CarCharging Announces Its Financial Results for the Second Quarter of 2016
August 16 2016 - 7:16PM
Marketwired
CarCharging Announces Its Financial Results for the Second
Quarter of 2016
Leading Electric Vehicle Charging Service Owner, Operator, and
Provider Continues to Increase Hardware Sales and Other Revenues
While Reducing Total Operating Expenses
MIAMI BEACH, FL-(Marketwired - Aug 16, 2016) - Car Charging
Group, Inc. (OTCQB: CCGI) ("CarCharging"), the largest owner,
operator, and provider of electric vehicle (EV) charging services,
announced today its financial results for the three months ended
June 30, 2016.
Highlights Included*:
- EV charging hardware sales grew considerably by 60% from
$405,979 for the six months ended June 30, 2015 to $650,374 for the
six months ended June 30, 2016
- Revenues from network and transaction fees increased nearly 80%
from $116,684 for the six months ended June 30, 2015 to $208,331
for the six months ended June 30, 2016
- Total operating expenses decreased 56% from $7.20M for the six
months ended June 30, 2015 to $4.00M for the six months ended June
30, 2016
*The Company's financial results appear in the Company's
Quarterly Report on Form 10-Q, which was filed with the SEC on
August 15, 2016.
"In the first half of 2016, we continued to increase revenues
from our EV charging equipment sales, as well as network and
transaction fees, and significantly reduced our overall operating
expenses, which was a direct result of our efforts to drive top
line sales and improve internal efficiencies," stated Mike Calise,
CarCharging's Chief Executive Officer. "Moving forward, we remain
focused on maximizing revenues, strengthening our balance sheet,
improving customer satisfaction, and implementing strategies to
take the company to the next level."
About Car Charging Group, Inc.Car Charging Group, Inc. (OTCQB:
CCGI) is a leader in nationwide public electric vehicle (EV)
charging services, enabling EV drivers to easily recharge at
locations throughout the United States. Headquartered in Miami
Beach, FL with offices in Los Gatos, CA and Phoenix, AZ;
CarCharging's business is designed to accelerate the adoption of
public EV charging.
CarCharging offers EV charging equipment and connectivity to the
Blink Network, a cloud-based software that operates, manages, and
tracks the Blink EV charging stations and all of the associated
data. The Company also provides residential EV charging solutions
for single-family homes.
CarCharging has strategic property partners across multiple
business sectors including multifamily residential and commercial
properties, parking garages, shopping malls, retail parking, and
municipalities.
For more information about CarCharging, please visit
www.CarCharging.com and www.BlinkNetwork.com
Forward-Looking Safe Harbor Statement:This press release
contains forward-looking statements as defined within Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. By their nature,
forward-looking statements and forecasts involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the near future. Those statements
include statements regarding the intent, belief or current
expectations of Car Charging Group, Inc., and members of its
management as well as the assumptions on which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed
conditions.
Investor Relations and Media Contacts:CarCharging Media
Contact:Suzanne TamargoSuzanne@CarCharging.com(305) 521-0200 x
214
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