ADOMANI® Reports Second Quarter 2020 Results https://www.otcmarkets.com/filing/html?id=14337143&guid=jAy6Upbg22r81yh CORONA, CA / ACCESSWIRE / August 13, 2020 / ADOMANI, Inc. (OTCQB: ADOM), a provider of new zero-emission, purpose-built vehicles and drivetrain solutions, today announced its results for the second quarter ended June 30, 2020.
Quarterly and Recent Developments
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Sold an all-electric, zero-emission logistics van to SnowCap Community Charities in Fairview, Oregon in June. The EV van will be used to deliver food and collect donations to benefit residents in the SnowCap service area.
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Received a purchase order from the City of Palmdale, California in June for one all-electric, zero-emission logistics van. The van was delivered in July. The EV van will be in service for the South Antelope Valley Emergency Services (SAVES) program that is dedicated to alleviating hunger among very low and extremely low-income residents of the SAVES service area in a number of south Antelope Valley communities.
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In August, we received final approval as a dealer for our products in the New York Truck Voucher Incentive Program (“NYTVIP”), which funds up to $100,000 per vehicle. We also shortly expect to be approved in the New York City Clean Trucks Program, which requires being approved for NYTVIP.
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In June, we announced our membership in the National Zero-Emission Truck (ZET) Coalition, a CALSTART-organized and diverse group of stakeholders across the clean commercial vehicle supply chain advocating for federal investments in commercial zero-emission vehicle infrastructures.
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We applaud the California Air Resources Board’s (“CARB”) first-in-the-world rule requiring truck manufacturers to transition from diesel trucks and cargo vans to electric zero-emission vehicles beginning in 2024.
Exhibit 99.1
• Continued to respond and adapt to many legal and regulatory changes resulting from the ongoing COVID-19 pandemic, such as shelter-in-place orders, travel, social distancing and quarantine policies, boycotts, curtailment of trade, and other business restrictions affecting our ability to assemble and sell our products, and provide our services.
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Received an Economic Injury Disaster Loan and a Paycheck Protection Program loan in May under the Small Business Association loan programs authorized by the Coronavirus Aid, Relief, and Economic Security Act due to the impact of the COVID-19 pandemic on our business.
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Backlog at June 30, 2020 was $3.0 million.
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Continued to work, in connection with an experienced lobbyist hired by us to supplement our efforts, with CARB’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (“HVIP”) and other state agencies to resolve the egregious administrative delays and the resulting lack of access to HVIP funds that have to-date prevented us from not only delivering available vehicle inventory to customers with purchase orders, but have also impaired our ability to obtain new orders. In particular, such administrative delays caused the HVIP certification for our trucks and vans to take eight months instead of the usual eight weeks. As a result, we did not receive HVIP certification until October 23, 2019, which was eight days after the deadline for us to submit voucher requests under the program in 2019, thereby denying us and our customers access to such funds until additional amounts are made available under the program, which additional funding is currently not expected to occur until late this year.
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Following the relaxation of applicable state and local COVID-19 restrictions, resumed showcasing our all-electric commercial trucks and vans in ride-and-drive events, including also introducing them to a number of private fleet operators in the delivery and trucking industry.
Exhibit 99.1
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Signed a Letter of Intent (“LOI”) in April to purchase 120 FireFly ESV vehicles from Massachusetts-based ev Transportation Services, Inc (“evTS”), beginning late summer 2020, subject to the parties entering into related definitive agreements and certain other contingencies contemplated by the LOI. Pursuant to the LOI, we intend to discuss a potential business arrangement with evTS, whereby we would serve as a distributor in California for their current and future all-electric vehicle offerings, including the FireFly ESV and other vehicles as they are developed. In addition, it is contemplated by the LOI that evTS will discuss entering into a contract with us to perform final assembly, testing and warranty servicing of its vehicles.
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We continue to be excited about a number of new international opportunities that we learned about in 2019 in Ukraine, Mexico, South America and a number of other countries and have been investigating them diligently. However, progress on all these opportunities has been significantly slowed down by the COVID-19 virus impacts in these countries as well. While we remain confident that a number of them may develop into projects, we continue to work through the laborious process as of the date of this release.
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Our e-trike activity in the Philippines has also been severely impacted by COVID-19 restrictions affecting our supply chain, our manufacturing activity, and our ability to travel to the island on which our initial 10 e-trikes were placed in service. Significant damage to the island’s economy has occurred as a result of travel restrictions slowing tourism to a halt.
Jim Reynolds, CEO of ADOMANI, commented, “The COVID-19 virus impact on our business has been significant. We support the government’s efforts to slow the spread of the virus while medical researchers try to create a vaccine, and we hope the relaxation of some of the restrictions happen soon, but that is out of our control. We remain convinced, however, that our biggest obstacle to success has been and remains the temporary inability for ADOMANI, a licensed California dealer for EV products and HVIP-certified since late October 2019, and our customers to access HVIP funding as a result of what we believe were serious administrative missteps by CARB and HVIP in 2019 that have made it impossible for us to deliver product that we have had since late 2019 to customers
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