SOURCE: GreenPower Motor Company Inc.

GreenPower Motor Company Inc.

June 02, 2016 09:10 ET

GreenPower Announces 9 Letters of Intent Received by ADOMANI for 25 GreenPower All-Electric School Buses

VANCOUVER, BC--(Marketwired - June 02, 2016) - GreenPower Motor Company Inc. (TSX VENTURE: GPV) (OTCQB: GPVRF) (the "Company"), announced today that ADOMANI, Inc. ("ADOMANI") has received nine Letters of Intent ("LOIs") for 25 GreenPower all-electric school buses from nine different school districts in the State of California. The LOIs are primarily for the EVS 03 (Type C) all-electric school buses as well as several EVS 01M (Type A) all-electric school buses.

"The market acceptance of the all-electric school bus is indicative by the short time it took to get these Letters of Intent," said Jim Reynolds, CEO of ADOMANI, and a 15-year veteran in the school, commercial and transit bus industry. "The demand is clearly there as school districts are ready to add electric school buses to their fleets and replace older high polluting diesel buses."

The nine school districts are situated either in the South Coast (SCAQMD) or the San Joaquin Valley (SJVAPCD) air basins, which are both actively pursuing diesel school bus emission control strategies in conjunction with ongoing funding and grants from the U.S. Environmental Protection Agency, California State Diesel Emissions Reduction Act (DERA) and the Air Resources Board (ARB).

GreenPower's EVS 01M all-electric school buses are configured with a wheelchair lift and space for up to four wheelchairs. GreenPower's EVS 01M and EVS 03 incorporate in-wheel drive motors maximizing the batteries deployed on each of these buses, which combined with the battery management system delivers a range of 100 miles on a single charge. These buses will be subject to U.S. Department of Transportation compliance and the State of California CHP School Bus inspection and S endorsement.

"While most of these letters of intent are for Type C school buses, we are also seeing interest for the Type A school buses as well. Our factory representative agreement signed with ADOMANI late last year has continued to be an exceptional partnership, enabling us to rapidly pursue market opportunities in California," stated Phillip Oldridge, CEO of GreenPower. "California is one of the leading states in air quality programs, and we look forward to working with these school districts as they explore options to reduce diesel emissions. We expect as the transition to electric picks up momentum, that we will continue to see increased adoption of our all-electric school buses."

About GreenPower Motor Company Inc.

GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or high floor body. GreenPower's bus is based on a flexible clean sheet design and utilizes a custom battery management system and a proprietary Flex Power system for the drive motors. GreenPower sources and integrates key vehicle components from global suppliers, such as Siemens for the two drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. For further information go to www.greenpowerbus.com.

Forward-Looking Statements

This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding GreenPower's expectation that it can deliver the twenty five school buses and GreenPower's expectation that it will receive compliance approvals from the U.S. Department of Transportation and the State of California. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower's control. These risks include the risk that: the Company may not be able to produce and deliver the buses due to lack of working capital, changes in regulations and compliance standards, failure of suppliers to deliver necessary parts and other circumstances beyond the Company's control; the Company may not receive all necessary compliance approvals from the U.S. Department of Transportation and/or the State of California; Adomani may decide to proceed with a manufacturer other than the Company; the Company's business may not develop as expected; the Company may not have the capital necessary to produce the required buses; the regulations and compliance standards may change such that the Company would not able to supply buses in the required timeframe or at all; and such other risks and factors beyond the control of the Company. A number of important factors including those set forth in the Company's public filings (filed under the Company's profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release. © 2016 GreenPower Motor Company Inc. All rights reserved.

Contact Information

  • For further information contact:
    Fraser Atkinson
    Chairman

    (604) 220-8048