AYRO Appoints New Management Team to Re-Engineer and Revamp a Lower Cost Low-Speed Electric Vehicle
AYRO, Inc. (NASDAQ:AYRO), a designer and manufacturer of electric delivery vehicles, has announced key management changes to revamp its low-speed electric vehicle strategy. The company has appointed Joseph Ramelli as the new Chief Financial Officer and Gilbert Villarreal as President of AYRO's operating subsidiary. Ramelli brings extensive management and capital markets experience, while Villarreal, founder of GLV Ventures, has 25 years of expertise in vehicle design and production.
AYRO's Executive Chairman, Josh Silverman, emphasized that these additions aim to reduce costs and maximize profits. With $37 million in cash as of June 30, 2024, AYRO plans to re-engineer the Vanish model for cost-effective production. The company is also exploring M&A and capital investment opportunities to enhance stockholder value.
AYRO, Inc. (NASDAQ:AYRO), un designer e produttore di veicoli elettrici per consegne, ha annunciato cambiamenti chiave nella gestione per rinnovare la sua strategia riguardante i veicoli elettrici a bassa velocità. L'azienda ha nominato Joseph Ramelli come nuovo Chief Financial Officer e Gilbert Villarreal come Presidente della sussidiaria operativa di AYRO. Ramelli porta con sé una vasta esperienza nella gestione e nei mercati dei capitali, mentre Villarreal, fondatore di GLV Ventures, ha 25 anni di esperienza nel design e nella produzione di veicoli.
Il Presidente Esecutivo di AYRO, Josh Silverman, ha sottolineato che queste nomine mirano a ridurre i costi e massimizzare i profitti. Con 37 milioni di dollari in liquidità al 30 giugno 2024, AYRO prevede di ridisegnare il modello Vanish per una produzione economica. L'azienda sta anche esplorando opportunità di fusioni e acquisizioni e investimenti per accrescere il valore per gli azionisti.
AYRO, Inc. (NASDAQ:AYRO), un diseñador y fabricante de vehículos de entrega eléctricos, ha anunciado cambios clave en la gestión para remodelar su estrategia de vehículos eléctricos de baja velocidad. La empresa ha nombrado a Joseph Ramelli como el nuevo Director Financiero y Gilbert Villarreal como Presidente de la subsidiaria operativa de AYRO. Ramelli aporta una amplia experiencia en gestión y mercados de capital, mientras que Villarreal, fundador de GLV Ventures, cuenta con 25 años de experiencia en diseño y producción de vehículos.
El Presidente Ejecutivo de AYRO, Josh Silverman, enfatizó que estas incorporaciones tienen como objetivo reducir costos y maximizar ganancias. Con 37 millones de dólares en efectivo a partir del 30 de junio de 2024, AYRO planea restructurar el modelo Vanish para una producción rentable. La empresa también está explorando oportunidades de fusiones y adquisiciones e inversiones de capital para mejorar el valor para los accionistas.
AYRO, Inc. (NASDAQ:AYRO)는 전기 배달 차량의 설계 및 제조업체로, 저속 전기 차량 전략을 재정비하기 위한 주요 경영 변화를 발표했습니다. 이 회사는 Joseph Ramelli를 새로운 CFO로 임명하고 Gilbert Villarreal을 AYRO의 운영 자회사의 사장으로 임명했습니다. Ramelli는 광범위한 관리 및 자본 시장 경험을 제공하며, Villarreal은 GLV Ventures의 창립자로서 25년의 차량 디자인 및 생산 전문성을 보유하고 있습니다.
AYRO의 집행 회장인 Josh Silverman은 이러한 추가 인력이 비용을 줄이고 이익을 극대화하기 위한 것이라고 강조했습니다. 2024년 6월 30일 기준으로 3,700만 달러의 현금을 보유하고 있는 AYRO는 생산 비용 효율적인 Vanish 모델을 재설계할 계획입니다. 이 회사는 주주 가치를 높이기 위해 M&A 및 자본 투자 기회를 탐색하고 있습니다.
AYRO, Inc. (NASDAQ:AYRO), un designer et fabricant de véhicules de livraison électriques, a annoncé des changements clés dans sa direction pour réorganiser sa stratégie concernant les véhicules électriques à basse vitesse. L'entreprise a nommé Joseph Ramelli comme nouveau directeur financier et Gilbert Villarreal comme président de la filiale opérationnelle d'AYRO. Ramelli possède une vaste expérience en gestion et sur les marchés financiers, tandis que Villarreal, fondateur de GLV Ventures, a 25 ans d'expertise dans le design et la production de véhicules.
Le président exécutif d'AYRO, Josh Silverman, a souligné que ces ajouts visent à réduire les coûts et maximiser les profits. Avec 37 millions de dollars en liquidités au 30 juin 2024, AYRO prévoit de reconcevoir le modèle Vanish pour une production rentable. L'entreprise explore également des opportunités de fusions et acquisitions ainsi que des investissements en capital pour améliorer la valeur pour les actionnaires.
AYRO, Inc. (NASDAQ:AYRO), ein Designer und Hersteller von elektrischen Lieferfahrzeugen, hat wichtige Änderungen im Management angekündigt, um seine Strategie für elektrisch betriebene Niedriggeschwindigkeitsfahrzeuge zu überarbeiten. Das Unternehmen hat Joseph Ramelli als neuen Chief Financial Officer ernannt und Gilbert Villarreal zum Präsidenten der operativen Tochtergesellschaft von AYRO. Ramelli bringt umfassende Erfahrungen im Management und den Kapitalmärkten mit, während Villarreal, Gründer von GLV Ventures, auf 25 Jahre Erfahrung im Fahrzeugdesign und -produktion zurückblicken kann.
Der Executive Chairman von AYRO, Josh Silverman, betonte, dass diese Neuzugänge darauf abzielen, Kosten zu senken und Gewinne zu maximieren. Mit 37 Millionen Dollar Bargeld zum 30. Juni 2024 plant AYRO, das Vanish-Modell für eine kosteneffiziente Produktion neu zu gestalten. Das Unternehmen untersucht auch Möglichkeiten für Fusionen und Übernahmen sowie Kapitalinvestitionen, um den Aktionärswert zu steigern.
- Appointment of experienced CFO with strong financial and capital markets background
- New President with 25 years of expertise in vehicle design and manufacturing
- Strong cash position of $37 million as of June 30, 2024
- Plans to redesign Vanish model for more cost-effective production
- Exploring M&A and capital investment opportunities
- Need for significant re-engineering of existing vehicle model suggests current design may be too costly
Appoints new President of operating division and new CFO
ROUND ROCK, TX / ACCESSWIRE / August 21, 2024 / AYRO, Inc. (NASDAQ:AYRO) ("AYRO" or the "Company"), a designer and manufacturer of electric, purpose-built delivery vehicles and solutions for micro distribution, micro-mobility, and last-mile delivery, today announced that it has appointed Joseph Ramelli as AYRO's new Chief Financial Officer and Gilbert Villarreal as President of AYRO's operating subsidiary.
Joseph Ramelli has vast experience in various management roles, including chief executive officer, chief financial officer and president. Mr. Ramelli also has over 15 years of experience in varied roles at investment firms. AYRO believes that Mr. Ramelli's management and capital markets experience will be instrumental in managing AYRO's strong cash position and employing prudent financial rigor as AYRO continues to work towards bringing its innovative electrical vehicles to market, while also managing costs and maximizing profits.
Gilbert Villarreal is the founder of GLV Ventures, a leader in the design and production of a variety of vehicles including electric vehicles. GLV Ventures is known for its advanced manufacturing in a timely, cost-effective manner. Founded by Mr. Villarreal, GLV Ventures has operated in the manufacturing and design space for 25 years. GLV and its affiliate, EVESSA, are Tier 1 consulting and manufacturing companies that have produced electric vehicles and non-electric vehicles for several of the leading OEMs and Fortune 100 companies.
Josh Silverman, AYRO's Executive Chairman, commented, "These high value additions to our management team are exactly what we need to move the Company forward. Gilbert, through his extensive experience in designing and developing electric vehicles in a cost-effective manner, will enable AYRO to offer Vanish at a significantly reduced cost. We believe this minimal lower risk investment in re-engineering our vehicles is an appropriate next step for AYRO. With a strong balance sheet, including
About AYRO
AYRO designs and produces zero emission vehicles and systems that redefine the very nature of sustainability. Our goal is to craft solutions in a way that leaves minimal impact on not only carbon emissions, but the space itself. From tire tread, fuel cells, sound, and even discordant visuals, we apply engineering and artistry to every element of our product mix. The AYRO Vanish is the first in this new product roadmap. For more information, visit www.ayro.com.
Forward-Looking Statements
This press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Words such as "anticipate," "believe," "could," "estimate," "intend," "expect," "may," "plan," "will," "would" and their opposites and similar expressions are intended to identify forward-looking statements and include the development and launch of the AYRO Vanish. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: AYRO's success depends on its ability to complete the development of and successfully introduce new products; AYRO may experience delays in the development and introduction of new products; the ability of AYRO's suppliers to deliver parts and assemble vehicles; the ability of the purchaser to terminate or reduce purchase orders; AYRO has a history of losses and has never been profitable, and AYRO expects to incur additional losses in the future and may never be profitable; AYRO faces risks associated with litigation and claims; AYRO may be unable to replace lost manufacturing capacity on a timely and cost-effective basis, which could adversely impact its operations and ability to meet delivery timelines; the market for AYRO's products is developing and may not develop as expected and AYRO, accordingly, may never meet its targeted production and sales goals; AYRO's limited operating history makes evaluating its business and future prospects difficult and may increase the risk of any investment in its securities; AYRO may experience lower-than-anticipated market acceptance of its vehicles; developments in alternative technologies or improvements in the internal combustion engine may have a materially adverse effect on the demand for AYRO's electric vehicles; the markets in which AYRO operates are highly competitive, and AYRO may not be successful in competing in these industries; AYRO may become subject to product liability claims, which could harm AYRO's financial condition and liquidity if AYRO is not able to successfully defend or insure against such claims; increases in costs, disruption of supply or shortage of raw materials, in particular lithium-ion cells, chipsets and displays, could harm AYRO's business; AYRO may be required to raise additional capital to fund its operations, and such capital raising may be costly or difficult to obtain and could dilute AYRO stockholders' ownership interests, and AYRO's long term capital requirements are subject to numerous risks; AYRO may fail to comply with evolving environmental and safety laws and regulations; and AYRO is subject to governmental export and import controls that could impair AYRO's ability to compete in international market due to licensing requirements and subject AYRO to liability if AYRO is not in compliance with applicable laws. A discussion of these and other factors with respect to AYRO is set forth in our most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. Forward-looking statements speak only as of the date they are made and AYRO disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor inquiries:
CORE IR
investors@ayro.com
516-222-2560
SOURCE: AYRO, Inc.
View the original press release on accesswire.com
FAQ
Who are the new key appointments at AYRO (NASDAQ:AYRO)?
What is AYRO's (NASDAQ:AYRO) cash position as of June 30, 2024?
What is AYRO's (NASDAQ:AYRO) plan for the Vanish electric vehicle model?
What strategic options is AYRO (NASDAQ:AYRO) considering to maximize stockholder value?
