ADOMANI, Inc. Discusses Merger with Envirotech Drive Systems, Inc. on The Stock Day Podcast
Phoenix, Arizona--(Newsfile Corp. - March 15, 2021) - The Stock Day Podcast welcomed ADOMANI, Inc. (OTCQB: ADOM) (DBA Envirotech Vehicles) ("the Company"), a provider of new zero-emission electric vehicles and a provider of zero-emission electric drivetrain systems for integration in medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. CEO, Philip Oldridge and CFO, Michael Menerey joined Stock Day host, Everett Jolly.
Jolly began the interview by asking about the Company's background and current projects. "I am the newly appointed CEO of ADOMANI. I stepped into that position in September of 2020, so I've been with the company approximately six months," shared Oldridge. "I was the original founder of a company called Green Power Bus or the GreenPower Motor Company, which currently trades off of the NASDAQ under the ticker symbol GP," continued Oldridge, adding that he served as the CEO of GP for seven years.
"Why does the merger between ADOMANI and Envirotech Drive Systems, Inc. make sense and why would it be good for the stockholders?", asked Jolly. "Formerly, ADOMANI was basically a company that offered, sold, and represented other people's equipment and drive systems," explained Oldridge. "Envirotech is actually a vehicle manufacturer. So, we manufacture our own vehicles, we design them, and we're specializing in the electric truck and van space in Class 3, 4, and 5 vehicles."
"As a vehicle manufacturer, we are now able to bring to the space and the market vehicles that are built by us, serviced by us, and created by us. So, it now gives us an entire brand rather than offering someone else's product," continued Oldridge. "With respect to our shareholders, we're super excited about that," he added. "With the formation of the companies coming together, it should bring tremendous value to the stock."
"When these two companies become one, what will happen to ADOMANI?", asked Jolly. "There will be one big change; we will be filing for a name change and we will change the name from 'ADOMANI' and it will effectively become known as 'Envirotech Vehicles'," explained Oldridge. "Our vehicles are branded as EVT, and we build vans, trucks, and we do have a school bus line coming in. So, we wanted the name of the company to ultimately reflect the brand."
Jolly then asked Menerey about the Company's recent announcement detailing a private placement for up to $23 million. "The offering went quite smoothly. Most of the investors in it were previous investors in ADOMANI participating in the 2018 follow-on offering and the warrants that went along with that," explained Menerey.
The conversation then turned to the possibility of a new facility located in Florida. "It's very exciting. We've received a tremendous amount of calls with respect to direct vehicle sales, and we're also currently interviewing a number of dealers, or factory authorized representatives, that want to represent the product for us. So, this market has become a very strong market for us and we're super excited about it," said Oldridge. "I think over the next month or so, we'll start to release some news around that, and our shareholders and the people following us will start to get a clear picture of what's happening here."
To close the interview, Oldridge encouraged listeners and investors to keep up-to-date on the Company's announcements and current projects as they continue to move forward. "We've got some great strengths and abilities to bring this company forth. My personal opinion is that we're probably one of the most undervalued companies in the EV space right now," said Oldridge. "Follow us closely, watch us, and I think you'll see for yourself that the company will prove to be a tremendous company with tremendous value for its shareholders."
To hear Philip Oldridge's entire interview, follow the link to the podcast here: https://audioboom.com/posts/7822923-adomani-inc-discusses-merger-with-envirotech-drive-systems-inc-on-the-stock-day-podcast.
About Envirotech Vehicles
ADOMANI, Inc. (DBA Envirotech Vehicles) is a provider of new zero-emission electric vehicles and is a provider of zero-emission electric drivetrain systems for integration in medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. Envirotech Vehicles' zero-emission electric vehicles are focused on reducing the total cost of vehicle ownership and help fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.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. 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, Inc. (DBA Envirotech Vehicles) 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, Envirotech Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
Investor Relations Contacts:
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 1205
IMS Investor Relations
John Nesbett/Jennifer Belodeau
Telephone: (203) 972-9200
About The "Stock Day" Podcast
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