CINCINNATI, July 23, 2020 /PRNewswire/ -- 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, today announced that it
has received an initial purchase order for 20 of its all-electric
C-1000 delivery vehicles from Cincinnati-based, newly-launched trucking
company, eTrucks.
eTrucks plans to function as a vehicle buyer and reseller and
will be offering fleet funding programs and services tailored for
different business needs. The company also aims to provide flexible
financing options for its customers, including owned or leased
programs. Its primary target market will be the small-to-medium
sized business (SMB) fleet operators in the Ohio area with plans for regional and even
national expansion in the near future.
Bill Hamilton, eTrucks Managing
Partner, stated, "As an Ohio-based
operation, we've been able to experience up-close the quality of
the Workhorse vehicles for some time, and we're appreciative of the
opportunity to partner with a world-class organization as we ramp
up our operations. The Workhorse C-Series product line offers
superior capabilities from any other legacy delivery vehicle in the
market, and we believe our fleet customers will appreciate the
improved safety features and reduced operating costs that come from
a quiet-riding electric vehicle option. Going forward, we plan to
offer these vehicles on a national platform for sale and
leasing."
Workhorse CEO Duane
Hughes added, "Bill and his partner Brian Carr are building a valuable sales and
distribution platform for an underserved market. The SMB fleet
operator represents a major opportunity for additional sales, and
we're looking forward to growing our partnership with another
Ohio-based organization to improve
last-mile delivery for everyone. Pursuing sales agreements with
resellers, like eTrucks, allows Workhorse to expand our sales reach
and take advantage of economies of scale that would otherwise be
unavailable through individual transactions."
About Workhorse Group Inc.
Workhorse is a technology company focused on providing
drone-integrated electric vehicles to the last-mile delivery
sector. As an American original equipment manufacturer, we design
and build 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 Statements
This 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; 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 ability to continue as a
going concern; 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.
Media Contact:
Mike Dektas
Creative
Storm PR
513-266-3590
mike@creativestorm.com
Workhorse Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor
Relations
949-574-3860
WKHS@gatewayir.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/workhorse-receives-purchase-order-for-20-c-1000-all-electric-delivery-trucks-from-cincinnati-based-etrucks-301098809.html
SOURCE Workhorse Group Inc.