EV Technology Group Ltd. (the “
Company” or
“
EV Technology Group”) (NEO: EVTG, OTCQB: EVTGF,
DE: B96A) announces that it has entered into a share exchange
agreement (the “
Definitive Agreement”) with
1000310362 Ontario Inc. (the “
Target”) and its
shareholder, to acquire a portfolio of intellectual property
including iconic brands Officine Stampaggi Industriali, Fantuzzi,
Marazzi and Brewster & Co. (the
“
Transaction”).
EV Technology Group has a strategy of acquiring iconic, well
loved automotive brands and then electrifying them for the future
of motoring. This strategic transaction expands the portfolio of
brands under EV Technology Group’s control and represents major
potential to expand the future landscape of electric motoring. The
brands in the acquisition represent the epitome of world-class
design and heritage, giving EV Technology Group the ability to
leverage on existing brand value, and offer unique luxury EVs, with
existing charm and heritage, to customers across the globe. The
brands in the Transaction include:
Marazzi, Fantuzzi, Brewster & Co and Officine
Stampaggi Industriali - joining the EV Technology Group portfolio
of strategic brands
FantuzziFantuzzi was founded in 1939 by Medardo
Fantuzzi, an automotive engineer, in Modena Italy. Medardo and his
brother Gino Fantuzzi were involved in building the Maserati A6GCS,
Maserati 350S and Maserati 200S during the 1940’s and 1950’s.
Medardo went on to work for Ferrari until 1966, where he became
known for building bespoke low-production performance cars
including the Ferrari Tipo 156 “sharknose” Fantuzzi, additionally
working for De Tomaso, Scuderia Serenissima, AMS and Techno,
emblematic designs that are still cherished today.
Marazzi Marazzi was founded by Carlo
Marazzi and his two sons, Serafino and Mario in 1967, in Milan
Italy. Marazzi first completed the Lamborghini 400GT 2+2 series,
followed by a series of 125 Lamborghini Islero, and the first few
of the Lamborghini Jarama. Then came the beautiful Alfa Romeo 33
Stradale.
Officine Stampaggi IndustrialiOfficine
Stampaggi Industriali (OSI) was founded in 1960, by Luigi Segre,
former president of Carrozzeria Ghia, and Arrigo Olivetti from
Fergat. OSI was based in Turin Italy and was a short-lived company
that produced custom built vehicles based on Alfa Romeo, Fiat and
Ford. Although production was short, OSI made a lasting impression
in the automotive industry, renowned for the conception of the 1960
Innocenti 950 Spider and the Ford 20M TS Coupé, few of which are
still around today.
Brewster & CoBrewster & Company dates
back to 1810, when James Brewster quickly formed a reputation as
America’s premier carriage maker. Brewster then went on to work on
automobiles, with the first being ahead of the times with an
electric car based on a gas-powered Delaunay-Belleville chassis in
1905. The Company was well-recognised in America as a supreme
coachbuilder for a variety of vehicles, with an on-off relationship
with Rolls-Royce. Brewster & Co paved its way in the bespoke
vehicle industry, winning numerous awards.
Pursuant to the Definitive Agreement, EV Technology Group will
issue a total of 1,950,000 common shares of the Company (the
“Payment Shares”) to the shareholder of the Target
in exchange for all of the issued and outstanding shares of the
Target, with a number of the Payment Shares subject to contractual
lock-up restrictions. No finder fees will be paid in connection
with the Transaction.
Wouter Witvoet, CEO of EV Technology Group
said, “EV Technology Group firmly believes in the future
of electric vehicles, and currently the most efficient way to drive
adoption is with the power of brands. By acquiring iconic vehicles,
we take inspiration from the brand, including its design, values,
heritage and ambition. This addition of four incredibly historic
Companies within our portfolio is strategic and represents our
trajectory to becoming one of the most prominent electric
automotive brands of today.”
EV Technology GroupEV Technology Group was
founded in 2021 with the vision to electrify iconic brands – and
the mission to redefine the joy of motoring for the electric age.
By acquiring iconic brands and bringing beloved motoring
experiences to the electric age, EV Technology Group is driving the
EV revolution forward. Backed by a diversified team of passionate
entrepreneurs, engineers and driving enthusiasts, EV Technology
Group creates value for its customers by owning the total customer
experience — acquiring and partnering with iconic brands with
significant growth potential in unique markets, and controlling
end-to-end capabilities. To learn more visit:
https://evtgroup.com/
MediaRachael
D’Amorerachael@talkshopmedia.com+1519-564-9850
Investor RelationsDave
Gentrydave@redchip.com+14074914498
EV Technology GroupWouter WitvoetCEO and
Chairman of the Boardwouter@evtgroup.com
Forward-Looking Information
This news release contains forward-looking statements including,
but not limited to: the closing of the Transaction and EV
Technology Group operations, expectations, and future actions.
Often, but not always, these Forward-looking Statements can be
identified by the use of words such as “estimated”, “potential”,
“open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has
been”, “gain”, “planned”, “reflecting”, “will”, “containing”,
“remaining”, “to be”, or statements that events, “could” or
“should” occur or be achieved and similar expressions, including
negative variations.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any results, performance or achievements expressed
or implied by the Forward-looking Statements, including those
factors discussed under “Risk Factors” in the filing statement of
the Company. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
Forward-looking Statements, there may be other factors that cause
actions, events or results to differ from those anticipated,
estimated or intended.
Forward-looking statements involve significant risk,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
These factors should be considered carefully and readers should not
place undue reliance on the forward-looking statements. Although
the forward-looking statements contained in this news release are
based upon what management believes to be reasonable assumptions,
the Company cannot assure readers that actual results will be
consistent with these forward-looking statements. The
forward-looking statements contained herein are made as of the date
hereof and the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or results or otherwise, except where required by
law. There can be no assurance that these forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.
THE NEO STOCK EXCHANGE DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/1c9e71f1-de3f-469b-ae54-77a514882da9
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