NETE Net Element Inc

via InvestorWire --  Mullen Automotive, Inc. (“Mullen” or the “Company”), an emerging electric vehicle (“EV”) manufacturer, which previously announced a definitive stock-for-stock reverse merger agreement with Net Element, Inc. (NASDAQ: NETE) in which Mullen’s stockholders will receive a majority of the outstanding stock in the post-merger company, today announced its Tunica, Mississippi, Advanced Manufacturing and Engineering Center (AMEC) is now ready to begin assembly of Class 1 and Class 2 EV Cargo vans. 

The plant renovations included a full revamp of an automated skillet line with an overhead hanger section, allowing Mullen assembly technicians to work flawlessly as the vans are assembled moving down the line. There is ample room to produce and scale up to meet demand, and there have also been areas created for offline sub-assemblies, quality checks and road testing. The facility grounds allow for future additions to be added to keep up with growing customer demand for these types of electric vehicles.

“AMEC has been undergoing a much-needed overhaul to ready it for the start of production. Since March of this year, we have had workers preparing much of the 124,000-square-foot facility for production readiness,” said Trey Agner, director of operations at Mullen Automotive’s Tunica, Mississippi, manufacturing plant. “We have completed the modifications, retrofitting and plant readiness of the facility on time and on schedule.” 

“It has been gratifying to see the hard work, agility and determination demonstrated on this project by the Mullen team in a very short amount of time,” said David Michery, CEO and chairman of Mullen Automotive. “The infrastructure, talent and close proximity to the freight capital of the world allows Mullen Automotive to be in the ideal position to be a top player in the EV automotive sector.”

Mullen’s Class 1 EV cargo van (CarGO®) is based on a 120-inch wheelbase, 40-kWh battery pack, rear-wheel drive and modular 210-cubic-foot cargo area. Vehicle range is estimated at 160 miles, with a max payload of 2,249 pounds. Mullen’s Class 2 EV van (ONE®) is based on a 144-inch wheelbase, 78.8-kWh battery pack, rear-wheel drive and modular 460-cubic-foot cargo area. Vehicle range is estimated at over 200 miles, with a max payload of 3,296 pounds. Both EV vans are built on similar skateboard platforms that allow for modular cargo areas that can be easily adapted to different client configuration requirements.

Mullen will debut its FIVE Crossover this coming November at the Los Angeles International Auto Show. The vehicle will be displayed in the South Hall (Booth S-101) of the Los Angeles Convention Center between Nov. 17-28, 2021.

About Mullen:

Mullen is a Southern California-based automotive company that owns and partners with several synergistic businesses working toward the unified goal of creating clean and scalable energy solutions. Mullen has evolved over the past decade in sync with consumers and technology trends. Today, the Company is working diligently to provide exciting EV options built entirely in the United States and made to fit perfectly into the American consumer’s life. Mullen strives to make EVs more accessible than ever by building an end-to-end ecosystem that takes care of all aspects of EV ownership.

Forward-Looking Statements This press release contains "forward-looking statements." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in future tense, often signify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the reverse merger, the Nasdaq approval process and proposed debut date of the Mullen FIVE (formerly MX-05) midsize crossover. These forward-looking statements are, by their nature, subject to significant risks and uncertainties.

Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including factors beyond the Company's control. As a result of these and other risks, uncertainties and assumptions, forward-looking events and circumstances discussed herein might not occur in the way the Company expects or at all. Accordingly, readers should not place reliance on any forward-looking information or statements. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. All forward-looking statements herein are qualified by reference to the cautionary statements set forth in this section.

Contact:

Mullen Automotive, Inc. +1 (714) 613-1900 www.MullenUSA.com

For more information, please visit https://www.mullenusa.com/.

Wire Service Contact InvestorWire (IW) Los Angeles, California www.InvestorWire.com 212.418.1217 Office Editor@InvestorWire.com

Attachment

• Mullen Announces Tunica Plant Is Ready for EV Cargo Vans