SOURCE: Car Charging Group, Inc

Car Charging Group, Inc

March 15, 2016 08:30 ET

CarCharging Announces an Overview of Its Key Achievements for Second Half of 2015

Largest Owner, Operator, and Provider of Electric Vehicle Charging Equipment and Services Reduces Expenses While Expanding Sales and Blink Network Features

MIAMI BEACH, FL--(Marketwired - Mar 15, 2016) - Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging"), the largest owner, operator, and provider of electric vehicle (EV) charging services, announced an overview of the company's key achievements in the second half of 2015.

Highlights of the company's key achievements include:

  • Substantially reduced the company's general and administrative expenses, including consolidating redundant facilities, restructuring and optimizing the call center, as well as optimizing other overhead and personnel costs
  • Accelerated the sale of Blink DC Fast Charge and Level 2 EV charging equipment to new customers; thereby, reducing $1.2M of the company's existing first generation inventory, which provided the company with an additional stream of revenue as well as future recurring service fee revenues
  • Secured commitments from new strategic customers for the next generation of commercial EV charging stations ahead of product launch
  • Introduced new features to the Blink Network, the software that manages, monitors, and tracks the Blink EV stations and all of its charging data, such as odometer tracking for fleet customers
  • Expanded relationships with marquee customers and strategic EV charging station hosts to retain market share and improve overall customer satisfaction
  • Serving as a Founder of ROEV Association, a neutral collaboration of industry stakeholders designed to support EV adoption by facilitating public charging network interoperability
  • Named Mike Calise, former Head of North America EV Solutions at Schneider Electric, a nearly $30B world leader in energy management and energy efficiency, as Chief Executive Officer (CEO)

"During our last six months, in addition to accelerating revenue from the sale of existing inventory, the company has executed significant operational improvements by reducing expenses and redundancies," stated Mike Calise, CarCharging's Chief Executive Officer. "We've already seen a healthy combination of company productivity and new business during this important transitionary period.

"Overall EV adoption is still dependent on mass scale EV charging infrastructure, which requires capital and support from the auto manufacturers to meet national and global target adoption rates. There continues to be market demand for charging infrastructure to support the accelerated growth of EVs in future years, and CarCharging is well positioned to fulfill this critical need. The company continues to pursue and welcomes new potential capital sources to execute on the next phase of the company strategy, which is business development activity with major utilities, delivering the soon-to-be-announced next generation of commercial charging equipment, and working with marquee customers on overall charger utilization and expansion," continued Mr. Calise.

As an example, in 2015, CarCharging's Blink was selected as a provider of EV charging stations and services for Sears, Roebuck and Co. This relationship gives Sears® stores the opportunity to offer CarCharging's Blink EV charging stations and services to their customers. Agreements were also finalized with Facebook, San Diego State University, and the City of Long Beach, as well as other marquee customers and strategic EV charging station hosts for the continued operation and maintenance of Blink EV chargers.

Due to the complexity of integrating our numerous acquisitions, CarCharging has had significant challenges in bringing our required financials up-to-date. However, the Company anticipates filing its 10-Q for first Quarter of 2015 shortly with subsequent filings in the imminent future.

About Car Charging Group, Inc. 
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services, enabling EV drivers to easily recharge at locations throughout the United States. Headquartered in Miami Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging's business model is designed to accelerate the adoption of public EV charging.

Through its subsidiary, Blink Network, CarCharging also provides residential EV charging solutions for single-family homes. For more information, please visit www.BlinkHQ.com.

CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities. 

For more information about CarCharging, please visit www.CarCharging.com, www.facebook.com/Car.Charging, or www.twitter.com/CarCharging.

Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Car Charging Group, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

Contact Information

  • Investor Relations and Media Contacts:

    CarCharging Media Contact:
    Suzanne Tamargo
    Suzanne@CarCharging.com
    (305) 521-0200 x 214