2050 Motors Secures 10 Million Dollar Equity Purchase Agreement For Auto Assembly Plant
June 29 2016 - 10:12AM
InvestorsHub NewsWire
LAS VEGAS, NEVADA -- June 29,
2016 -- InvestorsHub NewsWire -- Michael Hu,
President of 2050 Motors, Inc. (US
OTCQB: ETFM), announced that 2050 Motors has secured a $10
million equity purchase agreement specifically to construct a
carbon fiber electric car assembly facility in Las Vegas. After
negotiations with Southridge Partners II, LP, the parties have
agreed to a final contract to secure the $10 million equity
purchase agreement.
The Southridge Partners II, LP is a Delaware limited partnership
located in Connecticut with strong ties to Wall Street. Southridge
(http://www.southridge.com/) is a diversified financial
holding company specializing in direct investment and advisory
services to small and middle market companies. Since 1996 the
structured finance team has made direct investments of over $1.8
billion into over 250 growth public companies globally.
Mr. Hu also stated, “2050 Motors has been negotiating with the
City of Las Vegas to establish its carbon fiber electric automobile
assembly plant and we believe the negotiations are very close to
culmination. The City of Las Vegas and the State of Nevada have
multifaceted incentive programs to help 2050 Motors bring high
paying jobs to the city. Nevada’s incentive programs include
training of the workforce, multi-year reduced taxes, various
financial assistance packages, non-profit programs and a catalyst
fund among other programs.”
Furthermore, 2050 Motors executives have also been negotiating
with the Las Vegas Global Economic Alliance (LVGEA)(https://www.lvgea.org/), which has agreed to work
closely with our company in setting up a foreign trade zone. LVGEA
is a 501(c)6 membership organization that, since 1952, has helped
attract, retain and expand companies including Levi Strauss &
Co., Bank of America, Zappos and SolarCity to the Las Vegas
area.
LVGEA has offered assistance to 2050 Motors to establish a
foreign trade zone for the assembly facility which will be a great
advantage for the company’s automobile assembly business plan.
LVGEA is the grantee for Foreign Trade Zone 89, a program that
allows firms to bring foreign goods or raw materials for
manufacturing and/or assembling into the United States without
formal customs entry or payment of customs duties and government
excise taxes until products leave the zone. Furthermore, this type
of zoning has many facets that can reduce the cost of assembling
our electric vehicles in the United States. In fact, these
collective savings can pay for the majority of the labor required
to assemble these vehicles in the United States.
We anticipate that in the near future we will finalize the
agreement for building our Las Vegas facility with the City of Las
Vegas and move forward on this valuable program. This will allow
the creation of many high paying jobs and bring to the United
States an advanced technology that enables 2050 Motors to assemble
carbon fiber vehicles at very low cost. The carbon fiber parts are
manufactured in China and shipped to the United States. The carbon
fiber advanced process developed by Italian and Chinese engineers
makes auto body parts stronger, lighter and less expensive to
produce. Carbon fiber is five times stronger than steel and one
third the weight of steel. This makes 2050 Motors’ electric
vehicles well over one thousand pounds lighter than any other EV on
the market today. Carbon fiber provides the basis for making 2050
Motors’ electric vehicles the safest and most efficient ever
produced for the mass consumer market.
Please see YouTube video https://www.youtube.com/watch?v=wih8_xxZNgA
which shows the completed construction of the carbon fiber
automobile plant in Yancheng, China.
About 2050 Motors, Inc.
2050 Motors, Inc. (http://www.2050motors.com and
http://www.etfm.com), is a publicly traded company
incorporated in Nevada in 2012. 2050 Motors was founded to develop
and produce the next generation of clean, lightweight, efficient
vehicles and its associated technologies. Some of these
technologies include alternative renewable fuels, hybrid electric
vehicles, advanced graphene lithium batteries and carbon fiber low
cost vehicles. 2050 Motors has been successful in forming long term
relationships and exclusive contracts for a variety of game
changing technologies. 2050 Motors entered into an agreement with
Jiangsu Aoxin New Energy Automobile Co., Ltd., located in Jiangsu,
China, for the distribution in the United States of a new electric
automobile, known as the e-Go EV (electric vehicle). The e-Go EV is
a revolutionary new concept in the ever evolving world of electric
vehicles. It will be the only production line electric car with a
carbon fiber body and parts manufactured by a new process using
robotic machines which significantly reduces the fabrication time
and cost of carbon fiber components. The e-Go EV will seat four
passengers, have a long battery life, and high energy efficiency
rating up to 150+ MPG-E energy equivalent in urban driving due to
the light weight of the vehicle. The five passenger carbon fiber
luxury sedan Ibis EV, the e-Go's big brother, will also be
showcased along with the e-Go EV for future sales in the United
States. See videos of completion of the e-Go EV manufacturing plant
at https://www.youtube.com/watch?v=wih8_xxZNgA and the
unveiling of the e-Go EV at the 2014 Shanghai Auto Show http://www.2050motors.com/shanghaishow.html.
The company is fully reporting under the SEC EDGAR system.
Disclosure Statement
Statements in this press
release about our future expectations, including without
limitation, the likelihood that 2050 Motors will be able to
leverage capital markets to execute its growth strategy, meet US
DOT requirements, meet minimum sales expectations, will be
successful and profitable in the US market, and will bring
significant value to 2050 Motors' stockholders, constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934, and as that term is defined in the Private Litigation
Reform Act of 1995. Such forward-looking statements involve risks
and uncertainties and are subject to change at any time, and our
actual results could differ materially from expected results. The
Company undertakes no obligation to update or release any revisions
to these forward-looking statements to reflect events or
circumstances after the date of this statement or to reflect the
occurrence of unanticipated events, except as required by
law.
CONTACT:
George Hedrick
VP North American Operations
2050 Motors, Inc.
(702) 591-6029
info@2050motors.com
INVESTOR INQUIRIES:
Tim Connor
Benchmark Advisory Partners LLC
(866) 703-4778 Toll Free
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