LOBO EV Establishes Office in Suriname to Boost Latin American Presence

Rhea-AI Summary

LOBO EV Technologies (Nasdaq: LOBO) is set to expand its presence in Latin America by establishing a new office in Suriname.

This strategic move comes via a Memorandum of Understanding (MOU) with Zhongda International Engineering Company (Suriname) N.V. The new office, located in Wanica, will include 2,152 sq. feet of office space and a 5,381 sq. feet warehouse, serving as a temporary product transfer and distribution center.

With access to Zhongda's social resources and distribution sites, LOBO aims to meet the growing demand for sustainable electric mobility solutions in the region. Future plans include potential development of an assembly plant on 107,639 sq. feet of land, pending successful due diligence, local government approvals, and board resolutions. This development underscores LOBO's commitment to providing high-quality, environmentally-friendly travel solutions in Latin America.

Positive

• LOBO EV's new office in Suriname will cater to the growing demand for electric mobility solutions in Latin America.
• The collaboration with Zhongda provides access to extensive social resources and distribution networks.
• Potential development of an assembly plant on 107,639 sq. feet of land, pending approvals.

Negative

• None.

Strategic move to support rapidly growing demand for electric mobility solutions in Latin America

WUXI, China, July 16, 2024 (GLOBE NEWSWIRE) -- LOBO EV Technologies Ltd. (Nasdaq: LOBO) (“LOBO” or the “Company”), an innovative e-bicycle, e-moped, e-tricycle, and electric off-highway four-wheeled shuttle designer, developer, manufacturer and seller, announced that it will open a new office in Suriname to better serve the rapidly growing Latin American market. This strategic expansion is in response to increasing demand for sustainable electric mobility solutions in the region.

The new office to be established through a Memorandum of Understanding (MOU) with Zhongda International Engineering Company (Suriname) N.V. (“Zhongda”), a Suriname company, encompasses approximately 2,152 square feet of office space and includes a 5,381 square feet warehouse. This space will support LOBO's operations and serve as a temporary product transfer and distribution center. The office is located in Wanica, Suriname, on a site that provides ample space for future development and potential assembly plant operations.

LOBO's collaboration with Zhongda will facilitate access to Zhongda's extensive social resources and distribution sites across Suriname and other Latin American countries. The MOU also outlines plans for Zhongda to provide LOBO with more than 107,639 square feet of land for the potential development of an assembly plant, pending successful due diligence, local government approvals, and board resolutions.

Figure 1 – New LOBO office in Wanica, Suriname

“We are very excited to cooperate with Zhongda to establish an office in Suriname. This marks an important milestone for LOBO in the Latin American market. We will continue to invest in this rapidly growing market and are committed to providing customers with the highest quality products and services,” said Huajian Xu, CEO of LOBO.

Tony Tao, representing Zhongda, added, “Latin America has great market potential, and Suriname has a superior geographical location with convenient transportation to all countries in South America. LOBO is a good company, and we will support LOBO’s business in Latin America.”

With the establishment of the new office, LOBO EV will focus on increasing the popularity of electric bicycles and other electric mobility solutions in Suriname and neighboring countries. This initiative aims to support green and sustainable transportation development by providing efficient, environmentally friendly, and cost-effective travel solutions.

About LOBO EV Technologies Ltd.

LOBO is an innovative designer, developer, manufacturer and seller of e-bicycles, e-mopeds, e-tricycles, and electric off-highway four-wheeled shuttles such as golf carts and mobility scooters for the elderly and disabled persons. LOBO also provides automobile information and entertainment software development and design services to customers. Leveraging its cutting-edge technologies in connectivity, multimedia interactive systems and artificial intelligence, LOBO re-defines and develops its products in order to provide users with convenient, affordable and pleasant driving experiences. For more information, visit: https://loboev.io/. Any information displayed on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the expected closing date of the public offering and the Company's strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, those described in “Risk Factors,” “Operating and Financial Review and Prospects,” “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 20-F filed with the SEC (File No. 001-41981) on April 30, 2024. LOBO undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Contact:

For more information, contact:
Zane Xu
IR Manager
ir@loboai.com

Dave Gentry
RedChip Companies Inc.
1 (407) 644-4256
LOBO@redchip.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f2ec9322-d189-4819-ab9b-2f2267dcc16a

FAQ

What is the significance of LOBO EV's new office in Suriname for its stock (LOBO)?

LOBO's new office in Suriname aims to enhance its presence in Latin America, addressing the increasing demand for electric mobility solutions, which can positively impact the company's stock.

Where is LOBO EV’s new office located?

LOBO EV’s new office is located in Wanica, Suriname.

What facilities will the new LOBO office in Suriname include?

The new LOBO office in Suriname includes approximately 2,152 square feet of office space and a 5,381 square feet warehouse.

What are the future plans for LOBO EV in Suriname?

Future plans for LOBO EV in Suriname include the potential development of an assembly plant on 107,639 square feet of land, pending successful due diligence and local government approvals.

How will the collaboration with Zhongda benefit LOBO EV?

The collaboration with Zhongda will provide LOBO EV with access to extensive social resources and distribution networks across Suriname and other Latin American countries.