SOURCE: GreenPower Motor Company Inc.

GreenPower Motor Company Inc.

December 07, 2014 19:09 ET

GreenPower Announces Letter of Intent With AMC

VANCOUVER, BC--(Marketwired - December 07, 2014) - GreenPower Motor Company Inc. ("GreenPower") is pleased to announce that it has entered into a Letter of Intent with AMC Transportation Services, Inc. ("AMC") to sell GreenPower's EV350. AMC is based in Orlando, Florida and offers a broad range of transportation services. AMC has identified an opportunity to sell up to 7 EV350's for shuttle operations at a theme park, up to 5 vehicles for shuttle operations with an entertainment company and up to 5 vehicles for scheduled route services to a university based in Florida.

Pursuant to the Letter of Intent, GreenPower will configure a 2015 model year of the EV350 for the shuttle operations and will lease an EV350 consecutively to each potential customer for a one month trial period where the customer can evaluate, test and demonstrate the operational capabilities of the EV350. At the conclusion of a successful trial period then it is anticipated that the customer will sign a bill of sale to purchase each EV350 at a price of U.S. $895,000. For its services, GreenPower has agreed to pay to AMC a fee of 10% of the cash paid on the sales proceeds.

"We are excited to work with AMC to bring the EV350 to these customers," stated Phillip Oldridge, the CEO of GreenPower. "This highlights the flexibility of our product in that the EV350 may be used for shuttle operations at entertainment facilities, theme parks, airports, cruise ship terminals, universities as well as traditional transit agencies."

About GreenPower Motor Company Inc.

GreenPower is an electric bus manufacturing company. GreenPower's long term vision is to be a leading world supplier of long-range, electric powered vehicles. GreenPower's first product is a battery powered 12-meter transit bus with a range of over 155 miles (250 km) on a single charge. For more information on GreenPower go to www.greenpowerbus.com.

Disclaimer for Forward-Looking Statements

Statements contained in this news release that are not historical facts constitute "forwardlooking statements" or "forwardlooking information" within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forwardlooking statements include, without limitation, possible events, statements with respect to the transactions contemplated in this news release. The words "is expected" or "estimates" or variations of such words and phrases or statements that certain actions, events or results "may" or "could" occur and similar expressions identify forwardlooking statements. Forwardlooking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by GreenPower as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. In particular, this release contains forwardlooking information relating to: the opportunity to sell up to 17 EV350 buses; each customer will sign a bill of sale to purchase each EV350; the price of future vehicle acquisitions; and GreenPower's long term vision. Known and unknown factors could cause actual results to differ materially from those projected in the forwardlooking statements. Such factors include failure of GreenPower to obtain the necessary approvals and any other factors that may cause the transactions contemplated in this news release not to be completed. Many of these factors could cause actual results to differ materially from those expressed or implied in any forwardlooking statements made by, or on behalf of GreenPower in this release. There can be no assurance that forwardlooking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forwardlooking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forwardlooking statements made in this release are qualified by these cautionary statements. Although GreenPower believes that the expectations in the forwardlooking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.

Contact Information

  • Contact information:
    Fraser Atkinson
    Chairman
    Tel: (604) 220-8048
    Fax: (604) 681-1867