Workhorse Provides Corporate Update
25 February 2021 - 12:30AM
Workhorse Group
Inc. (Nasdaq: WKHS) (“Workhorse” or the
“Company”), an American technology company focused on
providing sustainable and cost-effective drone-integrated electric
vehicles to the last-mile delivery sector, today provided an update
related to its bid to participate in the United States Postal
Service Next Generation Delivery Vehicle (“USPS NGDV”) program.
On February 23, 2021 the USPS issued a press release announcing
that it has made an award under the NGDV contract to a competing
finalist, the details of which can be found here.
After being informed of the USPS decision, the Company has
requested, pursuant to the bid process rules, additional
information from the USPS and is awaiting a response at this time.
The Company intends to explore all avenues that are available to
non-awarded finalists in a government bidding process. As further
updates are provided, Workhorse intends to share that information
through appropriate communications channels to the extent that the
Company is permitted to do so.
Separately, on March 1 the Company will be holding a conference
call to discuss its quarterly and year-end financial and
operational results. Workhorse management will host the
presentation, followed by a question and answer period. Interested
parties are invited to attend the call, details for which can be
found here.
About Workhorse Group Inc.Workhorse is a
technology company focused on providing drone-integrated electric
vehicles to the last-mile delivery sector. As an American original
equipment manufacturer, we design and build high performance,
battery-electric vehicles including trucks and aircraft. Workhorse
also develops cloud-based, real-time telematics performance
monitoring systems that are fully integrated with our vehicles and
enable fleet operators to optimize energy and route efficiency. All
Workhorse vehicles are designed to make the movement of people and
goods more efficient and less harmful to the environment. For
additional information
visit workhorse.com.
Forward-Looking StatementsThis 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 satisfy covenants in our financing
agreements; our inability to maintain our listing of our securities
on the Nasdaq Capital Market; our inability to satisfy our customer
warranty claims; 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.
Media Contact:
Mike DektasCreative Storm
PR513-266-3590mike@creativestorm.com
Workhorse Investor Relations Contact:
Matt Glover and Tom ColtonGateway
Investor
Relations949-574-3860WKHS@gatewayir.com
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