ElectraMeccanica Vehicles Corp. (NASDAQ:
SOLO) (“ElectraMeccanica” or the “Company”), a designer
and manufacturer of electric vehicles, today announced the
appointment of Dave Shemmans, a U.K.-based sustainability and
transportation industry leader, to its Board of Directors as an
independent director, effective Monday, August 23, 2021. Shemmans
has served as the CEO of Ricardo PLC (LSE: RCDO) for the past 16
years, where he transitioned the company from a limited automotive
engineering business to a multi-sector, global engineering and
environmental consultancy. The Times of London recently referred to
Dave Shemmans as one of the longest serving and best regarded
leaders in the U.K. automotive sector.
Dave Shemmans brings to ElectraMeccanica a broad
range of experience in the transportation industry with direct
involvement developing global businesses around innovation and
technologies, primarily focused on electrification and
decarbonization. Shemmans previously co-founded Wavedriver, an
electric vehicle powertrain company, which he led through two
funding rounds from patented concept to production, delivering
electric and hybrid vehicle demonstrators into Brazil, Australia,
Italy, and the UK. In addition to current responsibilities as CEO
at Ricardo PLC, Shemmans is a non-executive Director for Sutton and
East Surrey Water, a major U.K.-regulated water utility company
serving customers in parts of Surrey, Kent, and South London.
Shemmans holds a Bachelor of Science in
Electrical and Electronic Engineering from the University of
Manchester Institute for Science and Technology and an Executive
Certification from Harvard Business School.
“We believe Dave’s direct experience leading
electrified automotive product development and his demonstrated
ability to scale new technologies into global markets will make him
instrumental in our future product evolution,” said
ElectraMeccanica President and CEO Paul Rivera. “In addition, his
entrepreneurial background, augmented by his sixteen-year tenure at
the helm of a U.K.-based, publicly-traded company, delivers a solid
foundation for him to help us execute against our worldwide growth
strategy as well as provide guidance on corporate governance.”
Shemmans added: “Right now is an exciting and
important time in ElectraMeccanica’s progression. With the impacts
of climate change visibly around us, there is a compelling need for
decarbonized, electrified vehicles within commercial and consumer
markets. Moreover, with the pandemic’s ongoing impact to mass
transportation and general congestion in city centers, the
SOLO presents a clear and viable alternative for
individual and fleet-based transportation globally. I look forward
to working alongside Paul and the rest of the board to address
these major market opportunities and realize the Company’s vision
of a SOLO revolution.”
The Company would also like to announce that
Peter Savagian will be resigning and stepping down from the Board
of Directors of ElectraMeccanica to pursue other obligations
effective August 23, 2021.
Rivera added: “I would like to thank Peter for
his valuable contributions to our board during his nearly two-year
term. He has been a tremendous asset, and we wish him the best as
he focuses on other business endeavors.”
With these changes, ElectraMeccanica’s board composition remains
at eight directors, four of whom are independent.
About ElectraMeccanica Vehicles
Corp. ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a
Canadian designer and manufacturer of environmentally efficient
electric vehicles (EVs). The company’s flagship vehicle is the
innovative, purpose-built, single-seat EV called the
SOLO. This three-wheeled vehicle will
revolutionize the urban driving experience, including commuting,
delivery and shared mobility. The SOLO provides a
driving experience that is unique, trendy, fun, affordable and
environmentally friendly. InterMeccanica, a subsidiary of
ElectraMeccanica, has successfully been building high-end specialty
cars for 62 years. For more information, please visit
www.electrameccanica.com.
Safe Harbor StatementsExcept
for the statements of historical fact contained herein, the
information presented in this news release constitutes
"forward-looking statements" as such term is used in applicable
United States and Canadian securities laws. These statements relate
to analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
“anticipates”, “estimates”, “projects”, “expects”, “contemplates”,
“intends”, “believes”, “plans”, “may”, “will”, or their negatives
or other comparable words) are not statements of historical fact
and should be viewed as "forward-looking statements". Such forward
looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such risks and other factors
include, among others, the prices of other electric vehicles, costs
associated with manufacturing vehicles, the availability of capital
to fund business plans and the resulting dilution caused by the
raising of capital through the sale of shares, changes in the
electric vehicle market, changes in government regulation,
developments in alternative technologies, inexperience in servicing
electric vehicles, labour disputes and other risks of the electric
vehicle industry including, without limitation, those associated
with the delays in obtaining governmental approvals and/or
certifications. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements contained in this news release and in any document
referred to in this news release. Forward-looking statements are
made based on management's beliefs, estimates and opinions on the
date the statements are made, and the Company undertakes no
obligation to update forward-looking statements if these beliefs,
estimates and opinions or other circumstances should change, except
as required by applicable law. Such forward-looking statements
reflect our current views with respect to future events and are
subject to certain risks, uncertainties and assumptions, including,
the risks and uncertainties outlined in our most recent financial
statements and reports and registration statement filed with the
United States Securities and Exchange Commission (the "SEC")
(available at www.sec.gov) and with Canadian securities
administrators (available at www.sedar.com). Although the Company
believes that the beliefs, plans, expectations and intentions
contained in this news release are reasonable, there can be no
assurance those beliefs, plans, expectations or intentions will
prove to be accurate. Investors should consider all of the
information set forth herein and should also refer to the risk
factors disclosed in the Company's periodic reports filed from
time-to-time with the SEC. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy securities
of the Company nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
Investor Relations ContactGateway Investor
RelationsMatt Glover and Tom Colton(949)
574-3860SOLO@gatewayir.com
Public Relations ContactMichelle
RaveloR&CPMK for ElectraMeccanica(714)
403-9534michelle.ravelo@rogersandcowanpmk.com
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