPower, he was the North American Vice President of Fleet Sales for BYD Motors, in charge of strategy, tactics, support and training for selling all-electric buses, trucks, cars, and material handling equipment.
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.
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 increase market penetration and production and 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 buses; 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.
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.
