Workhorse Group Signs Supply Agreement With BMW i
BMW i3 REx integrated into Workhorse Range-Extended Step Van
CINCINNATI, Oct. 13, 2016 (GLOBE NEWSWIRE) -- Workhorse Group (NASDAQ:WKHS) announced today that BMW i has signed a multi-year supply agreement for BMW i3 range extender (REx) units for the Workhorse E-Gen electric delivery vehicle. The Workhorse E-Gen delivery vehicles are used by last mile delivery companies to fulfill their customers’ delivery needs.
BMW’s proven Range Extended solution is powered by a 647 cc two-cylinder gasoline engine that engages when the battery level drops to a pre-determined state-of-charge, acting purely as a generator to produce electricity to extend the range of the Workhorse E-Gen vehicle.
“The REx solution adds tremendous benefits to our E-Gen vehicle and to our customers. Signing this supply agreement with BMW further strengthens our commitment to our customers’ fuel efficiencies, maintenance savings, and sustainability initiatives while continuing to eliminate range-anxiety often found with battery-electric vehicles,” commented Steve Burns, Founder and CEO of Workhorse Group Inc. “We are extremely pleased to add BMW to our growing base of world class suppliers.”
About Workhorse Group Inc.
Workhorse Group Inc. is a U.S.-based original equipment manufacturer of medium-duty, EPA-approved battery-electric delivery vehicles and fully integrated truck-launched, FAA compliant unmanned aerial systems (UAS) delivery drones. The company is also a developer of a cloud-based, real-time telematics performance monitoring system that provides fleet operators ultimate energy and route efficiency.
For additional information visit www.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 maintain our listing of our securities on the Nasdaq Capital Market; 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.
Contact: Mike Dektas Workhorse Group Inc. (513) 266-3590 Media: Laura Radocaj Dian Griesel Int’l. [email protected] 212-825-3210
Released October 13, 2016