Workhorse Group Purchases Existing Facility in Ohio
Intends to Expand Battery Pack Factory
CINCINNATI, Oct. 31, 2016 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS) ("Workhorse" or the "Company") announced today that the company has purchased its existing facility as well as adjoining space in Loveland, Ohio. With the additional space, Workhorse intends to expand its battery pack factory facilities currently in place at the existing facility.
Workhorse expects to begin increased battery cell production as early as the first quarter of 2017. With the new expanded facilities, lithium ion battery packs are expected to be produced for less cost. This will be due to a combination of reasons, including economies of scale, innovative manufacturing techniques, and the efficiencies of locating most of the battery manufacturing process under one roof.
"We expect that our expanded battery pack capabilities will provide a new level of quality control combined with a reduction in costs to produce battery packs," said Steve Burns, Workhorse CEO. "Fleets demand a very competitive Total Cost of Ownership and long-life efficiencies. Our goal is to drive down the battery costs per kilowatt hour while providing years of dependable operation."
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.
Workhorse Group Inc.
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SOURCE Workhorse Group Inc.
Released October 31, 2016