SOURCE: GreenPower Motor Company Inc.

GreenPower Motor Company Inc.

June 20, 2016 11:25 ET

GreenPower Awarded California Competes Tax Credit for $3,000,000

VANCOUVER, BC--(Marketwired - June 20, 2016) - GreenPower Motor Company Inc. (TSX VENTURE: GPV) (OTCQB: GPVRF) ("GreenPower"), announced today that GreenPower has been awarded a $3,000,000 tax credit from the California Governor's Office of Business (GO-Biz) and Economic Development. The tax credits will be used by GreenPower to assist in the growth and expansion of its business in California.

"The California Competes Tax Credit continues to improve California's business climate by attracting new investments and helping create jobs," stated GO-Biz Director and Committee Chair, Panorea Avdis. "Companies like GreenPower are utilizing these tax credits to expand and continue to foster the state's economic growth in future years."

GreenPower believes that this award was the largest granted to a company located in the San Joaquin Valley in this round. GreenPower was granted the tax credit because of the Company's commitment to local job creation and investment.

"We are grateful to the State of California and the GO-Biz office for this award," stated Fraser Atkinson, Chairman of GreenPower. "Governor Brown and the State Legislature created California Competes to encourage companies to locate their business and create jobs in California and we are pleased to be doing both. California is also one of the leading states in air quality programs, and we look forward to contributing to that leadership by deploying our all-electric buses to help reduce diesel emissions."

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, which are based on GreenPower's operations, estimates, forecasts and projections. 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. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower's control, such as the regulations and requirements in different jurisdictions or the utilization of the California Competes Tax Credits, if any. A number of important factors including those set forth in other 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. All amounts in U.S. dollars © 2016 GreenPower Motor Company Inc. All rights reserved.

Contact Information

  • For further information contact:
    Fraser Atkinson
    Chairman
    (604) 220-8048