SAN
RAFAEL, Calif., Dec. 5, 2024
/PRNewswire/ - Damon Inc. (NASDAQ: DMN) ("Damon" or the
"Company"), maker of high-tech, high-performance motorcycles,
announced today a strengthening of its focus on operational
excellence through the appointment of Damon co-founder,
Dominique (Dom) Kwong as interim
Chief Executive Officer, and Shashi
Tripathi as Chairman of the board of directors (the
"Board"). This leadership alignment reinforces Damon's commitment
to accelerating production capabilities and operational
efficiency.
Mr. Kwong assumes the interim CEO role after first serving on
the Company's Board and as Chief Technology Officer and then
subsequently its Chief Operating Officer between 2017 and 2023. As
a goal and process driven executive with 25 years of experience in
building technology companies in consumer and automotive sectors,
Mr. Kwong has been instrumental in developing Damon's technological
foundation and securing global patents for the Company's
groundbreaking CoPilot and SHIFT technologies. His experience
includes successful roles at Intel Corporation, Recon Instruments,
and Sierra Wireless.
"This is a pivotal moment as we advance Damon's operational
readiness, and I am honored to return to Damon as the interim CEO,"
said Mr. Kwong. "The Company has established key foundational
elements: a talented engineering team, proven technological
infrastructure, and strategic manufacturing partnerships. Our
immediate focus will be on execution and operational development.
Through disciplined pre-production management and systematic
operational preparation, we expect to unlock substantial value for
our stakeholders," continued Mr. Kwong
Mr. Kwong replaces Jay Giraud as
CEO.
Current independent director, Shashi
Tripathi, has been appointed as Chairman of the Board. Mr.
Tripathi brings extensive experience in technology, operations, and
manufacturing. As founder of Nurture Growth Fund and current
CEO of Sleepiz USA, Mr. Tripathi
has successfully led three companies to exits and maintains a
strong track record in regulated industries. His expertise spans
over artificial intelligence, SaaS, digital health, and FinTech,
complemented by advanced degrees in industrial and mechanical
engineering.
"As I step into the Chairman role alongside Dom as interim CEO,
we are intensifying our focus on operational excellence," said Mr.
Tripathi. "I am honored by this appointment and truly energized
about Damon's promising outlook and opportunities ahead. Having
spent my career focused on scaling companies and driving value
through disciplined execution and robust financial management, I
see tremendous potential in Damon's innovative approach to electric
motorcycles. In this next chapter for Damon, as we move towards
production, I look forward to working together with the team to
implement the foundational systems and protocols that will
strengthen our path forward," concluded Mr. Tripathi
About Damon
Damon is on a mission to cause a paradigm shift for safer, smarter
motorcycling. With its development offices in San Rafael,
California, Damon is led by
entrepreneurs and executives from world-class EV and technology
companies. Anchored by the groundbreaking HyperDrive™
electric powertrain, all Damon motorcycles are set to deliver power
and range that exceeds that of gas without the noise, emissions, or
maintenance hassles. Damon has captured the attention of the
motorcycling world cutting edge designs and innovative safety
technologies including CoPilot™ and Shift™, which are attracting a
new generation of motorcycle riders. With strong consumer interest
in the US and abroad, Damon aims to set the standard for motorcycle
safety and sustainability worldwide. For more information, please
visit damon.com.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking information or
forward-looking statements under applicable Canadian and U.S.
securities laws (collectively, "forward-looking statements") that
reflect current expectations and projections of Damon Inc.
("Damon") about its future development. When used in this press
release, forward-looking statements can be identified by the use of
words such as "may," or by such words as "will," "intend,"
"believe," "estimate," "consider," "expect," "anticipate," and
"objective" and similar expressions or variations of such words.
Forward-looking statements are, by their nature, not guarantees of
Damon's future operational or financial performance and are subject
to risks and uncertainties and other factors that could cause
Damon's actual results, performance, prospects, or opportunities to
differ materially from those expressed in, or implied by, these
forward-looking statements. No representation or warranty is
intended with respect to anticipated future results, or that
estimates, or projections will be sustained.
Forward-looking statements in this press release include, but
are not limited to, statements relating to the expected performance
level of Damon motorcycles, and acceleration of our production
capabilities and operational efficiency .
In developing the forward-looking statements in this press
release, we have applied several material assumptions, including
the general business and economic conditions of the industries and
countries in which Damon operates, and general market conditions.
Many risks, uncertainties, and other factors could cause the actual
results of Damon to differ materially from the results,
performance, achievements, or developments expressed or implied by
such forward-looking statements. These risks, uncertainties, and
other factors include, but are not limited to, the following:
- the risk that the price of common shares of Damon may be
volatile due to a variety of factors, including changes in the
highly competitive industries in which Damon operates, variations
in performance across competitors, changes in laws, regulations,
technologies that may impose additional costs and compliance
burdens on Damon's operations, global supply chain disruptions and
shortages, and macro-economic and social environments affecting
Damon's businesses;
- the inability to implement Damon's business plans, forecasts,
and other expectations, or identify and realize additional
opportunities;
- the risk that Damon has not achieved sufficient sales and
production capacity at a mass-production facility, and Damon and
its current and future collaborators may be unable to successfully
develop and market Damon's motorcycles or solutions, or may
experience significant delays in doing so;
- the risk that Damon may never achieve or sustain
profitability;
- the risk that Damon may be unable to raise additional capital
on acceptable terms to finance its operations and remain a going
concern;
- the risk that Damon experiences difficulties in managing its
growth and expanding operations;
- any adverse changes in U.S. or Canadian general economic,
business, market, financial, political or legal conditions,
including as a consequence of the ongoing uncertainties relating to
inflation and interest rates;
- any inability to successfully and economically manufacture and
distribute Damon's motorcycles at scale;
- the reliance on key management, and any inability to attract
and/or retain key personnel;
- any inability to raise additional funds to meet its capital
requirements and pursue its growth strategy when and in the amounts
needed;
- the risk of potential litigation resulting in the diversion of
management's time and attention and the Company's resources needed
to address any such litigation that may arise; and
- any inability to secure adequate insurance coverage or a
potential increase in insurance costs.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of the
press release or as of the date otherwise specifically indicated
herein. Due to risks and uncertainties, events may differ
materially from current expectations. Damon disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required pursuant to applicable securities
law. All forward-looking statements contained in the press
release are expressly qualified in their entirety by this
cautionary statement.
Additional information about Damon Inc., and the foregoing risks
and uncertainties, can be found in our filings with the U.S.
Securities and Exchange Commission, including our Form 10 and Form
S-1 registration statements and subsequent filings,
at www.sec.gov, and our filings with the British Columbia
Securities Commission, including our non-offering prospectus filed
following our completed business combination with Damon Motors Inc.
and subsequent filings, at www.sedarplus.ca.
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SOURCE DAMON Motors Inc.
