CINCINNATI, Nov. 12, 2019 /PRNewswire/
-- Workhorse Group Inc. (NASDAQ: WKHS)
("Workhorse" or "the Company"), an American technology
company focused on providing sustainable and cost-effective
electric-mobility solutions to the transportation sector, announced
that Paul Gaitan has stepped down
from his position as Chief Financial Officer (CFO) of the Company,
effective immediately.
Gaitan's departure was not the result of any disagreement with
the Company nor any issue related to the Company's financial
statements or accounting practices.
With support from the Board of Directors and other members of
the management team, Workhorse has initiated a search with a
nationally recognized executive search firm for a new CFO to
execute on the company's long-term growth plans.
In the interim Workhorse Controller Greg
Ackerson has assumed operating responsibilities of the CFO
and will continue to operate in that capacity until a new CFO has
been appointed.
"On behalf of the entire Workhorse team, I want to thank Paul
for his years of service and dedication to our organization," said
Company CEO Duane Hughes. "Paul has
played an integral part in our evolution from an R&D focused
startup through our transition to a production-ready enterprise
built for scale. He will be missed, and we wish him all the best in
his future endeavors."
Hughes continued: "As the next step in our long-term succession
plan, we are already actively engaged with an executive search firm
to look for Paul's replacement. Workhorse is in its strongest
position to-date, and we now have a real opportunity to take a
leading position in the electric delivery vehicle space going
forward. As we finalize our plans to begin production later this
year, we'll be looking for the right candidate who embodies both a
mix of operational skills and corporate finance experience to
enable Workhorse to achieve its full growth potential and maximize
shareholder value."
About Workhorse Group Inc.
Workhorse is a technology
company focused on providing electric mobility solutions to the
transportation sector. As an American original equipment
manufacturer, we design and build high performance battery-electric
vehicles including trucks and aircraft. Workhorse also develops
cloud-based, real-time telematics performance monitoring systems
that are fully integrated with our vehicles and enable fleet
operators to optimize energy and route efficiency. All Workhorse
vehicles are designed to make the movement of people and goods more
efficient and less harmful to the environment. For additional
information visit workhorse.com.
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 satisfy covenants in our financing agreements; our
inability to maintain our listing of our securities on the Nasdaq
Capital Market; our inability to satisfy our customer warranty
claims; 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.
Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
WKHS@gatewayir.com
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SOURCE Workhorse Group Inc.