NEW YORK, June 26, 2020 /PRNewswire/
-- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the
"Company") announces that its Qingdao Sales Center will be
officially rebranded into the MEG Center by July 1. It has been managed by the joint venture
(JV) referred to as Ai Neng
Ju with Fu Da Automobile Trading Center (Fu Da) (51%
owned by MEG). The JV registration was completed on April 13, 2020. Fu Da has been operational since
2018 and they provided photos of it's 20,000 square meter property
within the Center.
Ideanomics contacted a source cited by Hindenburg, Chen
Xiandeng, a new junior sales manager at Fu Da. Hindenburg
approached Mr. Chen under the false pretenses of being a potential
reoccurring customer. When Hindenburg asked Mr. Chen about if he
knew about Ideanomics or MEG, he replied that he is aware of the
joint venture but he is not privy to the details. Mr. Chen also
explained to Hindenburg that his responsibility is to sell cars and
that this information is reserved for company executives. Mr. Chen
refutes Hindenburg's claims that he said that he has never heard of
Ideanomics or MEG.
As of May 1, Ideanomics' JV has
resumed the property lease including Fu Da's business, and will add
electric vehicle (EV) sales and financing services. Since that
time, Ideanomics has refreshed and refitted the Fu Da property post
COVID-19 reopenings.
Along with the transfer of the Center's lease, the MEG JV
retained Fu Da's staff including Yan Qiang who has served as Fu
Da's General Manager since its inception. He will remain General
Manager of the newly branded MEG Center which will be expanding to
40,000 square meters and eventually 100,000 square meters. These
expansion will include both commercial and passenger EV sales and
related services.
About Ideanomics
Ideanomics is a global company
focused on facilitating the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products. Its electric vehicle division, Mobile Energy
Global (MEG) provides group purchasing discounts on commercial
electric vehicles, EV batteries and electricity as well as
financing and charging solutions. Ideanomics Capital includes DBOT
ATS and Intelligenta which provide innovative financial services
solutions powered by AI and blockchain. MEG and Ideanomics Capital
provide our global customers and partners with better efficiencies
and technologies and greater access to global markets.
The company is headquartered in New
York, NY, and has offices in Beijing and Qingdao,
China.
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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SOURCE Ideanomics