SOURCE: Car Charging Group, Inc.

Car Charging Group, Inc.

March 30, 2016 08:30 ET

CarCharging Announces First Quarter 2015 Financials

Largest Electric Vehicle Charging Service Owner, Operator, and Provider Continued to Demonstrate Growth in Key Areas

MIAMI BEACH, FL--(Marketwired - Mar 30, 2016) - Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging") the largest owner, operator, and provider of electric vehicle (EV) charging services, announced its financial results for the three months ended March 31, 2015. 

Highlights Included*:

  • EV Charging hardware sales grew 4.9x from $37,393 for the three months ended March 31, 2014 to $220,807 for the three months ended March 31, 2015
  • EV Charging Service fees grew 52% from $255,659 for the three months ended March 31, 2014 to $389,785 for the three months ended March 31, 2015
  • Grant/rebate revenue recognized grew 9.3x from $62,633 for the three months ended March 31, 2014 to $646,185 for the three months ended March 31, 2015
  • Annual charging output (energy) grew nearly 2.8x for the three months ended March 31, 2014 from 370,354 kilowatt-hours to 1.39M kilowatt-hours for the three months ended March 31, 2015

*The Company's financial results appear in the Company's Quarterly Report on Form 10-Q, which was filed with the SEC on Wednesday, March 30, 2016.

"In the first quarter of 2015, the Company continued to demonstrate growth in our key areas, including equipment sales, fees, revenues, and charging output," stated Mike Calise, CarCharging's Chief Executive Officer.

"We realize that the Company's stakeholders are anxiously awaiting the filing of our remaining financials for 2015 and we anticipate that subsequent quarters will be filed at a more accelerated pace than they have been historically," continued Mr. Calise. "We fully recognize that having current financials is paramount."

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