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VANCOUVER, Canada, August 31, 2020 / PRNewswire / – GreenPower Motor Company Inc.(Nasdaq: GP) (TSXV: GPV) (“GreenPower”), a leading manufacturer and distributor of zero-emission electric cars providing freight and delivery services, the transport, public transport and school bus markets announced the monetary effects for its first fiscal quarter ended on June 30, 2020.
“We started trading on the Nasdaq on August 28, 2020.We are very pleased that this gives us access to a wider market and increases exposure to GreenPower and its product line,” said Fraser Atkinson, GreenPower’s CEO.Take wonderful steps in our strategic objectives and have achieved many key milestones known during the previous year.GreenPower will continue with the six models of our EV Star platform shown that we can leverage to deal with a variety of lucrative markets that demonstrate strong demand.Now we have an even more wonderful ability to aggressively pursue those markets and put more cars on the road.”
First Quarter Highlights:
Reported revenue of $2.27 million gross margin of 27.2% of revenue
18-star EV to Green Commuter for which GreenPower offered a lease
Antelope Valley Transit has implemented EV Stars for its new micro transit service
Greenpower Creative Bus Sales dealer receives order from two-star electric vehicles from UCLA
He received Altoona’s latest verification report for the EV Star, achieving the score never achieved in his weight elegance of 92.2
Announcement of the launch of the EV Star CC “Cab and Chassis” for freight transport and the market
Highlights after the first monetary quarter that ended on June 30, 2020 include:
Trades on the Nasdaq capital market start with the symbol “GP”
Order earned by hundred ev stars over Green Commuter
Earned order for 10 school buses B.E.A.S.T.
Announcement of the first autonomous GreenPower EV Star evolved with Perrone Robotics for Jacksonville Transit Authority
Construction of the first EV Star Cargo for the transport of goods and the market
Production of 10 B.E.A.S.T. starts school buses and EV Stars
“I’m proud of our team and our ability to continue delivering sets in the first fiscal quarter as the economy recovers,” said Brfinishan Riley, President of GreenPower.”As the world continues to adapt to the existing environment, we expect a boost to drive further at the end of the year and beyond.The truth is that we are in the early stages of a global transition to EV.Greenpower has a proven tracking price of products, products tested with testimonials from real global consumers validate the price proposal submitted through GreenPower and puts us in an ideal position to make the most of the opportunity that awaits us.”
Results for the three-month era ended June 30, 2020 For the three-month era ended June 30, 2020, GreenPower recorded cash inflows of $ 2,272,255 and a cash inflow charge of $ 1,653,672 generating a gross profit of $ 618,583 or 27.2% of income. The income was generated by the sale of 18 EV Stars for which the Company has provided financial rentals and which have been recorded as financial rentals, as well as cash income from financial and operating rentals. and other sources. Operating prices included administrative prices of $ 857,930 similar to salaries, assignment management, accounting and administrative services; shipping prices of $ 26,741 related to the use of trucks, trailers, contractors and other mandatory operating prices to ship the Company’s products to North America; lodging, food and entertainment expenses of $ 36,853 similar to those of assignments administration, corporate product demonstrations and entertainment industry; product progression prices of $ 221,109; sales and marketing expenses of ($ 9,530); pro fees of $ 96,426 consisting of legal and auditing fees; and workplace expenses of $ 50,959 adding hiring expenses and other workplace expenses, as well as non-cash expenses, adding $ 132,032 of inventory payment and depreciation prices of $ 114,761, generating an operating loss before of the accrual of interest and replacement of $ 875,145. Interest and increases on the line of credit, convertible bonds and promissory notes totaled $ 555,319, and a foreign exchange gain of $ 1,126 resulted in a loss for the era of $ 1,429,337.
Non-monetary expenses consisting of depreciation, cancellation and accrued interest, share-based compensation, ensure the accumulation and amortization of deferred financing expenses in total $627683 during the three-month period, in total monetary expenses of $1453789
At GreenPower Motor Company Inc., GreenPower designs, builds and distributes a full diversity of low and increased floor vehicles, adding transit buses, school buses, shuttles, a van and a double stage.specially designed buses to run on emission-free batteries.GreenPower integrates global suppliers of key components such as Siemens or TM4 for traction motors, Knorr for brakes, ZF for axles and Parker for dashboards and systems.This OEM platform enables GreenPower to meet the specifications of various carriers while offering popular portions to facilitate maintenance and accessibility for warranty requirements.For more information, visit www.greenpowerbus.com
Forward-Looking Statements This document comprises forward-looking statements relating, among other things, to GreenPower’s 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 ancient facts, but rather on existing expectations and projections relating to long-term occasions and are therefore subject to dangers and uncertainties that may cause actual effects to differ materially from long-term effects. term. expressed or implied through forecasts. statements. These statements can sometimes be known through the use of forward-looking terms such as “about”, “may”, “deserves”, “will”, “may simply”, “intend”, “estimate”, “plan”, “anticipate “,” expect “,” believe “or” continue “, or their negative or similar variations. These statements are not promises of long-term functionality and involve hazards and uncertainties that are difficult to predict, for example, whether the TONY solution can be seamlessly incorporated into the GreenPower EV Star assembly, or are beyond GreenPower’s control, such as ease with which new technologies can be integrated into the PRI solution. A number of vital factors, in addition to those set forth in other public documents (filed under the corporate profile at www.sedar.com), may cause actual effects and effects to differ materially from those expressed in those forward-looking statements. Therefore, readers deserve not to place undue reliance on such forward-looking statements. In addition, those forward-looking statements relate to the date they are made. GreenPower disclaims any legal purpose or responsibility to update or revise any forward-looking statement, whether as a result of new information, long-term occasions, or otherwise.
Neither TSX Venture Exchange nor its regulatory service provider (as explained in TSX Venture Exchange policies) assumes the duty of the relevance or accuracy of this release.All amounts are in U.S. dollars.© 2020 GreenPower Motor Company Inc.All rights reserved.
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