NEW YORK, Nov. 27, 2019 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company"), has today announced
an agreement with Chengyang Investment Corporation, representing
the Chenyang District of Qingdao,
Shandong province.
The deal sees Ideanomics' MEG division acquire a large-scale
facility for the promotion of its battery partners, as well as its
manufacturer alliance, for the benefit of large-scale fleet
operators looking to transition to clean energy vehicles. The
facility will be a one-of-a-kind showcase, enabling EV
manufacturers and EV technology partners a venue focused entirely
on EV, EV infrastructure, and financing solutions. The facility,
already built, will be renovated as part of the deal, and is
expected to come online in 2020, showcasing vehicles and related
technologies in each of MEG's four key segments.
"The representatives for Chenyang district, and the city of
Qingdao, made it clear to
Ideanomics that they would develop an attractive economic package
to secure this one-of-a-kind focal point for China's EV industry, managed by our MEG
division," said Alf Poor, CEO of
Ideanomics. "I was very impressed with their forward-thinking
approach when visiting the city of Qingdao and the facility in October, as they
clearly understood the vision and were ready to provide an
incentive package to ensure these activities took place in
Qingdao. The MEG facility in
Chenyang district will benefit the entire EV industry, able to
service both national interests in the PRC, as well as for our
overseas operations. Ideanomics, its MEG division, and our EV
partners are thrilled to have this initiative call Qingdao home."
Ideanomics' MEG division operates in 4 key segments of
commercial EV, which are off-the-road Heavy Duty commercial (such
as Mining, Steel Mills, Airports, and Seaports), Light commercial
last-mile logistics vehicles, Buses and Coaches, and Taxis.
About Ideanomics
Ideanomics is a global
Financial Technology (Fintech) company for transformative
industries. Ideanomics combines deal origination and enablement
with the application of technologies such as artificial
intelligence, blockchain, and others as part of the next-
generation of smart financial services. Our projects in New Energy
Vehicle markets, Fintech, and advisory services provide our
customers and partners better efficiencies, technologies, and
access to global markets. The Ideanomics Mobile Energy Global (MEG)
its key EV operating segments are Heavy Duty commercial, for closed
area environments, such as Mining, Steel Mills, Airports, and
Seaports, Light commercial last-mile logistics vehicles, Buses and
Coaches, and Taxis.
The company is headquartered in New
York, NY, and has offices in Beijing, China. It also has a planned global
center for Technology and Innovation in West Hartford, CT, named Fintech Village.
Safe Harbor Statement
This press release contains
certain statements that may include "forward looking statements".
All statements other than statements of historical fact included
herein are "forward-looking statements." These forward-looking
statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions,
involve known and unknown risks and uncertainties, and include
statements regarding our intention to transition our business model
to become a next-generation financial technology company, our
business strategy and planned product offerings, our intention to
phase out our oil trading and consumer electronics businesses, and
potential future financial results. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of risks and uncertainties, such as risks related to: our
ability to continue as a going concern; our ability to raise
additional financing to meet our business requirements; the
transformation of our business model; fluctuations in our operating
results; strain to our personnel management, financial systems and
other resources as we grow our business; our ability to attract and
retain key employees and senior management; competitive pressure;
our international operations; and other risks and uncertainties
disclosed under the sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent Form 10-K and Form 10-Q
filed with the Securities and Exchange Commission, and similar
disclosures in subsequent reports filed with the SEC, which are
available on the SEC website at www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these risk
factors. Other than as required under the securities laws, the
Company does not assume a duty to update these
forward-looking statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New York, New
York 10006
Email: ir@ideanomics.com
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