Electric Commercial Vehicles in the U.S.

Despite the trade war, JFP Holdings is building a substantial business working with ADOMANI, Inc., a California company, to source electric drive trains, neighborhood electric vehicles, trucks, delivery and passenger vans, and buses from Chinese manufacturers for sale to fleet owners in the United States. China is, by far, the global leader in the manufacture of electric vehicles (EVs). Because they have scale China’s EV companies have the lowest costs. Commercial vehicle fleet owners prefer electric trucks and buses because they provide significant savings in fuel and maintenance costs. Moreover, states like California offer substantial subsidies to EV buyers.

Following is a press release recently issued by ADOMANI.

ADOMANI Returns to China to Strengthen Vendor Relationships and Meet Potential Partners

Jack Perkowski, Founder of JFP Holdings and an ADOMANI Board Member, Helping to Strengthen ADOMANI’s Supply Chain for Zero-Emission Vehicles and Related Component Systems

CORONA, CA / ACCESSWIRE / May 29, 2019 / ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, builds closer alignment with JFP Holdings (“JFP”), founded by Jack Perkowski, long-time China automotive industry pioneer and author of the book, Managing The Dragon – How I’m building a Billion-Dollar Business in China. As ADOMANI’s zero-emission vehicle sales backlog has grown, so has the need for the company to diversify its vendor supply options and gain access to overseas supply where electric vehicles, electric drivetrain systems, battery packs, and energy storage hardware are already in large scale production.

Jack Perkowski, the Founder and Managing Partner of JFP, and several of the senior advisers and members of management, worked together at ASIMCO Technologies and helped build the company into one of China’s leading automotive suppliers. Jack founded ASIMCO in 1994 and served as its Chairman and Chief Executive Officer until 2009 when Bain Capital purchased the company and he left to found JFP. As a result of his leadership at ASIMCO, Jack is generally regarded as one of the pioneers in China’s automotive industry. Building on their success with ASIMCO, Jack and the team at JFP Holdings have accumulated a vast amount of on-the-ground experience that includes: developing and implementing a China strategy; building a local management team; working with Chinese partners; dealing with local governments; implementing best-in-class management; manufacturing and quality practices in a Chinese company and selling to both Chinese and international customers.

Arranged and facilitated by Jack and a team of JFP executives, ADOMANI’s most recent trip to China started in Beijing and concluded in Shanghai and included Jim Reynolds, CEO, Rick Eckert, COO, Kevin Kanning, VP of Business Development and John Wang, Manager of “ADOMANI China” which is based in Nantong. The trip’s itinerary included factory visits, meetings with potential vendors and hands-on inspections and demonstrations of a wide variety of zero-emission electric commercial fleet vehicles. “Our latest trip to China has clearly been the most impactful to date, due to the impressively high-level introductions made possible by our Board Member, Jack Perkowski, and his team at JFP Holdings,” said Jim Reynolds, CEO of ADOMANI. “When you have company leaders barging into meetings to have their picture taken and books signed by Jack, you know this can only happen with decades of hard work, demonstrated success and well-earned corporate respect in this marketplace.”

“Having served on the ADOMANI Board of Directors since its IPO, I am intimately aware of the unique and impressive “tipping point” role it’s had as the company that, in my opinion, ignited the electric school bus revolution in the United States” said Jack Perkowski, Founder and Managing Partner of JFP. “Due to a combination of factors, the time is now right for ADOMANI to expand its capabilities and product offerings and to gain exposure to a more global supply chain. To this end, I can leverage my experience and contacts here in China.”

About ADOMANI®

ADOMANI, Inc. is a provider of zero-emission electric and hybrid vehicle drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI is also a provider of new zero-emission electric and hybrid vehicles focused on reducing the total cost of vehicle ownership, and helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance.

For more information, visit www.ADOMANIelectric.com

About JFP Holdings

JFP Holdings was founded in Beijing in 2009 by Jack Perkowski, a Wall Street veteran and one of the first Westerners to develop and manage a Chinese company in China. The staff of JFP Holdings is comprised of both Chinese and Western professionals who have substantial operating experience in China, and includes individuals with expertise in the major functional areas of general management, sales and marketing, technology, manufacturing, and finance. JFP Holdings has representatives in the Asia-Pacific region, North America and Europe. Jack was named one of “30 Outstanding Entrepreneurs in China’s Auto Components Industry During the 30 Years of Economic Reform” by China Auto News, the only foreigner to receive the honor.

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