Electrovaya Announces Initial and Follow-up Purchase Orders From Multiple Customers
June 12 2018 - 07:00AM
Electrovaya Inc. (“Electrovaya” or the “Company”) (TSX:EFL)
(OTCQX:EFLVF), today announced purchase orders totalling
approximately US$1.8 million (~C$2.3 million) for its ELivate line
of forklift battery systems and energy storage modules. Electrovaya
received initial orders from two new customers, and follow-up
purchase orders from several repeat customers.
The majority of the purchase orders were
received in the last four weeks and Electrovaya is pleased with
this strong and growing order flow from both new and existing
customers. One of the new customers represents Electrovaya's
opening presence in Mexico. The other customers are in Canada and
the United States and include industrial electric vehicle dealers,
manufacturers and end users.
Electrovaya is focused on producing lithium ion
battery systems for the Materials Handling Electric Vehicle (MHEV)
sector, an expanding market opportunity. Electrovaya produces
batteries for newly-manufactured electric trucks and replacement
batteries for existing fleets currently powered by lead acid
batteries. Electrovaya is a leading provider of lithium ion
batteries for the forklift market in North America, reflecting the
superior performance of its batteries.
For more information, please
contact:
Peter KovenBay Street CommunicationsTelephone:
1.647.496.7857Email: peterkoven@baystreetcommunications.com
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF)
designs, develops and manufactures proprietary Lithium Ion Super
Polymer® batteries, battery systems, and battery-related products
for energy storage, clean electric transportation and other
specialized applications. Headquartered in Ontario, Canada,
Electrovaya is a technology focused company with extensive IP,
supplying leading global customers.
To learn more about how Electrovaya is powering
mobility and energy storage, please explore
www.electrovaya.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements, including statements that relate to, among other things
the future direction of the Company’s business and products, the
Company’s ability to source supply to satisfy demand for its
products and satisfy current order volume, revenue forecasts,
anticipated orders and deliveries in CY2018 and beyond, demand for
the Company's products, technology development progress, pre-launch
plans, plans for product development, plans to work with OEMs,
plans to sell directly to user, plans for shipment using the
Company’s technology, production plans, the Company’s markets,
objectives, goals, strategies, intentions, beliefs, expectations
and estimates, and can generally be identified by the use of words
such as “may”, “will”, “could”, “should”, “would”, “likely”,
"possible", “expect”, “intend”, “estimate”, “anticipate”,
“believe”, “plan”, “objective” and “continue” (or the negative
thereof) and words and expressions of similar import. Although the
Company believes that the expectations reflected in such
forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed on
such statements. Certain material factors or assumptions are
applied in making forward-looking statements, and actual results
may differ materially from those expressed or implied in such
statements. Material assumptions used to develop forward-looking
information in this news release include, among other things, that
current customers will continue to make and increase orders for the
Company’s products, that the Company’s alternate supply chain will
be adequate to replace material supply and manufacturing, that the
Company’s interpretation of the effect of any comfort given to
Litarion’s auditors of the Company’s financial support for
Litarion’s operations is correct, and that Litarion’s insolvency
process will proceed in an orderly fashion that will satisfy
Litarion’s debt without a significant negative effect on the
Company or its assets. Important factors that could cause actual
results to differ materially from expectations include but are not
limited to: actions taken by creditors and remedies granted by
German courts in the Litarion insolvency proceedings and their
effect on the Company’s business and assets, negative reactions of
the Company’s existing customers to Litarion’s insolvency process,
the ability to sell the Company’s premises or to do so at a price
reflecting appropriate value, general business and economic
conditions (including but not limited to currency rates and
creditworthiness of customers); Company liquidity and capital
resources, including the availability of additional capital
resources to fund its activities; level of competition; changes in
laws and regulations; legal and regulatory proceedings; the ability
to adapt products and services to the changing market; the ability
to attract and retain key executives; and the ability to execute
strategic plans. Additional information about material factors that
could cause actual results to differ materially from expectations
and about material factors or assumptions applied in making
forward-looking statements may be found in the Company’s Annual
Information Form (“AIF”) for the year ended September 30, 2017 and
in the Company’s most recent annual and interim Management’s
Discussion and Analysis under “Risk and Uncertainties” as well as
in other public disclosure documents filed with Canadian securities
regulatory authorities. The Company does not undertake any
obligation to update publicly or to revise any of the
forward-looking statements contained in this document, whether as a
result of new information, future events or otherwise, except as
required by law.
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