Workhorse Files Formal Complaint Regarding USPS NGDV Contract
June 16 2021 - 4:45PM
Workhorse Group Inc. (NASDAQ:
WKHS) (“Workhorse” or
“the Company”), an American technology
company focused on providing sustainable and cost-effective
drone-integrated electric vehicles to the last mile delivery
sector, announced today that it has filed a formal complaint with
the United States Federal Court of Claims protesting the award of
the United States Postal Service Next Generation Delivery Vehicle
(“USPS NGDV”) contract to a competing finalist.
As previously disclosed, on February 23,
2021 the USPS issued a press release announcing that it had made an
award under the NGDV contract, the details of which can be
found here. After being informed of the USPS
decision, the Company requested, pursuant to the bid process rules,
additional information from the USPS. On March 3, 2021 Workhorse
met with USPS representatives to discuss the award and further
specifics of the USPS selection process, the details of which
cannot be disclosed at this time.
The Company is unable to provide any further information with
respect to this matter currently but will provide updates when
appropriate and as permitted under its non-disclosure agreement as
part of the USPS NGDV program.
About Workhorse Group Inc.Workhorse, the
industry leader in last-mile EV delivery, is a technology company
focused on providing drone-integrated electric vehicles to the last
mile delivery sector. As an American original equipment
manufacturer, Workhorse designs and builds 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 StatementsThis 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; negative impacts
stemming from the continuing COVID-19 pandemic; 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 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.
Workhorse Media Contacts:
Mike DektasCreative Storm
PR513-266-3590mike@creativestorm.com
Prosek Partners
Pro-Workhorse@Prosek.com
Workhorse Investor Relations Contact:
Matt Glover and Tom ColtonGateway Investor
Relations949-574-3860WKHS@gatewayir.com
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