Charge Enterprises March 2021 Shareholder Letter
Charge Enterprises Inc. (OTC PINK:CRGE) has announced significant developments for its shareholders. The company signed a non-binding letter of intent to acquire a telecommunications and DC power installation services provider, bolstering its infrastructure capabilities for EV charging stations. This acquisition could expand Charge’s market share significantly, as the U.S. requires approximately 13 million EV charging stations over the next decade. Additionally, the company has filed an S-1 to become a reporting entity, moving towards an uplisting. However, previously planned acquisitions in the transportation sector have been abandoned.
- Signed a non-binding letter of intent to acquire a telecommunications services provider to enhance EV charging capabilities.
- Received full funding commitment from existing investors for the acquisition.
- Expansion into a market with a projected need for 13 million EV charging stations in the next decade.
- Filed an S-1, a step towards becoming a reporting entity and future uplisting.
- Abandoned previously planned acquisitions of transportation companies.
NEW YORK, NY / ACCESSWIRE / March 30, 2021 / Charge Enterprises Inc. (OTC PINK:CRGE), connecting people everywhere with communications, infrastructure and charging, issued an update to shareholders today:
To Our Valued Friends and Shareholders:
We hope that many of you are receiving your first vaccine doses and that you and your families are otherwise safe and healthy. We wanted to provide you an update on the exciting things taking place at Charge:
- On the M&A front, we signed a non-binding letter of intent to acquire a highly skilled provider of telecommunications and direct current (DC) power installation services and received a commitment for full funding of the transaction from existing Charge investors. Should this transaction be completed, this organization would transform Charge's Infrastructure Division by enhancing the Company's offering of world-class EV charging installation capabilities and best practices. The combination of services with Charge products would create an end-to-end installed solution for charging any type of electric vehicle, including scooters, e-bikes, and automobiles. This infrastructure capability is essential given that the installation of the actual charging station is the most critical component of our infrastructure solutions. Further, this transaction significantly expands Charge Infrastructure's addressable market, as only 100,000 charging stations exist domestically today and approximately 13 million EV charging stations are expected to be needed over the next ten years, according to McKinsey. This transaction would also add scale and capability to Charge's Communications Division by bringing decades of expertise in installation services to the largest telecommunications, enterprise and government customers. We are hard at work completing our due diligence to move to a conclusion. You can read the full release here.
- On the governance front, we were thrilled to have Benjamin Carson Jr. join our board of directors, bringing the number of directors to eight. Ben is Co-Founder and Partner at FVLCRUM Funds and Chairman of Interprise Partners, a lower-middle market private equity firm based in Maryland which he Co-Founded and continues to be a Partner, and one of the few minority-owned private investment firms in the country, and is a proven leader in investing and infrastructure with a record of building scalable businesses. Ben also serves as the head of the Investment Committee and on the Executive Committee of the Carson family Single Family Office, Floreat Park, and was an early investor in GetCharged, the precursor to Charge Enterprises. We look forward to Ben's insight and guidance as we power our growth. This was featured in Street Insider.
- Many of you are asking about our path to uplisting, and I'm pleased to report that Charge Enterprises has filed an S-1, which we encourage you to review. This is a key step to Charge becoming a reporting entity to the SEC and our future up listing to an accredited exchange.
- I want to draw your attention to a point of disclosure in the S-1 - as you are aware, Charge (as TransWorld) had entered into two asset purchase agreements of private transportation companies operating Fedex routes. As disclosed in S-1, these acquisitions did not close by the dates set forth in the respective agreements and we are no longer pursuing these transactions.
- On the communications front, we participated in 4 investor conferences this past month, including the annual Roth Conference and also joined Benzinga's "Power Hour" to discuss the future of the EV market, which we encourage you to read about. I was also featured in Bike Industry Magazine. Baron and myself also featured on Cheddar TV which you can watch here
- I was featured on Nasdaq Trade Talks, you can watch the full interview here.
We are very excited to be on the cusp, in so many ways, as a public company. Our focus is on execution overall, particularly in EV infrastructure that fills a "pickaxe and shovel" need that cannot be outsourced to foreign providers and that can create jobs for people displaced by AI and driverless technology. We are continuing to work on: making additional investments in our team; expanding our infrastructure footprint to realize urban centers' opportunity to make EV a reality and micro-mobility a safe, sustainable and eco-friendly solution to travel congestion; and enhancing our communications product portfolio, leveraging our global corporate presence and operations in 19 countries. We are adopting a very specific mindset to how we want to pursue growth, as the keys to our success will ultimately be how we treat our people, emphasizing safety, and the communities that we serve, emphasizing service and the type of jobs we aim to create.
We will continue to keep you posted on our progress, accomplishments and results, and please don't hesitate to reach out if you have any questions.
Andrew Fox
Founder and CEO
About Charge Enterprises Inc.
Charge Enterprises Inc (OTC Pink Tier: CRGE) is a portfolio of global businesses with the vision of connecting people everywhere with communications, infrastructure and charging. With two distinct divisions:
- Charge Communications, with a strategy to offer Unified Communication as a Service (UCaaS) and Communication as a Platform Service (CPaaS), providing termination of both voice and data to Carriers and Mobile Network Operators (MNO's) globally for over 2 decades; and.
- Charge Infrastructure, addresses portable powerbanks, micro-mobility docking and charging & EV charging installation, stations & maintenance.
Charge's strategy is to do the unglamorous part of connecting phone calls and powering the future of movement.
Charge operates its current business through a number of subsidiaries which it has recently acquired and/or formed.
To Learn more about Charge, visit https://www.charge.enterprises/.
Safe Harbor Statement
Information in this news release may contain statements about future expectations, plans, prospects or performance of Charge Enterprises, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. Charge Enterprises, Inc. cautions you that any forward-looking information provided by or on behalf of Charge Enterprises, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Charge Enterprises, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Charge Enterprises, Inc.'s control. In addition to those discussed in Charge Enterprises, Inc.'s press releases, public filings, and statements by Charge Enterprises, Inc.'s management, including, but not limited to, Charge Enterprises, Inc.'s estimate of the sufficiency of its existing capital resources, Charge Enterprises Inc's ability to raise additional capital to fund future operations, Charge Enterprises, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities and, in identifying contracts which match Charge Enterprises, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Charge Enterprises, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
Contact:
LHA Investor Relations
Carolyn Capaccio, CFA
ccapaccio@lhai.com
212.838.3777
SOURCE: Charge Enterprises Inc.
View source version on accesswire.com:
https://www.accesswire.com/638152/Charge-Enterprises-March-2021-Shareholder-Letter
FAQ
What recent acquisition did Charge Enterprises (CRGE) announce?
What funding support did Charge Enterprises receive for its acquisition?
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What acquisitions did Charge Enterprises abandon?
