Company Also Provides Update on Porterville, California Manufacturing Facility
Porterville, California – August 23, 2017 – GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) (“GreenPower” or the “Company”), a leading developer of all-electric buses, has announced a defined plan to support its production requirements for the next year. The Company has also provided specific project updates related to its Porterville, California manufacturing facility:
- In order to manage its current production requirements, GreenPower has leased two warehouses in Porterville. This enables GreenPower to produce all of the electric buses for the orders and commitments over the next year.
- GreenPower owns 9.3 acres of land across from the Porterville Municipal Airport. The Company is in the process of constructing a two-story office building and a manufacturing facility comprising a total of 144,000 square feet.
- The Civil, Building, Engineering and Footings plans along with the Soil Report and the Storm Water Pollution Prevention Plan have been submitted to the City of Porterville’s Building Department for review. GreenPower expects to receive comments from the City in September 2017, at which time the Company will finalize its construction timetable, budget and financing from traditional lenders in the construction industry.
- The Company plans to start construction in October 2017 by first completing all of the civil and site-work before building the facility in three phases. The first phase involves the construction of the two-story office building as well as one of three buildings comprising the manufacturing facility, totalling 56,000 square feet. This first phase will allow GreenPower to ramp up its production in the short term and will be used for final assembly after the facility has been completed.
- At the end of July 2017, the Company appointed construction veteran Leonard Mack to the new position of Construction Project Manager. Mack has accumulated over 30 years of diverse experience working in the construction industry, developing commercial and residential projects for major development companies and owning his own construction firm. He will be overseeing all aspects of construction for this manufacturing facility.
About GreenPower Motor Company Inc.
GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or high floor body. GreenPower’s bus is based on a flexible clean sheet design and utilizes a custom battery management system and a proprietary Flex Power system for the drive motors. GreenPower integrates global suppliers for key components such as Siemens for the two 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
This document contains forward-looking statements relating to, among other things, GreenPower’s business and operations and the environment in which it operates, which are based on GreenPower’s operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower’s control, such as the regulations and requirements in different jurisdictions. A number of important factors including those set forth in other public filings (filed under the Company’s profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
For further information contact:
Fraser Atkinson, Chairman
(604) 220-8048
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.
© 2017 GreenPower Motor Company Inc. All rights reserved.
