AYRO, Inc., (www.ayro.com) designer and manufacturer of
purpose-built compact, light-duty emissions-free electric vehicles
for urban, commercial, consumer and government markets, announces
the company’s planned 2020 third quarter expansion into the
European market.
The all-electric Club Car 411 utility trucks would be the first
AYRO-built sustainable vehicles to be exported to Europe, now
scheduled to commence in the third quarter of 2020. Ayro believes
that the European market is ripe for purpose-built compact EVs like
the Club Car 411. With narrow streets and urban congestion, a
robust delivery sector, and the mandated need for carbon reduction,
the compact electric Club Car 411 truck is designed with agility, a
durable chassis for high payload abilities, and zero gas emissions
due to its plug-in battery power.
“AYRO’s planned growth beyond the U.S. and North America into
Europe speaks to our global vision of purpose-built electric
vehicles designed for a multitude of commercial applications,” said
Rod Keller, CEO of AYRO, Inc. “We believe that the Club Car 411
electric truck is an ideal solution for worldwide goals for
sustainability through carbon reduction, alleviating urban
congestion, and providing cost-effective electric last mile
vehicles. AYRO’s partnership with Club Car is the key to our
planned expansion of AYRO purpose-built electric fleet vehicles
into international markets. Further, we believe that places like
Europe are well suited for compact, high-quality, high-payload
electric vehicles to fulfill urban and campus-based applications.
The global need for sustainability exists in commercial markets
around the world. We believe that the Club Car 411 built by AYRO is
an excellent sustainable solution for a broad variety of uses,
whether that’s here in the North America or in places like
Europe.”
AYRO also plans to introduce additional compact electric
vehicles to European fleet opportunities in the future, seeking
greater autonomy and eye-catching promotional applications. With a
top speed of up to 80 km/h (50 mph) and a range of up to 80 km (50
miles), these all-electric vehicles, currently street legal in
parts of North America, should be an excellent solution for urban
customers seeking to minimize operating costs while allowing AYRO
to generate brand retention and awareness through the noticeable
design of the AYRO’s zero gas emission vehicles.
About Club Car and Ingersoll Rand:
Ingersoll Rand (NYSE:IR) advances the quality of life by
creating comfortable, sustainable and efficient environments. Our
people and our family of brands – including Club Car®, work
together to enhance the quality and comfort of air in homes and
buildings; transport and protect food and perishables; and increase
industrial productivity and efficiency. We are a $13 billion global
business committed to a world of sustainable progress and enduring
results. Club Car® has been one of the most respected names in the
golf industry for more than half a century and its product
portfolio has grown to include much more than golf cars, now
encompassing consumer and commercial utility vehicles,
multi-passenger shuttle vehicles, rough-terrain and off-road
utility vehicles and street legal low-speed vehicles for commercial
and consumer markets. Club Car is part of Ingersoll Rand, and is
based in Augusta, GA. For more information, visit
www.ingersollrand.com or www.clubcar.com.
About AYRO, Inc.
Texas-based AYRO, Inc., (ayro.com), designs and delivers
compact, emissions-free electric fleet solutions for use within
urban and short-haul markets. Capable of accommodating a broad
range of commercial and consumer requirements, AYRO’s vehicles are
the emerging leaders of safe, affordable, efficient and sustainable
logistical transportation. AYRO was founded in 2017 by
entrepreneurs, investors, and executives with a passion to create
sustainable urban electric vehicle solutions for Campus Management,
Last Mile Delivery, Urban Commuting, and Closed Campus Transport.
Discover more about AYRO, Inc. at ayro.com, emailing info@ayro.com
or by calling (512) 994-4917.
On December 19, 2019, AYRO entered into an Agreement and Plan of
Merger and Reorganization (the “Merger Agreement”) with DropCar,
Inc., a Delaware corporation (“DropCar”), and ABC Merger Sub, Inc.,
a Delaware corporation and a wholly owned subsidiary of DropCar
(“Merger Sub”), pursuant to which, among other matters, and subject
to the satisfaction or waiver of the conditions set forth in the
Merger Agreement, Merger Sub will merge with and into AYRO, with
AYRO continuing as a wholly owned subsidiary of DropCar and the
surviving corporation of the merger (the “Merger”). In connection
with the Merger, DropCar intends to sell substantially all of its
current assets, change its name to AYRO and AYRO’s business is
intended to become the sole business of the combined company
following the Merger.
Forward-Looking Statements
This press release may contain forward-looking statements. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from any
expected future results, performance, or achievements.
Forward-looking statements speak only as of the date they are made
and none of AYRO, DropCar nor their affiliates assume any duty to
update forward-looking statements. Words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “may,” “plan,” “will,”
“would” and other similar expressions are intended to identify
these forward-looking statements. Important factors that could
cause actual results to differ materially from those indicated by
such forward-looking statements include, without limitation: the
geographic, social and economic impact of COVID-19 on AYRO’s
ability to conduct its business and raise capital in the future
when needed; AYRO has a history of losses and has never been
profitable, and AYRO expects to incur additional losses in the
future and may never be profitable; the market for AYRO’s products
is developing and may not develop as expected; AYRO’s limited
operating history makes evaluating its business and future
prospects difficult and may increase the risk of any investment in
its securities; AYRO may experience lower-than-anticipated market
acceptance of its vehicles; developments in alternative
technologies or improvements in the internal combustion engine may
have a materially adverse effect on the demand for AYRO’s electric
vehicles; the markets in which AYRO operates are highly
competitive, and AYRO may not be successful in competing in these
industries; AYRO relies on and intends to continue to rely on a
single third-party supplier for the sub-assemblies in
semi-knocked-down for all of its vehicles; AYRO may become subject
to product liability claims, which could harm AYRO’s financial
condition and liquidity if AYRO is not able to successfully defend
or insure against such claims; increases in costs, disruption of
supply or shortage of raw materials, in particular lithium-ion
cells, could harm AYRO’s business; AYRO will be required to raise
additional capital to fund its operations, and such capital raising
may be costly or difficult to obtain and could dilute AYRO
stockholders’ ownership interests, and AYRO’s long term capital
requirements are subject to numerous risks; AYRO may fail to comply
with environmental and safety laws and regulations; and AYRO is
subject to governmental export and import controls that could
impair AYRO’s ability to compete in international market due to
licensing requirements and subject AYRO to liability if AYRO is not
in compliance with applicable laws. Risks and uncertainties related
to the Merger that may cause actual results to differ materially
from those expressed or implied in any forward-looking statement
include, without limitation, risks relating to the completion of
the Merger, including the need for stockholder approval and the
satisfaction of closing conditions; the anticipated financing to be
completed prior to or concurrently with the closing of the Merger;
the cash balances of the combined company following the closing of
the Merger and the financing; the ability of DropCar to remain
listed on the Nasdaq Capital Market; and expected
restructuring-related cash outlays, including the timing and amount
of those outlays.
Additional Information
In connection with the proposed transaction, DropCar has filed
with the SEC a registration statement on Form S-4 that includes a
joint proxy statement of DropCar and consent solicitation statement
of AYRO that also constitutes a prospectus of DropCar. The
registration statement was declared effective by the SEC on April
24, 2020. DropCar and AYRO commenced mailing the joint proxy
statement of DropCar and consent solicitation statement of AYRO and
prospectus to stockholders of DropCar and AYRO on or about April
27, 2020. DropCar and AYRO also plan to file other relevant
documents with the SEC regarding the proposed transaction.
INVESTORS ARE URGED TO READ THE DEFINITIVE JOINT PROXY AND CONSENT
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR THAT
WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE
THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. You may obtain
a free copy of the definitive joint proxy and consent solicitation
statement/prospectus and other relevant documents filed by DropCar
and AYRO with the SEC at the SEC’s website at www.sec.gov. Copies
of the documents filed by DropCar with the SEC are available free
of charge on DropCar’s website at www.drop.car or by contacting
DropCar Investor Relations:
Melissa Mahler (212) 918-8158
Participants in the Solicitation
DropCar and its directors and executive officers and AYRO and
its directors and executive officers may be deemed to be
participants in the solicitation of proxies in respect of the
proposed transaction. Information regarding the special interests
of these directors and executive officers in the proposed
transaction has been included in the definitive joint proxy and
consent statement/prospectus referred to above. Additional
information regarding the directors and executive officers of
DropCar is included in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2020, filed with the SEC on March 30,
2020, as amended on April 10, 2020. Investors should read the
definitive joint proxy and consent solicitation
statement/prospectus carefully before making any voting or
investment decisions. You may obtain free copies of these documents
from DropCar or AYRO using the sources indicated above.
This document shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200427005213/en/
DropCar Investor Relations: Melissa Mahler (212) 918-8158
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