TUGA Welcomes Lucas Leonardi to Board of Directors

Rhea-AI Summary

TUGA Innovations, Inc. (CSE: TUGA) has appointed Lucas Leonardi to its board of directors, effective immediately. Leonardi brings over 25 years of experience in automotive software and product marketing, including roles at Amazon Web Services and Stellantis. His insights are expected to enhance the company’s development of urban mobility solutions through its electric vehicle (EV), which features innovative designs and advanced connectivity. The announcement also included the resignation of board member Kraig Schultz, who played a key role in the company's inception.

Positive

• Appointment of Lucas Leonardi as a director, expected to enhance strategic direction.
• Leonardi's extensive experience in automotive software and marketing may drive innovation.
• Focus on urban mobility solutions aligns with increasing demand for electric vehicles.

Negative

• Resignation of Kraig Schultz raises concerns about continuity and potential experience gaps.

Business-building entrepreneur brings global focus on automotive software

VANCOUVER, British Columbia and LISBON, Portugal, Oct. 14, 2022 (GLOBE NEWSWIRE) -- TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations,” or the “Company”), which is developing solutions for urban mobility challenges with the TUGA, a new type of electric vehicle (“EV”), is pleased to announce and welcome Mr. Lucas Leonardi to its board of directors with immediate effect.

Mr. Leonardi is currently the Automotive Global Accounts Team Director at Amazon Web Services EMEA based in Paris, France. He brings over 25 years of sales & product marketing experience (business development, original equipment manufacturer agreements and profit and loss statement management) in software and related software as a service industry endeavour. Lucas is recognized as an agile strategist with entrepreneurial leadership and managerial skills in international and multicultural environments. He recently served as SVP Mobility for Valtech (a software integrator) developing vertical strategies for group mobility as a service offering. Previously he served under Peugeot Citroën SA Group (now Stellantis) as Head of Worldwide Strategy & Partnerships Connected Cars, then as COO for Free2Move (Stellantis Mobility brand). His career began at Hewlett-Packard in California followed by the creation and sale of his own encryption software company to Gemalto and subsequent executive positions as EMEA Snr. Business & Marketing Manager at Logitech Switzerland, and Snr. Business Development Director EMEA at Lookout in London.

Lucas Leonardi, newly appointed director at TUGA Innovations comments, “The TUGA project seems right on target in so many ways. The vehicle, along with the digital elements, is an extremely attractive package; and the go-to-market concept is innovative and compelling. The management team has an excellent focus to successfully develop the company.”

In related news, Mr. Kraig Schultz has announced his resignation from his role on the board of directors.

John Hagie, TUGA Innovations CEO and Chairperson of the board of directors, notes “First of all, I want to wish Kraig the very best on his future endeavours, as he was instrumental in helping us to start the Company, and his efforts remain greatly appreciated.”

“At the same time, we are delighted to welcome Lucas to the team and look forward to working with him.” Hagie continues, “Lucas brings great insight, perspective, and access to an outstanding network of industry colleagues from his far-reaching career experiences. We are always looking to build value in our venture, and with ever-stronger leadership we continue to move the needle forward towards commercialization for our exciting products.”

On behalf of the Board of Directors,
Sincerely,

~John Hagie~

John Hagie
Chief Executive Officer & Director
TUGA Innovations, Inc.

As part of the Company’s disclosure obligations as a public issuer, ongoing financial and material filings can be found under the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. We invite the public to visit our website at www.tugainnovations.com and to sign up to our “news alerts” to be advised of future news and events. Please watch our video which is now available on the website, and follow us on Instagram, Twitter, and LinkedIn.

About TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF)

TUGA Innovations is a development-stage electric vehicle company undertaking the conception, design, and production of specialized EVs to improve the urban mobility experience. The Company is looking to reduce urban mobility difficulties by developing a family of three-wheeled, fully electric fore-and-aft 2-seat vehicles. The vehicle is no wider than a motorcycle for agility and offers a patent pending expanding rear axle for high-speed stability along with a patent pending expandable chassis designed for passenger comfort. The vehicle will offer advanced connectivity technology to maximize safety, performance, environmental impact, comfort, maintenance, and navigation. The TUGA vehicle is being designed to deliver an estimated 160 km range, have an estimated top speed of 140km/hour with the comforts of a car, and with more protection than a motorcycle in an interchangeable multi-body, multi-function platform. Find out more at: https://tugainnovations.com/, watch our video, and follow us on Instagram, Twitter, and LinkedIn.

For further information, please contact:
TUGA Investor Relations
Tel: +1 415.799.7911
Email: info@tugainnovations.com

Forward-Looking Statement

This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “aim”, “aims to”, “may”, “would”, “could”, “will”, “will be” “likely”, “expected”, “anticipated”, “proposed”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, “hope”, “the potential to” or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the Company addressing challenges faced when driving in, between, and around urban centres and metropolitan areas; the Company’s commercialization of its automotive concepts; the Company’s go-to-market concept for its vehicle; the Company moving the needle forward towards commercialization for its exciting products; the width of the vehicle, the expanded rear axle feature of the vehicle, the advanced connectivity features of the vehicle and anticipated benefits, the km range and top speed of the vehicle, and the safety, performance, and comfort offered by the vehicle.

Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s final prospectus dated November 30, 2021 under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

The CSE does not accept responsibility for the adequacy or accuracy of this release.

 

FAQ

Who is the new director appointed to TUGA Innovations?

Lucas Leonardi has been appointed as a new director at TUGA Innovations.

What experience does Lucas Leonardi bring to TUGA Innovations?

Lucas Leonardi has over 25 years of experience in automotive software and product marketing, holding significant roles at Amazon Web Services and Stellantis.

What is the significance of Lucas Leonardi's appointment for TUGA Innovations?

Leonardi's appointment is expected to provide valuable insights and strengthen TUGA's strategic direction in developing urban mobility solutions.

What prompted Kraig Schultz's resignation from TUGA Innovations?

Kraig Schultz's resignation was part of a board change, although specific reasons were not detailed in the press release.

How does TUGA Innovations plan to address urban mobility challenges?

TUGA Innovations is developing a new electric vehicle designed to improve urban mobility with features like advanced connectivity and a compact design.