Workhorse Group Appoints Harry DeMott to Board of Directors
September 16 2016 - 9:12AM
Extensive Financial Experience Adds Strength to
Board
Workhorse Group Inc. (NASDAQ:WKHS), a last-mile delivery technology
company that is an original equipment manufacturer of medium-duty,
battery-electric trucks and fully integrated unmanned aerial
delivery drones, has appointed Harry DeMott to its Board of
Directors, effective immediately. Concurrently, James Taylor has
resigned as a director of the company. The total number of Board
members remains unchanged at five.
Mr. DeMott, age 49, has more than 25 years experience in the
investment community, having worked as an analyst and portfolio
manager at leading brokerage firms and investment management firms.
He has also served on the boards of several companies. He is a
long-time operator and investor in the media, sports and
entertainment industries. He is the co-founder of Raptor Ventures I
LP, where he has been a General Partner since February 2011. In
addition, Mr. DeMott is a member of the Board of Directors of Fan
Manager, SecurityPoint Media, Signal360 and Ticket Evolution.
He also serves as founder and managing partner for Hamerle
Investments, a family investment company. Prior to co-founding
Raptor Ventures, Mr. DeMott served on the Board of Directors of
Pandora Media, Inc. from 2006 through 2011. Earlier, he served as
senior analyst at Knighthead Capital Management, analyst at King
Street Capital Management, portfolio manager at Bourgeon Capital
Management and managing member and founder at Gothic Capital
Management. During this 16-year period, Mr. DeMott focused on
finding, fostering and investing in disruptive technology
companies. He previously spent nine years at First Boston (now
Credit Suisse), where he was a director in the equity research
division specializing in radio, TV, outdoor advertising and cell
towers. He earned a bachelor of arts in economics from Princeton
University in 1988 and a MBA in finance from New York University in
1991.
Mr. DeMott said, “During my career in the investment community,
I have worked with emerging-growth companies and breakthrough
technologies and have guided and managed their growth, helping to
raise several billion dollars of public and private capital along
the way. I believe Workhorse’s groundbreaking technology offers an
extremely strong value proposition that deserves to be fostered. I
look forward to working with my fellow Board members along with the
Workhorse executive team as we seek to grow the company and shape
its growth strategy in the months and years ahead.”
Steve Burns, CEO of Workhorse, said, “Harry DeMott brings a
tremendous amount of investment community and corporate governance
experience to Workhorse and we are truly privileged to have him
serve on our Board. We are confident that his keen insight and
support, as well as his work with growth companies, will help
smooth the road before us as we advance our hybrid electric truck
and drone delivery initiatives. I would also like to offer my
sincere gratitude to James Taylor for his many years of service as
a Board member and we wish him all the best in his future
endeavors.”
Forward Looking Statements
This press release includes forward-looking statements.
These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
statements may be identified by words such as "believes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"should," "seeks," "future," "continue," or the negative of such
terms, or other comparable terminology. Forward-looking statements
are statements that are not historical facts. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from the
forward-looking statements contained herein. Factors that
could cause actual results to differ materially include, but are
not limited to: our limited operations and need to expand in the
near future to fulfill product orders; risks associated with
obtaining orders and executing upon such orders; the ability to
protect our intellectual property; the potential lack of market
acceptance of our products; potential competition; our inability to
retain key members of our management team; our inability to raise
additional capital to fund our operations and business plan; our
inability to maintain our listing of our securities on the Nasdaq
Capital Market; our ability to continue as a going concern; our
liquidity and other risks and uncertainties and other factors
discussed from time to time in our filings with the Securities and
Exchange Commission ("SEC"), including our annual report on Form
10-K filed with the SEC. Workhorse expressly disclaims any
obligation to publicly update any forward-looking statements
contained herein, whether as a result of new information, future
events or otherwise, except as required by law.
About Workhorse Group
Workhorse Group Inc. is a U.S.-based original equipment
manufacturer of medium-duty, EPA-approved battery-electric delivery
vehicles and fully integrated truck-launched, FAA compliant
unmanned aerial systems (UAS) delivery drones. The company is also
a developer of a cloud-based, real-time telematics performance
monitoring system that provides fleet operators ultimate energy and
route efficiency. For additional information visit
www.workhorse.com.
Contact:
Daniel Zito
Executive Vice President
Workhorse Group Inc. 513-300-5910
Media:
Laura Radocaj
Dian Griesel Int'l.
lradocaj@dgicomm.com
212-825-3210
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