Former White House Chief of Staff and Secretary
of Transportation brings extensive logistics industry
experience
Following its announced agreement to merge with Tortoise
Acquisition Corp. (TortoiseCorp) (NYSE: SHLL), Hyliion Inc.
(Hyliion), a leader in electrified powertrain solutions for Class 8
commercial vehicles, today announced that Andrew (Andy) H. Card Jr.
will join the board of directors of the combined entity. Card’s
appointment is subject to the approval of the shareholders of
TortoiseCorp.
As an independent board member, Card will leverage his expertise
in logistics, governmental affairs, compliance and operations to
guide and inform Hyliion’s long-term objectives to deliver the
industry’s lowest total cost of ownership and emissions performance
for fleets. Card’s nomination to the combined entity’s board
follows a respected career in public service as the former U.S.
Secretary of Transportation under President George H. W. Bush as
well as the White House Chief of Staff under President George W.
Bush.
“Every successful company starts with a successful leader, and
Hyliion has that in Thomas Healy,” Card said. “I have been
continually impressed with his strategic vision and character as
well as his intentional approach to electrifying commercial
trucking. I look forward to working with Thomas and the Hyliion
team to realize the company’s vision to spur meaningful and
sustainable change in the global trucking and logistics
industry.”
Card is the former president and CEO of the American Automobile
Manufacturers Association, a trade association for U.S.-based
automobile manufacturers, and previously served as the vice
president of government relations for General Motors. He is
currently on the boards of directors for Union Pacific Railroad, a
position he has held since 2006, and Draganfly, an industry-leading
manufacturer in the commercial drone industry.
“Andy is an esteemed, seasoned executive hailing from some of
the country’s most demanding and integral leadership roles,” said
Thomas Healy, CEO and founder of Hyliion. “His diverse professional
career, combined with his passion for driving innovative change in
global logistics, make him an ideal fit for our growing leadership
team. Fleets, brands and drivers need proven solutions now, and
with Andy’s—as well as our extended board’s—dynamic knowledge base,
I’m confident our team will continue to build the world’s leading
electrified trucking technology.”
Upon the closing of Hyliion’s business combination with
TortoiseCorp and subject to shareholder approval, Card will join
the other members of the combined entity’s board: Thomas Healy, CEO
of Hyliion; Vince Cubbage, managing director at Tortoise Capital
Advisors and CEO and chairman of TortoiseCorp; Stephen Pang,
managing director and portfolio manager at Tortoise Capital
Advisors and director of TortoiseCorp; Ed Olkkola, managing
director at Teakwood Capital; and Howard Jenkins, former chairman
and CEO of Publix Super Markets.
For more information on Hyliion, visit www.hyliion.com.
About Hyliion Headquartered in Austin, Texas, Hyliion’s
mission is to reduce the carbon intensity and greenhouse gas (GHG)
emissions of commercial transportation Class 8 vehicles by being
the leading provider of electrified powertrain solutions.
Leveraging advanced software algorithms and data analytics
capabilities, Hyliion offers fleets an easy, efficient system to
decrease fuel and operating expenses while seamlessly integrating
with their existing fleet operations. It designs, develops and
sells electrified powertrain solutions for Heavy Duty Class 8
trucks from any of the leading commercial vehicle manufacturers,
transforming the transportation industry’s environmental impact at
scale. For more information, visit www.hyliion.com.
Forward Looking Statements The information in this press
release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included in this presentation, regarding
Tortoise Acquisition Corp.’s proposed acquisition of Hyliion,
Tortoise Acquisition Corp.’s ability to consummate the transaction,
the benefits of the transaction and the combined company’s future
financial performance, as well as the combined company’s strategy,
future operations, estimated financial position, estimated revenues
and losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. When used in this press
release, the words “could,” “should,” “will,” “may,” “believe,”
“anticipate,” “intend,” “estimate,” “expect,” “project,” the
negative of such terms and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management’s current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
Tortoise Acquisition Corp. and Hyliion disclaim any duty to update
any forward looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this press release. Tortoise
Acquisition Corp. and Hyliion caution you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of either Tortoise Acquisition Corp.
or Hyliion. In addition, Tortoise Acquisition Corp. cautions you
that the forward-looking statements contained in this press release
are subject to the following factors: (i) the occurrence of any
event, change or other circumstances that could delay the business
combination or give rise to the termination of the agreements
related thereto; (ii) the outcome of any legal proceedings that may
be instituted against Tortoise Acquisition Corp. or Hyliion
following announcement of the transactions; (iii) the inability to
complete the business combination due to the failure to obtain
approval of the shareholders of Tortoise Acquisition Corp., or
other conditions to closing in the transaction agreement; (iv) the
risk that the proposed business combination disrupts Tortoise
Acquisition Corp.’s or Hyliion’s current plans and operations as a
result of the announcement of the transactions; (v) Hyliion’s
ability to realize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition and the ability of Hyliion to grow and manage growth
profitably following the business combination; (vi) costs related
to the business combination; (vii) changes in applicable laws or
regulations; and (viii) the possibility that Hyliion may be
adversely affected by other economic, business, and/or competitive
factors. Should one or more of the risks or uncertainties described
in this press release, or should underlying assumptions prove
incorrect, actual results and plans could different materially from
those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in
Tortoise Acquisition Corp.’s periodic filings with the Securities
and Exchange Commission (the “SEC”), including its Annual Report on
Form 10-K for the fiscal year ended December 31, 2019. Tortoise
Acquisition Corp.'s SEC filings are available publicly on the SEC’s
website at www.sec.gov.
Important Information for Investors and Shareholders In
connection with the proposed business combination, Tortoise
Acquisition Corp. will file a proxy statement with the SEC.
Additionally, Tortoise Acquisition Corp. will file other relevant
materials with the SEC in connection with the business combination.
Copies may be obtained free of charge at the SEC’s web site at
www.sec.gov. Security holders of Tortoise Acquisition Corp. are
urged to read the proxy statement and the other relevant materials
when they become available before making any voting decision with
respect to the proposed business combination because they will
contain important information about the business combination and
the parties to the business combination. The information contained
on, or that may be accessed through, the websites referenced in
this press release is not incorporated by reference into, and is
not a part of, this press release.
Participants in the Solicitation Tortoise Acquisition
Corp. and its directors and officers may be deemed participants in
the solicitation of proxies of Tortoise Acquisition Corp.’s
shareholders in connection with the proposed business combination.
Security holders may obtain more detailed information regarding the
names, affiliations and interests of certain of Tortoise
Acquisition Corp.’s executive officers and directors in the
solicitation by reading Tortoise Acquisition Corp.’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2019, and the
proxy statement and other relevant materials filed with the SEC in
connection with the business combination when they become
available. Information concerning the interests of Tortoise
Acquisition Corp.’s participants in the solicitation, which may, in
some cases, be different than those of their stockholders
generally, will be set forth in the proxy statement relating to the
business combination when it becomes available.
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version on businesswire.com: https://www.businesswire.com/news/home/20200730005211/en/
Danielle South danielle@redfancommunications.com
512-662-7078
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