LOS
ANGELES, July 8, 2022 /CNW/ -- GreenPower Motor
Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a
leading manufacturer and distributor of zero-emission,
electric-powered, medium and heavy-duty vehicles, today announces
the acquisition of Lion Truck Body. Leveraging upon Lion
Truck Body's years of expertise, the deal will provide robust
potential for GreenPower's EV Star truck customers.
Headquartered in Torrance,
California, Lion Truck Body designs and installs a range of
resilient state-of-the-art truck bodies for industries such as
goods movement, construction, catering, landscaping, utility and
service sectors. Lion Truck Body offers a complete line of
truck bodies including dry-freight aluminum, refrigerated box,
aluminum beds, stake bed, flatbed and service body. In its
most recently completed fiscal year Lion Truck Body generated
revenue of approximately $3.5
million.
"Our customers seek energy-efficient solutions that maximizes
cargo capacity and delivery range. Lion Truck Body's expertise in
bodybuilding with our EV Star CC addresses these requirements
directly," said Brendan Riley,
President of GreenPower. "This acquisition provides our EV Star
truck customers with many options for any number of body types
required to meet their business needs with greater speed to market
- completed in a few weeks versus taking months. We have been
working with Lion Truck Body for some time to make lightweight and
efficient truck bodies for our EV Star as well as other models of
electric trucks. We are pleased to add the Lion Truck Body
franchise into our business."
GreenPower and Lion Truck Body entered into an asset purchase
agreement under which GreenPower has purchased the assets of the
business through a wholly owned subsidiary. GreenPower's purchase
of Lion Truck Body is comprised of upfront cash payments totaling
$215,000, the assumption of certain
liabilities totaling approximately $1.45
million, and remaining cash payments of up to $25,000, which remain subject to customary
adjustments and other post-closing conditions.
For additional information regarding Lion Truck Body's
state-of-the-art bodies, please visit the company's Instagram at
@liontruckbody.
Media and Investor Contacts:
Fraser Atkinson,
CEO
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
Mike Cole, IR
(949) 444-1341
Allie Potter
Skyya PR for GreenPower
(218) 766-8856
allie@skyya.com
About GreenPower Motor Company
GreenPower
designs, builds and distributes a full suite of high-floor
and low-floor all-electric medium and heavy-duty vehicles,
including transit buses, school buses, shuttles, cargo van, and a
cab and chassis. GreenPower employs a clean-sheet
design to manufacture all-electric vehicles that are purpose built
to be battery powered with zero emissions while integrating global
suppliers for key components. 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. GreenPower
was founded in Vancouver,
Canada with primary operational facilities in southern
California. Listed on the
Toronto exchange since
November 2015, GreenPower
completed its U.S. IPO and NASDAQ listing in
August 2020. For further information
go to www.greenpowermotor.com
Forward-Looking Statements
This document
contains forward-looking statements relating to, among other
things, GreenPower's acquisition of Lion Truck Body, 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 "upon", "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. 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 expressed in U.S. dollars
© 2022 GreenPower Motor Company Inc. All rights
reserved.
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SOURCE GreenPower Motor Company