ADOMANI hosts Delegation from Nantong to Discuss Strategic Entry into China’s Vast Green Transportation Vehicle Market
August 07 2017 - 6:00AM
ADOMANI, Inc. (NASDAQ:ADOM), a provider of advanced zero-emission
and hybrid vehicle drivetrain solutions, and purpose built electric
vehicles announced that ADOMANI CEO, Jim Reynolds and Vice
President Kevin Kanning recently met in San Francisco with an
official economic development delegation from Nantong, China to
discuss and reaffirm ADOMANI’s potential market expansion in China.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/bf0e1bff-3a47-44ed-a157-a12296b565cf
The delegation was led by Mr. Jinhai Cao, the Head
of Nantong Gangzha District, Mr. Jian Tao, the Director of Qingzhao
Subdivision of Gangzha District and Mr. Feng Jin, the Head of
Business Development Bureaus of North City, the Sub-division of
Gangzha District, which is a technology and industrial production
focused business region.
The meeting was primarily focused on ADOMANI
setting-up a drivetrain development and manufacturing facility in
Nantong, the economic benefits afforded by such actions, the
Chinese original equipment (vehicle) manufactures that have
expressed an interest in zero-emission drivetrain systems for their
local markets and the facility and labor force required to build
electric drivetrains in China. This meeting follows several
others that have already taken place by ADOMANI China’s General
Manager, Dr. John Wang, to implement ADOMANI’s search for
strategic, domestic entry points into what is widely accepted as
the largest potential market for zero-emission electric vehicles in
the world.
The ADOMANI and Nantong Delegation meeting was held
just weeks after the early June meeting that took place in China
between President Xi Jinping and California Governor Jerry Brown
where Governor Brown signed an agreement to work with China to
lower greenhouse gas emissions. The nonbinding agreement
signed by Governor Brown with China is meant to foster cooperation
on renewable energy technology, including zero-emissions vehicles
and lower greenhouse gas emissions. Governor Brown signed
similar agreements with leaders from Sichuan and Jiangsu (where
Nantong is located) provinces following a California-Jiangsu
Economic Cooperation Committee meeting in Sacramento California
with the Vice Governor of Jiangsu, Mr. Zhenning Chen.
About Nantong:
Nantong, known as a "Pearl of the River and Sea" is
a city with a history dating back to the Chinese Han Dynasty and is
located across the Yangtze River from Shanghai. As one of
China’s first fourteen coastal cities permitted to open to
international trade and economy, the city is widely recognized as
the first modernized industrial city in China with strong
manufacturing capabilities and is now ranked among the top 20
cities in China with a GDP of 100 billion US dollars in 2016.
In 2014, China designated Nantong as a lead city to
transition to an all-electric transportation system. Due to
its dynamic economic growth, technology focused manufacturing
infrastructure and its close integration with Shanghai, Nantong has
become one of the best cities for foreign investments in the
Yangtze Delta Economic Zone. Shanghai–Nantong Railway, a
high-speed railway in China's Yangtze River Delta area along with
another Yangtze bridge are expected to be completed in 2019 and
will serve as additional key integrative links between the region's
main city, Shanghai, and the city of Nantong.
About ADOMANI: ADOMANI, Inc.
(NASDAQ:ADOM) is a provider of zero-emission electric and hybrid
vehicles and replacement drivetrains that is focused on reducing
the total cost of vehicle ownership. ADOMANI helps fleet operators
unlock the benefits of green technology and address the challenges
of traditional fuel price instability and local, state and federal
environmental regulatory compliance. ADOMANI designs,
manufactures and installs advanced zero-emission electric and
hybrid drivetrain systems for use in new school buses and medium to
heavy-duty commercial fleet vehicles.
Cautionary Statement Regarding Forward
Looking Statements
Statements made in this press release that relate
to future plans, events, financial results, prospectus or
performance are forward-looking statements as defined under the
Private Securities Litigation Reform Act of 1995. While they are
based on the current expectations and beliefs of management, such
forward-looking statements are subject to a number of risks,
uncertainties, assumptions and other factors that could cause
actual results to differ materially from the expectations expressed
in this press release. All statements, other than statements of
historical fact, are statements that could be deemed
forward-looking statements, including statements containing the
words “planned,” “expects,” “believes,” “strategy,” “opportunity,”
“anticipates,” “outlook,” “designed” and similar words. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. Except as
required by law, ADOMANI undertakes no obligation to update or
revise any forward-looking statements to reflect new information,
changed circumstances or unanticipated events.
Contact Information
Media Contact:
Tim Gnatek, Blue Practice
Telephone: 415-381-1100
Email: tim@bluepractice.com
Investor Relations Contacts:
Michael K. Menerey, Chief Financial Officer
Telephone: (626) 483-3280
Email: mike.m@ADOMANIelectric.com
Kevin Kanning, VP Investor Relations
Telephone: (650) 533-7629
Email: kevin.k@ADOMANIelectric.com