MIAMI BEACH, Fla., Aug. 22, 2014 /PRNewswire/ -- Car Charging
Group, Inc. (OTCQB: CCGI) ("CarCharging") the largest provider,
owner, and operator of electric vehicle (EV) charging services,
announced today its financial results for the second quarter and
six months ended June 30, 2014.
CarCharging's Second Quarter Highlights
- Total revenue increased by 1,152% to $973,268 for the second quarter of 2014 as
compared to $77,739 in the same
period of the prior year.
- Revenue for EV charging services rose by 8,803% to $315,931 in the second quarter of 2014, compared
to $32,227 for second quarter of
2013.
- Net loss per common share decreased 18% to $(0.09) from $(0.11) in the second quarter of 2013.
- Increased monthly kilowatt-hour (kWh) charging output by 7,390%
to 422,206 at the end of the second quarter 2014 from 50,324 at the
end of the comparable period in 2013.
- Of the more than 4,600 Blink Level 2 public commercial charging
stations installed, 63% of these are generating revenue for EV
charging services, and of the 113 Blink DC Fast Chargers installed,
81% are generating revenue for EV charging services.
"The second quarter of 2014 demonstrated continued positive
progress for CarCharging as we further executed our
growth strategy in key geographic markets across North
America and converted contracts with large retailers,
parking management firms, and property owners
from ECOtality to CarCharging," stated Michael D. Farkas, CarCharging's Founder
and Chief Executive Officer. "Higher usage trends
and increasing demand by consumers positions us
for accelerated top line growth going forward. We anticipate
strengthening revenue through participating in programs, such as
Nissan's 'No Charge to Charge', adjusting our pricing policies, and
introducing new network features."
Conference Call
CarCharging will host a conference call on Monday, August 25, at 1:00pm EST to discuss its second quarter and the
six months ended June 30, 2014.
During the call, Mr. Farkas will review the company's operating
results. The telephone number for the conference call is (888)
424-8151 or (847) 585-4422, passcode 6690180. A few days after the
call, an archived copy of the conference call will be available on
the CarCharging's website.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in
nationwide public electric vehicle (EV) charging services, enabling
EV drivers to easily recharge at locations throughout the United States. The Company is
headquartered in Miami Beach, FL
and has offices in San Jose, CA;
New York, NY; and Phoenix, AZ; CarCharging's business model is
designed to accelerate the adoption of public EV charging.
Through its subsidiary, Blink Network, CarCharging also provides
residential EV charging solutions for single-family homes.
For more information, please visit www.BlinkHQ.com.
CarCharging has strategic partnerships across multiple business
sectors including multi-family residential and commercial
properties, parking garages, shopping malls, retail parking, and
municipalities.
For more information about CarCharging, please visit
www.CarCharging.com, www.facebook.com/Car.Charging, or
www.twitter.com/CarCharging.
Forward-Looking Safe Harbor Statement:
This press
release contains forward-looking statements as defined within
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. By their
nature, forward-looking statements and forecasts involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the near future. Those
statements include statements regarding the intent, belief or
current expectations of Car Charging Group, Inc., and members of
its management as well as the assumptions on which such statements
are based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed
conditions.
Investor Relations
and Media Contacts:
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CarCharging
Media
Contact:
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CarCharging
Investor Relations:
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Suzanne
Tamargo
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Chris
Witty
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Suzanne@CarCharging.com
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cwitty@darrowir.com
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(305) 521-0200 x
214
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(646)
438-9385
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or:
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Constellation Asset
Advisors
www.ConstellationAA.com
(775)
771-5808
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SOURCE Car Charging Group, Inc.