SOURCE: Car Charging Group, Inc.

Car Charging Group, Inc.

August 04, 2016 09:00 ET

CarCharging Announces Its Financial Results for First Quarter 2016

Leading Electric Vehicle Charging Service Owner, Operator, and Provider Is Now Current on Its SEC Filings and Demonstrates Improvements in Various Key Areas

MIAMI BEACH, FL--(Marketwired - Aug 4, 2016) - Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging") the largest owner, operator, and provider of electric vehicle (EV) charging services, announced today its financial results for the three months ended March 31, 2016. 

Highlights included*:

  • EV charging hardware sales grew 31% from $220,807 for the three months ended March 31, 2015 to $290,205 for the three months ended March 31, 2016
  • Revenues from network and transaction fees increased 1.5x from $34,524 for the three months ended March 31, 2015 to $89,085 for the three months ended March 31, 2016
  • EV charging service fees remained flat from $389,785 for the three months ended March 31, 2015 to $384,470 for the three months ended March 31, 2016
  • Grant and rebate revenue decreased from $646,185 for the three months ended March 31, 2015 to $99,780 for the three months ended March 31, 2016
  • Total operating expenses decreased 45% from $3.81M for the three months ended March 31, 2015 to $2.08M for the three months ended March 31, 2016

*The Company's financial results appear in the Company's Quarterly Report on Form 10-Q, which was filed with the SEC on August 4, 2016.

"CarCharging is pleased to announce that our 10-Q for the first quarter of 2016 was filed today and that our financial filings are now current, which we believe is a key milestone for the company and its shareholders," stated Mike Calise, CarCharging's Chief Executive Officer. "In this period, excluding prior one-time grant revenues, we increased total revenue, including revenues from EV charging hardware, and network and transaction fees compared to the same period in 2015. In addition, we also decreased operational expenses versus the same period in 2015.

"Having completed our first quarter filing for 2016, our focus for the second half of the year will be to remain current and continue to drive further revenue growth," continued Calise.

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 offers EV charging equipment and connectivity to the Blink Network, a cloud-based software that operates, manages, and tracks the Blink EV charging stations and all of the associated data. Blink Network 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