Raymond Corp Dealer Network will be able to sell Electrovaya
batteries to their customers directly
TORONTO, May 9, 2019 /CNW/ - Electrovaya Inc.
("Electrovaya" or the "Company") (TSX: EFL; OTCQX: EFLVF) today
announced the completion of a sales agreement with The Raymond
Corporation, a Toyota Industries Group company. The sales agreement
will allow The Raymond Corporation's Sales and Service Centers
network to sell Electrovaya battery systems to customers that have
the select compatible Raymond lift trucks.
"We are excited to begin this relationship with The Raymond
Corporation. The Electrovaya Elivate line of battery systems has
proven itself to be robust and an excellent fit with select Raymond
lift trucks." said Rajshekar
DasGupta, Vice President Technology and Business
Development, at Electrovaya. "This agreement will help provide
Raymond's customers the opportunity for a lithium ion battery
solution and to expand Electrovaya's market reach."
About Electrovaya Inc.
Electrovaya Inc. (TSX:EFL) (OTCQX:EFLVF) designs,
develops and manufactures proprietary lithium ion batteries,
battery systems, and battery-related products for energy storage,
clean electric transportation and other specialized applications.
Electrovaya is a technology focused company with extensive IP.
Headquartered in Ontario, Canada,
Electrovaya has production facilities in Canada with customers around the globe.
To learn more about how Electrovaya is powering mobility and
energy storage, please explore www.electrovaya.com.
About Raymond Corp.
For more than 95 years, The Raymond Corporation has built a
reputation on innovation, quality and service. Raymond® manual and
electric forklifts meet a variety of material handling needs and
offer advanced end-to-end warehouse solutions that enable
operations to run better and manage smarter. This philosophy helps
ensure Raymond and its customers are always evolving, always
running, always moving ahead — and always on. The portfolio of
advanced offerings includes the iWAREHOUSE® fleet management and
warehouse optimization system; automated lift truck solutions for
the warehouse of the future; and the Raymond Virtual Reality
Simulator, a supplemental instructional tool that helps customers
improve their operations and meet industry labor demands. Raymond
also provides industry-leading customer support through a network
of skilled technicians and its authorized Sales and Service
Centers. Raymond's work in energy savings, space utilization,
ergonomics, manufacturing quality and fleet optimization — combined
with best-in-class products and services — work together to
increase efficiency and lower costs throughout material handling
operations.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements that relate to, among other things, the
potential realization of revenue from the relationship with Raymond
Corp. that has now been formalized with this sales agreement as
no sales are assured under the agreement, whether this will
expand Electrovaya's market reach, anticipated increased
collaboration with OEMs in fiscal 2019, anticipated continued
increase in sales momentum in fiscal 2019 through OEMs and directly
to large global companies, including Fortune 500 companies, the
Company's ability to source supply to satisfy demand for its
products and satisfy current order volume, 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. Important factors that could cause actual results to
differ materially from expectations include but are not limited to:
that current customers will continue to make and increase orders
for the Company's products, and that the Company's alternate supply
chain will be adequate to replace material supply and
manufacturing. Important factors that could cause actual results to
differ materially from expectations include but are not limited to:
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 for the year ended
September 30, 2018 under "Risk
Factors", and in the Company's most recent annual and interim
Management's Discussion and Analysis under "Qualitative and
Quantitative Disclosures about 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/electrovaya-announces-sales-agreement-with-raymond-corp-300846926.html
SOURCE Electrovaya Inc.