In Just Two Weeks E-Cite Exceeds Target Offering Amount - Public Can Still Invest Directly at Current Valuation
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BOTHELL, WA, July 06, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- E-Cite Motors Group, a privately held subsidiary of VaporBrands International, Inc. (OTC:VAPR), announced that it has exceeded the target amount of its Reg CF offering as filed with the S.E.C. Participating investors are subject to approval to ensure eligibility. The offering will remain live for a limited time at the current valuation, allowing the general public to invest directly into E-Cite Motors L.L.C.. The money invested will go directly for the purpose of financing the manufacturing of its production vehicles and other general business purposes as defined in the filing (Form C).
The direct link to the offering is www.investinecite.com which will remain open to the public for a limited time.
The offering, which went live on June 22nd, 2023, is for Common Membership Units in E-Cite Motors, L.L.C., complete with voting rights, and are priced at
Barry Henthorn, E-Cite CEO, stated: “We want to thank our long-term investors as well as those who have recently joined. The support we have received from the public further validates the demand and desire for truly unique EV vehicles while ratifying our valuation. The offering will remain open for a period under the current terms to allow others to participate prior to closing.”
E-Cite recently announced that it had received a pre-money valuation of Seventy-Five Million Dollars for the purpose of raising money for the manufacture of its production vehicles. The valuation was ratified in filings with the Securities and Exchange Commission (Form C) This valuation was reached following E-Cite becoming the first vehicle manufacture under the Low Volume Manufacturers Act to receive approval from the California Air Resources Board (CARB) to proceed with the certification process that will allow it to manufacture and sell new EV vehicles in all 50 states. As this was the first time in history that a manufacture had reached the point of applying for certification from CARB under the Act, and there was no process in place to do so; E-Cite has worked closely with CARB while they defined the process, paving the way for future vehicles to go through the certification process.
E-Cite was also the first company to get any vehicle approved by the National Highway Traffic Safety Administration (NHTSA) of which is has three distinctly different vehicles approved. This allows E-Cite to produce its own VINs for production of new vehicles. In addition, E-Cite was the first to receive a World Manufactures Identifier (WMI) registering it as a manufacture for the sale of vehicles worldwide.
In anticipation that E-Cite’s prototype vehicle will become certified as a zero emissions compliant vehicle by CARB making it legal for sale in all 50 states, E-Cite is moving forward with its plan to begin manufacturing of its production vehicles. It is expected that all certifications will be completed in time for E-Cite’s launch of its production vehicles in the fourth quarter of 2023.
Note* E-Cite's vehicles are in no way categorized as "Kit Cars" as they are manufactured new vehicles.
About E-Cite Motors
www.ecitemotors.com is privately held subsidiary of a publicly traded company, VaporBrands International, Inc. (OTC:VAPR), based in Bothell that is developing for manufacturing, state of the art electric vehicles utilizing the latest in technologies with a flare of some of the iconic autos of the past. VAPR acquired
CONTACT:
E-Cite Motors Group
ceo@ecitemotors.com
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