VANCOUVER, BC--(Marketwired - September 08, 2016) - GreenPower Motor Company Inc. (TSX VENTURE: GPV) (OTCQB: GPVRF) ("GreenPower"), announced today that GreenPower has completed the acquisition of a 9.3 acre property in Porterville, California for $660,000 for the construction of a 150,000 square foot manufacturing facility and offices on this property to facilitate the production of its all-electric buses.
GreenPower paid $66,000 to the City of Porterville and the balance is payable pursuant to a Promissory Note with an amortization period of ten years, a term of five years and bearing interest at the rate of 2% per annum. The Promissory Note is secured by the property and may be subordinated to funding from a senior lender used for the construction of the manufacturing facility.
The City of Porterville is located in the San Joaquin Valley air basin, and along with other communities is actively pursuing diesel bus emission control strategies in conjunction with ongoing funding and grants from the U.S. Environmental Protection Agency, California State Diesel Emissions Reduction Act and the Air Resources Board.
GreenPower intends to build the facility in compliance with "Buy America", a program of the American Recovery and Reinvestment Act of 2009, which allows U.S. based transit agencies that are relying on federal funding to benefit from certain tax breaks and incentives. One of the Company's target markets is transit agencies and compliance with Buy America criteria will further enhance the appeal of GreenPower buses to those specific transit agencies that benefit from the program.
GreenPower also announced that it has hired Mr. Rudy Medina as Director of Human Resources. Rudy brings over 20 years of HR experience at both small and large organizations and was most recently employed as Plant Human Resources Manager for Karma Automotive, manufacturer of the Fisker Karma electric luxury sports sedan. Prior to his 20 years of industry experience, Mr. Medina served in the U.S. Army.
"Completing the acquisition of this property was the next milestone toward consolidating our operations in Porterville, which is strategically situated in the San Joaquin Valley. This location will give us much needed manufacturing capabilities and put us in an ideal position to pursue additional market opportunities in California," stated Fraser Atkinson, Chairman of GreenPower. "We are also pleased to add an industry veteran like Rudy Medina as the Director of HR to assist us with the next phase of our growth. He will play a key role as we expand our operations over the coming months."
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.
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. 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: GreenPower may not have the capital necessary to make the payments due under the Promissory Note; GreenPower may not receive all necessary approvals to build the manufacturing facility; GreenPower may not receive all necessary compliance approvals from the U.S. Department of Transportation and/or the State of California; GreenPower's business may not develop as expected; GreenPower may not have the capital necessary to complete the manufacturing facility; the regulations and compliance standards may change such that GreenPower would not able to supply buses in the required timeframe or at all; and such other risks and factors beyond the control of GreenPower. A number of important factors including those set forth in GreenPower's public filings (filed under GreenPower'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.