IQST – IQSTEL Announces LOI To Manufacture EV Motorcycles

Rhea-AI Summary

iQSTEL, Inc. (OTCQB: IQST) has executed a Letter of Intent (LOI) with a prominent Chinese electric vehicle manufacturer for producing high-performance electric motorcycles under the EVoss brand. A definitive agreement is in progress, aiming for the first EVoss motorcycle launch in Latin America, with a 30-day delivery commitment post-purchase order. The partnership also includes engineering support, spare parts supply, and battery manufacturing. iQSTEL's CEO highlighted the strategic importance of this collaboration, noting China's dominant EV motorcycle market.

Positive

• Secured a Letter of Intent with a notable EV manufacturer in China.
• Plans to launch first EVoss motorcycle in Latin America before year-end.
• Includes provisions for engineering assistance and spare parts supply.

Negative

• None.

New York, NY, Sept. 07, 2021 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQB: IQST) today announced executing a Letter of Intent (LOI) between its B2C EVoss Division and a large, high-tech Electric Vehicle (EV) manufacturing firm in China. 

A definitive agreement is under development for the manufacturing firm to produce customized, high-performance electric motorcycles under the EVoss brand that are high quality, made from high quality materials, efficient and fun to ride.

The manufacturing firm has exported electric motorcycles to the USA, Europe, Africa and Asia and is dedicated to the development and production of high energy density lithium-ion batteries and battery pack systems consistent with iQSTEL’s research and design intent.

The agreement under development according to the LOI terms includes:

1) Pricing for the first EVoss EV Motorcycle to be launched in Latin America.

2) 30 day delivery commitment once the purchase order is placed.

3) Engineer/Design  assistance, technical support and training for our B2C EVoss Division.

4) Supply of spare parts, and warranty.

5) Manufacture the EVoss Batteries for all our EV Clients and Partners with 30 days delivery from purchase order.

Pending a definitive agreement, the name of the manufacturing firm will remain confidential.

Mr. Iglesias commented: "Within our B2C EVoss strategy, the selection of the right partner is very important. We have been evaluating several vendors and we are very happy to execute this LOI with our High Tech and Quality EV Manufacturing Partner announced today. China has more than 400 million EV motorcycles in operation and is the logical go-to expert. With this LOI, iQSTEL is on track to deliver its first batch of EV motorcycles before the end of this year. We plan to play an important role in the overall EV motorcycle market in Latin America over the next 5 years.”

iQSTEL Inc (OTCQB: IQST) (www.iQSTEL.com) is a US-based publicly-listed company with an Independent Board of Directors offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 15 countries.  The company provides services to the Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. iQSTEL has 5 Business Divisions: Telecom, Electric Vehicle (EV), Fintech, Technology and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, Global Money One, IoT Labs and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, international fiber-optic connectivity for 5G, Cloud-PBX, OmniChannel Marketing, EV Batteries, EV Chargers, EV Battery Management System, EV IoT Connectivity, Mobile App For EV Connectivity, EV Dashboard Display, Visa/Mastercard Debit Card, Cryptocurrency Exchange Services, Money Remittance, Mobile Top Up, IoT Smart Gas Platform, IoT Smart Tank Platform, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace SPM (Blockchain Platform).

Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

iQSTEL Inc.
IR US Phone: 646-740-0907, IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com 

FAQ

What is the recent development for iQSTEL (IQST) in the electric vehicle sector?

iQSTEL has signed a Letter of Intent with a Chinese EV manufacturer to produce high-performance electric motorcycles.

When will iQSTEL launch its first EVoss motorcycle?

iQSTEL plans to launch its first EVoss motorcycle in Latin America before the end of this year.

What are the key features of the agreement with the Chinese manufacturer?

The agreement includes delivery commitments, engineering support, and battery manufacturing for iQSTEL's EV clients.

How does the partnership impact iQSTEL's market strategy?

The partnership positions iQSTEL to capture a share of the growing EV motorcycle market in Latin America over the next five years.

What does the LOI mean for iQST shareholders?

The LOI represents a significant step towards market expansion and potential revenue growth for iQST shareholders.