SOURCE: Car Charging Group, Inc.

Car Charging Group, Inc.

August 16, 2016 19:16 ET

CarCharging Announces Its Financial Results for the Second Quarter of 2016

Leading Electric Vehicle Charging Service Owner, Operator, and Provider Continues to Increase Hardware Sales and Other Revenues While Reducing Total Operating Expenses

MIAMI BEACH, FL--(Marketwired - Aug 16, 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 June 30, 2016. 

Highlights Included*:

  • EV charging hardware sales grew considerably by 60% from $405,979 for the six months ended June 30, 2015 to $650,374 for the six months ended June 30, 2016
  • Revenues from network and transaction fees increased nearly 80% from $116,684 for the six months ended June 30, 2015 to $208,331 for the six months ended June 30, 2016
  • Total operating expenses decreased 56% from $7.20M for the six months ended June 30, 2015 to $4.00M for the six months ended June 30, 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 15, 2016.

"In the first half of 2016, we continued to increase revenues from our EV charging equipment sales, as well as network and transaction fees, and significantly reduced our overall operating expenses, which was a direct result of our efforts to drive top line sales and improve internal efficiencies," stated Mike Calise, CarCharging's Chief Executive Officer. "Moving forward, we remain focused on maximizing revenues, strengthening our balance sheet, improving customer satisfaction, and implementing strategies to take the company to the next level."

About Car Charging Group, Inc. 
Car Charging Group, Inc. (OTCQB: CCGI) is a leader 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 Los Gatos, CA and Phoenix, AZ; CarCharging's business is designed to accelerate the adoption of public EV charging.

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. The Company also provides residential EV charging solutions for single-family homes.

CarCharging has strategic property partners across multiple business sectors including multifamily residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities. 

For more information about CarCharging, please visit www.CarCharging.com and www.BlinkNetwork.com

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