Ideanomics CEO, Alf Poor, Discusses the Company's Role in China's EV Transition with The Stock Day Podcast
Phoenix, Arizona--(Newsfile Corp. - April 27, 2020) - The Stock Day Podcast welcomed Ideanomics (NASDAQ: IDEX) ("Ideanomics" or "the Company"), a global company focused on monetizing the adoption of commercial electric vehicles, associated energy consumption, and developing next generation financial services and Fintech products. CEO of the Company, Alf Poor, joined Stock Day host Everett Jolly.
Jolly began the interview by asking about the Company's background and current projects. "We're a company that looks at cutting edge technology, such as AI and blockchain, and then we take a look at any industry that is in transformation," said Poor, adding that these industries include the financial services and electric vehicle industries.
Jolly then asked about the challenges facing electric vehicle adoption and how they relate to the Company's expansion into China. "The reason we chose to start our electric vehicle activities in China is because China is regulation-driven," explained Poor. "China has some of the most polluted cities in the world," he added, noting that China has begun implementing deadlines for commercial vehicles to convert from gasoline and diesel to more environmentally-friendly alternatives. "This isn't market-led, it's legislation-led. So, therefore to us, it was a very appealing place for the first part of the EV transition to take place," said Poor. "China is the leader in commercial EVs."
The conversation then turned to the announcement of the Company's involvement in China's 5G tower projects and EV charging infrastructure. "As EVs take over gasoline and diesel-powered vehicles, there's going to be a big shift in energy supply and demand," said Poor. "The less dependence on gasoline and diesel, the more dependence you'll see on electricity," he added. "We've set-up a wholesale electricity marketplace," continued Poor. "The idea was originally to sell to energy management storage companies and charging networks, so that they could get wholesale electricity from the utilities and we could share in that demand for energy."
Jolly then inquired about the operational status of the Company given the COVID-19 pandemic. "We were hit pretty hard due to the COVID-19 outbreak in terms of China," shared Poor. "But as China was impacted first, they've come out of the outbreak quicker. So, around the 20th to 25th of March, all of our staff in China were back in place and able to work again," said Poor. "We're a modern company with modern infrastructure. We're a service provider, so everything is cloud-based anyways. So, we were able to work efficiently from home."
Poor then elaborated on the Company's pilot program in Nanjing, China designed to monetize EV energy sales. "We got into discussions with PetroChina and they asked us to conduct a pilot with them in the city of Nanjing", said Poor, noting that the program will later serve as a blueprint to streamline the operation of EV energy sales and demand for other cities in China.
Jolly then asked about the Company's current valuation. "We consider ourselves very undervalued," said Poor. He then discussed the challenges of COVID-19 and the effects it will have on businesses across the globe, especially in regards to first quarter earnings in 2020. "Investors should be looking at companies like Ideanomics because we're probably in a better position to weather any financial downturn than most other companies would be."
To hear Alf Poor's entire interview, follow the link to the podcast here: https://audioboom.com/posts/7566848-ideanomics-ceo-alf-poor-discusses-the-company-s-role-in-china-s-ev-transition-with-the-stock-da
Ideanomics (NASDAQ: IDEX) is a global company focused on monetizing the adoption of commercial electric vehicles, associated energy consumption, and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides financial services and incentives for commercial fleet operators, including group purchasing discounts and battery buy-back programs, in order to acquire large-scale customers with energy needs which are monetized through pre-paid electricity and EV charging offerings. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.
The Company is headquartered in New York, NY, and has offices in Beijing, China.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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