Electric Vehicles for the U.S. Market

In 2018, JFP Holdings initiated a new line of business — sourcing automotive components from China for sale to the U.S. auto aftermarket and sourcing high quality commercial electric vehicles (“EVs”) from leading Chinese EV manufacturers for sale to American fleet owners.

Over the past 20 years, China has become the largest automobile market in the world and the country’s manufacturing capabilities have grown significantly in terms of size, technology, and quality. Also, China has emerged as the global leader in the production of New Energy Vehicles with an electric vehicle industry that is at least five times that of the United States. As a result of strong demand and government support, Chinese companies have invested billions of dollars in the development and manufacturing of new energy vehicles, as well as key components such as batteries. With its long history and extensive experience in China’s auto industry, JFP Holdings is uniquely positioned to access China’s leading component and vehicle suppliers.

In the first key milestone for its new sourcing business, JFP Holdings signed a marketing and distribution agreement at the end of June with ADOMANI, Inc. and ProMotive EV, LLC for the sale of Neighborhood Electric Vehicles (“NEVs”) in nine western states, including California. Based in Corona, California, ADOMANI has extensive experience selling vehicles in the market covered by the Agreement and specializes in the sale of electric commercial vehicles to fleet owners. Georgia based ProMotive was founded by Dan Panoz, with nearly three decades of sports car design and manufacturing experience, to bring compelling zero-emission transportation options to the North American market.

Despite the new tariffs imposed as part of the trade war between China and the United States, China is well positioned to supply the growing demand for all types of electric vehicles. The global market for NEVs, which are ideal for use in gated communities, resorts, hotels, universities, large corporate campuses, movie studios and cities with traffic restricted downtown areas where clean, affordable and convenient transportation is required, is expected to grow to almost $10 billion within five years. Fleet owners prefer electric trucks and buses due to their lower total cost of ownership and the funding they can receive from states such as California that are promoting the use of clean energy.

In addition to NEVs, JFP Holdings and ADOMANI are working together to provide a wide range of electric vehicles to fleet owners. Electric trucks and vans will be available for sale in late 2019.

Press Release
ADOMANI(R) Signs Distribution Agreement Gaining Access to the Growing Neighborhood Electric Vehicle Market

ADOMANI has been awarded key Western and Southwestern states in an exclusive distribution deal with ProMotive EV, LLC. and JFP Holdings, Ltd. to market, sell, and support the E-Riva Neighborhood Electric Vehicle in a North American market that is projected to reach $1.27 billion by 2025

CORONA, CA / ACCESSWIRE / June 18, 2019 /ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, today announced it has signed an exclusive distribution and service agreement for nine Western and Southwestern states with Dan Panoz of ProMotive EV, LLC. and Jack Perkowski of JFP Holdings, Ltd. for the E-Riva Neighborhood Electric Vehicle (NEV). ADOMANI will be the exclusive distributor of the E-Riva in California, Oregon, Washington, Arizona, Nevada, Colorado, Idaho, New Mexico, and Texas.

The E-Riva NEV is also known as a low-speed electric vehicle (LSV). According to the “Low Speed Electric Vehicles Market Report” launched by Market Study Report, the global Low Speed Electric Vehicle market will register a 10.8% CAGR in terms of revenue, and the global market size will grow to US$ 8.87 billion over the next five years. NEVs are appropriate for a wide range of zero-emission roles traditionally served by golf carts or utility vehicles for customers such as local, state, and national government agencies, resorts, master-planned communities, universities, medical and corporate campuses, as well as sports teams, taxi-shuttle services, and individual consumers. The E-Riva addresses a surprisingly broad market where a full-sized electric car isn’t required or optimal. Additionally, because the NEV is all-electric, it saves on fuel consumption costs, as discussed in depth in a U.S. Department of Transportation Report to Congress. Neighborhood Electric Vehicles are held to national safety standards that ensure the safety of their occupants, thus the maximum driving speed of the NEV is 25 mph on roads with a speed posting of no more than 35 mph.

“After an extensive, year-long manufacturing partner search, and another full year dedicated to product refinement and durability testing, we’re now ready to support the production roll-out of this certified NEV into the US market with the assistance of ADOMANI’s sales expertise,” said Dan Panoz, principal of ProMotive EV, LLC. and designer of Panoz American sports cars. “As an engineer dedicated to the pursuit of disruptive race car technologies, I sought out and insisted upon a host of technology and safety features that are exceedingly rare in this market segment, including an all-steel, robotically welded unibody with integrated frame, three-point seat belts, independent front suspension with McPherson struts, multi-link rear suspension, vacuum-assisted hydraulic front disc/rear drum brakes, aluminum wheels and rack and pinion steering with a tight 13-foot turning radius. Just because you don’t need a full-sized vehicle doesn’t mean that you should sacrifice the long list of full-sized features that are found in this NEV.”

“Having worked with Dan Panoz and the Panoz team for the past several years, it’s great to see the launch of this first zero-emission vehicle project,” said Jack Perkowski, Founder and Managing Partner of JFP Holdings. “We knew we had to have a strong sales and marketing team to successfully introduce this unique NEV into the market, and based on my positive experience with ADOMANI, the choice was clear. The E-Riva is now available to customers as a fully certified vehicle; vehicles are in stock; and we are ready to take orders. In developing the E-Riva, a wide range of potential customers have taken test drives in the vehicle. These potential customers include operators of gated-communities, resorts and hotel properties; managements of large shopping malls and movie and television studios for their security personnel; university administrators; companies with large corporate campuses; and city administrators who see the NEV playing a major role in traffic restricted downtown areas.”
“The list of standard features of the E-Riva is truly impressive and perhaps even unique in this market segment,” said Jim Reynolds, President and CEO of ADOMANI. “So, when you’re ready to go beyond using the typical golf cart, this four seat NEV features a fully-enclosed design with heat and air-conditioning, front bucket and rear bench seats, four doors with power locks and windows, digital dash with radio and multi-media center, back-up camera, LED turn signals, halogen headlights and windshield wipers. You can even fold down the rear bench seat to provide 22 cubic feet of cargo capacity. The fleet landscape is changing. Not everyone needs or wants to pay $50-$75,000 for a car with zero to 60 in 4 seconds capability or drive around in an open-air golf cart when a more sustainable transportation option for your corporate or college campus is available. The E-Riva’s all-electric designed car will help you meet compliance standards while showcasing your environmental sensitivity efforts.”

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 ProMotive EV, LLC
ProMotive EV, LLC., was founded by Dan Panoz, with nearly three decades of sports car design and manufacturing experience, to bring compelling zero-emission transportation options to the North American market. Over the last four years, Dan Panoz has also worked on the engineering and design of several EV platforms from propriety designs for Deltawing Technology Group, to modular EV platforms for trucks and SUV’s. Panoz, the company, is based in Hoschton, Ga. and is a designer and manufacturer of exclusive, American-made luxury sports cars. Founded by Daniel “Dan” Panoz in 1989, father Don Panoz took the Panoz brand to the racetrack in 1997 to expand the brand and promote his son’s cars. It was the first U.S. auto manufacturer to use super formed aluminum panels for its bodies and created America’s first Aluminum Intensive Vehicle (AIV), the Panoz AIV Roadster. The Panoz headquarters also features the Panoz Museum that showcases Panoz sports car and racing history and accomplishments such as the 1997 Le Mans GTR 1, the 1998 Q9 hybrid Le Mans prototype – the first modern hybrid race car, and the 2000 Panoz LMP1 Roadster S that won the 1000km of Nürburgring.
For more information, visit www.panoz.com

About JFP Holdings, Ltd.
JFP Holdings, Ltd. was founded in 2009 by Jack Perkowski, a Wall Street veteran and pioneer in China’s auto industry who has lived and worked in the country for the past twenty-five years. In 1994, Jack founded ASIMCO Technologies, which he then built over a fifteen-year period into a major China based auto supplier. Based in Beijing, JFP Holdings helps international companies to access the China market and Chinese companies that want to expand abroad. 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. In 2008, 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. Often referred to as “Mr. China,” Jack is widely recognized as an expert on doing business in the country. He authored Managing the Dragon: How I’m Building a Billion Dollar Business in China, and provides timely insights into ongoing developments in China on www.managingthedragon.com.

For more information, visit www.JFPHoldings.com

Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by ADOMANI with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “planned,” “expects,” “believes,” “strategy,” “opportunity,” “anticipates,” “outlook,” “designed” and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Investor Relations Contacts:

ADOMANI, Inc.: Kevin Kanning, VP Investor Relations
Telephone: (650) 533-7629
Email: kevin.k@ADOMANIelectric.com

Hayden IR: James Carbonara, Hayden IR
Telephone: (646) 755-7412
Email: james@haydenir.com

ADOMANI, Inc.: Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 205
Email: mike.m@ADOMANIelectric.com

View source version on accesswire.com: https://www.accesswire.com/549063/ADOMANIR-Signs-Distribution-Agreement-Gaining-Access-to-the-Growing-Neighborhood-Electric-Vehicle-Market

This article appears in: News Headlines
Referenced Stocks: ADOM

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