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ADOMANI, Inc. (OTCQB:ADOM), operating as Envirotech Vehicles, supports New Jersey's new zero-emission incentive program aimed at enhancing environmental sustainability. Announced by Governor Phil Murphy, the initiative includes a $100 million fund for clean transportation, featuring a $15 million voucher pilot program to transition diesel trucks to zero-emission vehicles. Discounts of $25,000 to $100,000 will be available, benefiting commercial fleets. CEO Phillip Oldridge emphasizes the growth opportunity in the commercial electric vehicle market fueled by increased demand from online shopping and government incentives.
ADOMANI, Inc. (OTCQB:ADOM), operating as Envirotech Vehicles, has appointed Theodore (Ted) Thordarson as Chief Operating Officer, effective March 1, 2021. This comes after the company completed its merger with Envirotech Drive Systems, Inc. on March 16, 2021. Thordarson, who has extensive operational experience, is expected to enhance the company's growth in the electric vehicle sector. Richard A. Eckert, the former COO, will transition to Executive Vice President. Envirotech focuses on providing zero-emission vehicles for commercial and educational sectors.
ADOMANI, Inc. (OTCQB: ADOM) has completed a merger with Envirotech Drive Systems, Inc., establishing itself as North America's premier manufacturer of zero-emission electric vehicles. The merger involved a share exchange, granting EVT stockholders approximately 56% of ADOMANI's shares. CEO Phillip Oldridge emphasized the merger's strategic importance, enhancing their ability to deliver cost-competitive, customer-ready products. With a potential $23 million capital raise, ADOMANI aims for operational profitability by 2022, aiming to capture the growing electric vehicle market.
ADOMANI, Inc. (OTCQB:ADOM) has retained IMS Investor Relations to establish a comprehensive investor relations program. CEO Phillip Oldridge highlighted the need for improved communication following budget constraints and capital raised through a recent PIPE funding round. The merger in progress is expected to transform the company into a technology-driven electric vehicle provider, targeting the medium to heavy-duty commercial fleet sector. IMS aims to enhance investor engagement and convey Envirotech's value proposition to the market.
ADOMANI, Inc. (OTCQB: ADOM), operating as Envirotech Vehicles, announced that the Pittsburg Unified School District in California has ordered a Class 4 all-electric box truck. The purchase, funded by a grant from the California Department of Education under the National School Lunch Program, aims to replace a diesel truck used for food delivery. This electric truck is set for delivery by March 31, 2021, enhancing air quality for local children. Envirotech Vehicles has positioned itself as a leading provider in the commercial electric vehicle market and is ready to fulfill growing demand.
ADOMANI, Inc. (OTCQB:ADOM), operating as Envirotech Vehicles, is exploring opportunities for a new office and assembly facility in South Florida. Senior executives are visiting potential sites next week, reflecting the company's aim to expand its presence in the southeastern U.S. COO Rick Eckert expressed optimism about the region's opportunities and noted the strategic importance of this expansion alongside existing facilities in California. This move is part of the company's broader strategy to enhance its national footprint by adding vehicle assembly capabilities.
ADOMANI, Inc. (OTCQB:ADOM), operating as Envirotech Vehicles, has engaged Gameday HR to aid in its expansion of electric vehicle operations. CEO Phillip Oldridge expressed optimism about the upcoming merger with Envirotech Drive Systems, aiming to enhance their position in the EV market with proprietary technology. Gameday HR will assist in hiring talent necessary for growth. Envirotech focuses on zero-emission vehicles and drivetrain systems to reduce ownership costs and meet environmental regulations.
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.
ADOMANI, Inc. (OTCQB:ADOM) announced a merger agreement with Envirotech Drive Systems, Inc. (EVT), North America's first manufacturer of purpose-built all-electric zero-emission vehicles. Following the merger, EVT stockholders are expected to own approximately 56% of ADOMANI. The merger is anticipated to close in the first quarter of 2021, subject to EVT stockholder approval. This deal aims to enhance ADOMANI's position in the EV market by leveraging EVT's expertise and assets, including $5 million in cash. The management structure post-merger will include representation from both companies.
ADOMANI, Inc. (OTCQB:ADOM) reported third quarter 2020 results, revealing significant revenue decline due to COVID-19 restrictions. Sales were approximately $164,000, sharply down from $5.7 million in Q3 2019. The net loss for the quarter was about $957,000, a reduction from the prior year's loss. Notably, the backlog increased from $2.9 million to $3.1 million in October. Despite challenges, new orders were secured from the City of Palmdale and Pittsburg USD. CEO Phillip Oldridge emphasized the need for access to funding to boost sales and profitability in 2021.
