Adomani(R) Announces Planned Name Change To Envirotech Vehicles, Inc.
ADOMANI, Inc. (OTCQB:ADOM) plans to change its name to Envirotech Vehicles, Inc. following its merger with Envirotech Drive Systems, Inc. This name change aims to better reflect the company's focus on electric vehicle technology and sustainability. The merger is expected to enhance their product offerings in the electric vehicle market, which is primed for growth. The annual stockholders meeting for the name change approval is anticipated for early May 2021. CEO Phillip Oldridge expresses optimism about market opportunities and enhancing the brand visibility.
- Completion of the merger with Envirotech Drive Systems expected to strengthen market position in electric vehicles.
- New brand name, Envirotech Vehicles, aligns with focus on sustainability and technology in electric vehicles.
- Potential to fulfill increasing demand for purpose-built electric vehicles without government subsidies.
- None.
CORONA, CA / ACCESSWIRE / February 24, 2021 / ADOMANI, Inc. (OTCQB:ADOM) a provider of new zero-emission, purpose-built electric vehicles and drivetrain solutions, announced today that, in conjunction with the transactions contemplated by the recent merger agreement with Envirotech Drive Systems, Inc. ("EVT"), it intends to change the company name to Envirotech Vehicles, Inc. The name change is expected to be approved at the company's annual stockholders meeting tentatively expected to be held in early May 2021. In the interim, the company intends to conduct business as Envirotech Vehicles.
"We expect that our soon to be completed merger will transform ADOMANI into a leading-edge electric vehicle and drive train technology company utilizing proprietary systems and technology for purpose built electric vehicles. EVT has an established track record developing proprietary solutions, and the name Envirotech better reflects our business going forward: utilizing cutting edge technology to provide customers with EV solutions that reduce their carbon footprint," said Phillip Oldridge, ADOMANI's Chief Executive Officer.
Mr. Oldridge continued, "We believe the market opportunity in front of us is massive, and we look forward to fulfilling the growing need for purpose built electric vehicles. We have begun to work with partners to build the new brand, increase our visibility, and expand our marketing and sales efforts around the Envirotech name."
About Envirotech Drive Systems, Inc.
Envirotech Drive Systems, Inc. has partnered with leading OEM suppliers, and utilizes proprietary systems and technology to build leading edge all-electric vehicles and drive train technology that are now both more efficient as well as more affordable than traditional combustion engines. EVT believes it will be the first to market to sell and deliver purpose-built all electric vehicles in California without requiring government subsidies. EVT sells a line of newly innovated, high quality, multi-platform electric drive systems, controllers, ancillary components, and telematics options for existing truck fleets as well as for special-purposed vehicles of all sizes. EVT systems can be retrofitted into rolling stock or integrated as OEM parts.
About ADOMANI®
ADOMANI, Inc. is a provider of new zero-emission electric vehicles and is a provider of zero-emission electric drivetrain systems for integration in medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI's zero-emission electric vehicles are focused on reducing the total cost of vehicle ownership and help fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.com
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by ADOMANI with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed" and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
Investor Relations Contacts:
ADOMANI, Inc.
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 1205
Email: mike.m@ADOMANIelectric.com
SOURCE: ADOMANI, Inc.
View source version on accesswire.com:
https://www.accesswire.com/631597/AdomaniR-Announces-Planned-Name-Change-To-Envirotech-Vehicles-Inc
FAQ
What is the new name for ADOMANI after the merger?
When is the stockholder meeting for the name change?
What is ADOM's stock symbol?
What does the merger with Envirotech Drive Systems entail?
What market opportunity is ADOMANI targeting?
