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Ideanomics, Inc. Reports Q3 2020 Financial Results

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Ideanomics
– Revenues for the three months ended September 30, 2020, was $10.6 million, an increase of 2.3x compared to Q2 2020 and 3.4x compared to Q3 2019
– Strong cash position, finished the quarter with $27.6 million
– Q3 revenues were supported by strong growth in the Taxi and Ridesharing segment
– Strategic Investment into California e-tractor company, Solectrac, which services agricultural and specialty vehicle market

NEW YORKNov. 9, 2020 (IAM Newswire) — Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, as well as enabling the next generation of financial services and fintech products, announced today its third quarter 2020 operating results for the period ended September 30, 2020 (a full copy of the Company’s 10-Q report is available at www.sec.gov).

Conference Call: Ideanomics’ management, including Alf Poor (Chief Executive Officer), Conor McCarthy (Chief Financial Officer) and Tony Sklar (SVP of Investor Relations), will host live an earnings release conference call at 4:30 pm ETMonday, November 9, 2020http://investors.ideanomics.com. Time permitting, Ideanomics management will answer questions during the live Q&A session. A replay of the earnings call will be available soon after the conclusion of the event.

To join the webcast, please visit the ‘Events & Presentations’ section of the Ideanomics corporate website (http://www.ideanomics.com/), or copy/paste this link:
https://78449.themediaframe.com/dataconf/productusers/ssc/mediaframe/41438/indexl.html

“We reported our third consecutive quarter of MEG revenue growth, and our pipeline gives us confidence that we can maintain this momentum through our product and service offerings and global footprint,” said Alf Poor, CEO of Ideanomics. “The MEG division in China, Treeletrik in Malaysia, and Medici Motor Works and Solectrac in the U.S. are all progressing towards our objectives for the remainder of 2020, and into 2021 and beyond. Strong growth in our taxi and ridesharing business is continuing and we are beginning to bring other revenues online in Q4, including activity in the bus segment of our business.”

Ideanomics Third Quarter 2020 Operating Results

Revenue for the three months ended September 30, 2020, was $10.6 million, of which $10.1 million were generated by the Company’s MEG business unit; this represents the largest revenues earned by MEG since the Company commenced business.

In the third quarter of 2020, the Company continued to develop its MEG business and recognized $10.6 million revenue from the sales of vehicles, which included revenue of $1.3 million from the sale of traditional combustion engine vehicles. In the third quarter of 2020 the Company acted in both a Principal and Agent capacity in relation to vehicle sales. For those contracts in which it acted in a Principal capacity revenues were recorded on a Gross basis and for those contracts where it acted in an Agent capacity the revenues were recorded on a Net basis.

Gross Profit

Gross profit for the three months ended September 30, 2020 was $0.7 million, as compared to gross profit in the amount of $2.9 million during the same period in 2019.

Operating Loss

The Loss from Operations was $12.0 million as compared to $9.4 million in the prior period. The increased Operating Loss is almost entirely due to the lower gross profit in the current quarter.

About Ideanomics
Ideanomics is a global company that facilitates the adoption of commercial electric vehicles and supports next-generation financial services and fintech products. Our electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity, as well as financing and charging solutions; we refer to this business model as sales to financing to charging (S2F2C). Ideanomics Capital provides intelligent and innovative services for the fintech industry. Together, MEG and Ideanomics Capital provide our global customers and partners with more efficient solutions.

The company is headquartered in New York, NY, with offices in BeijingHangzhou, and Qingdao, and operations in the U.S., ChinaUkraine, and Malaysia.

Safe Harbor Statement
This press release contains certain statements that may include “forward looking statements”. All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact
Tony Sklar, VP of Communications
1441 Broadway, Suite 5116, New York, NY 10018
ir@ideanomics.com

Valerie Christopherson / Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
valeriec@globalresultspr.com

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Worksport Announces Participation in the Benzinga Global Small Cap Conference

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Worksport Benzinga Conference

TORONTO – December 3rd, 2020 – Worksport (OTC:WKSP) will be presenting at the Benzinga Global Small Cap Conference taking place on December 8-9, 2020. We invite our shareholders and all interested parties to explore small cap investment opportunities through two days of networking, dealmaking and discovery.

“Worksport is so pleased to be invited to the Benzinga SmallCAP Conference, which has a rapidly growing base of micro-cap. Timing could not better as we recently launched our Regulation-A Public Offering” said Worksport CEO Steven Rossi. “We are very excited about telling our story to virtual micro-cap investors worldwide. We encourage any interested investors to invest directly in our growth at www.invest.worksport.com

Sign up to get a free spectator pass for the event: https://www.benzinga.com/events/small-cap/

Worksport will be presenting on Tuesday December 8th, 2020 at 4:15PM EST

About the Benzinga Global Small Cap Conference

The Benzinga Global Small Cap Conference bridges the gap between Small Cap companies, investors, and traders. Learn about small cap investing with clearly defined educational modules, take a look at a curated group of small cap investment opportunities, and connect with the global small cap audience in an intimate, virtual setting.

For more information and/or to register for the conference please visit: https://events.benzinga.com/registration-page

We look forward to seeing you there.

About Worksport

Celebrating 10 years of designing and manufacturing the highest quality tonneau covers for pick-up trucks, Worksport attributes its success to continuous hands-on R&D, which has led the company to simple but practical advancements of the most popular truck accessory. Worksport’s latest innovation, however, is anything but simple. Looking to the EV trucks on the horizon, Worksport has developed a product that will allow current and future EV truck owners alike, the ability to harness the power of renewable energy by integrating mobile solar generation and battery banks into its most advanced tonneau cover yet, TerraVis™.

Connect with Worksport

Any interested investors or shareholders are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the company’s newsletters on both www.invest.worksport.com and www.goterravis.com, to stay up to date on all of the latest news. Worksport will continue to update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

Connect with Worksport:

LinkedIn

Facebook

Twitter

Instagram

 

For further information please contact:

Mr. Steven Rossi
CEO & Director

Worksport, Ltd

T: 1-888-554-8789
E: srossi@worksport.com

 

Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport, Ltd. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport, Ltd.’s ’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport, Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

 

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Ideanomic’s Treeletrik Announces the Hire of Volkswagen Veteran, Richard Teoh, as its Chief Financial Officer

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– Former Director of Group Finance Controlling at Volkswagen Group Malaysia
– Over 20 years of financial leadership experience
– With his rich background in automotive, manufacturing, and construction industries throughout ASEAN, Mr. Teoh will be instrumental in fueling Treeletrik’s growth

NEW YORK, Dec. 2, 2020 (IAM Newswire) — Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”) announces that its subsidiary, Tree Technologies Sd. Bhd., which owns the Treeletrik brand, has hired Richard Teoh as its Chief Financial Officer effective immediately. Mr. Teoh brings to Treeletrik over 20 years of financial control, planning, leadership, and management experience. He was most previously Director of Group Finance Controlling at Volkswagen Group Malaysia and was responsible for the financial oversight of the commercial distribution and manufacturing of vehicles. Prior to that, Mr. Teoh served in a variety of senior finance leadership roles, including at Dominick Hunter, a U.K.-based industrial product manufacturer which was acquired by Parker Hannifin. At Dominick Hunter, he was involved with the integration and transition of financial ERP systems and controls. Mr. Teoh is a Chartered Certified Accountant (FCCA) and Chartered Accountant (MIA).

Richard Teoh, Treeletrik CFO

“We have ambitious plans for Treeletrik’s growth, and Richard’s financial leadership, combined with his experience in relevant industries such as automotive, manufacturing, and construction, will help the company meet its growth objectives,” said Datuk Viswanathan Menon, Treeletrik CEO. Alf Poor, Ideanomics CEO, added, “We are very pleased to have Richard Teoh join the Treeletrik team as CFO. His experience and industry insight will help us with all aspects of the company’s growth strategy. As the leading EV manufacturer in the ASEAS region, Richard will be assisting us with everything from supply chain development through to the roll out of our battery and charging systems, as well as the development of the land in the port area.”

About Tree Technologies Sd. Bhd.
Tree Technologies Sd. Bhd. owns the EV brand Treeletrik and is the first company to bring a true electric bike to Malaysia. The company provides transportation options that are clean, safe and affordable, with advanced technology, EV innovations and minimal maintenance. Treeletrik’s parent company, Tree Manufacturing, is a licensed EV manufacturer in Malaysia.

In March 2019, Ideanomics acquired a controlling stake in Tree Manufacturing. The combined organization accelerates the adoption and affordability of EV production,extending Treeletrik’s portfolio from EV mopeds and bikes to EV buses, trucks, cars, and light rail. The expanded vehicle product line serves the 650 million people in the ASEAN region including Malaysia, Thailand, Indonesia, Cambodia, Vietnam, Philippines, Laos, Singapore, and Brunei.

About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Our Mobile Energy Global (MEG) division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, MEG and Ideanomics Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.

The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.

Safe Harbor Statement
This press release contains certain statements that may include “forward looking statements”. All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov.. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact

Ideanomics,Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116 New York, NY 10018
ir@ideanomics.com

Valerie Christopherson / Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
valeriec@globalresultspr.com

SOURCE Tree Technologies Sd. Bhd.; Ideanomics

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Worksport Launches Regulation-A Investment Opportunity to Public

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Worksport

TORONTO – November 24, 2020 — Worksport Ltd (OTC: WKSP) (or the “Company”) has qualified its Regulation A offering with the U.S. Securities & Exchange Commission, which enables securities to be issued by the company under Regulation A Section 3 (b) of the Securities Act for Tier 2 offerings, providing certain exemptions from registration.

“Worksport has achieved some significant milestones recently, including revealing our ground-breaking TerraVis™ system, a fusion of cutting edge solar power, storage, and delivery,” said Worksport CEO, Steven Rossi. “In a year with constant development of our products and intellectual property, the Regulation-A offering is yet another major breakthrough for Worksport, seeking to access capital in our primary market, the U.S., where our securities are listed.”

Rossi said that the proceeds will be used for further development and expedited launch of the TerraVis™ system, as well as existing product inventory, and other exciting projects to be announced soon.

Among the upcoming projects are agreements with two EV manufacturers, solidifying the bright future ahead for the growth of Worksport. Hercules Electric Mobility Inc., Detroit, MI, is partnering with Worksport to introduce the ground-breaking TerraVis™ tonneau system, integrating solar panels and battery banks for a mobile power solution, as a Tier One OEM supply partner for their upcoming Alpha electric pickup. Similarly, Atlis Motor Vehicles, Mesa, AZ, is also configuring TerraVis™ as an OE accessory for their highly anticipated Atlis XT electric pickup truck.

Terravis Worksport

“We are proud of our accomplishments in the last decade, exponentially growing the company’s foundation with constant improvements in our product offering of high-quality tonneau covers in the B2B market, with no real outside funding or exploration of B2C sales channels,” said Rossi. “Now, for the first time in Worsksport’s history, we are preparing our latest innovation, TerraVis™, for B2B and B2C channels, and are seeking investment partners to provide additional capital for a timely delivery of TerraVis™, in synchronization with the launch of EV pick-up trucks, providing for significant anticipated improvements in operating results at the company. Our new Regulation A qualification is our latest breakthrough that will make it possible for more members of the public to invest directly, similar to a crowdfunding model. We thank in advance all those who may be interested in investing for their support.”

Invest Now

Anyone interested in investing directly into Worksport are encouraged to invest via the company’s investment platform (www.invest.worksport.com). Every investment dollar will be used to further our growth. Minimum investment is $500, and all securities purchased would be registered and tradeable. “We’ve shown the investment community what we can accomplish with no funding. Investors have an opportunity to purchase one common share and one 12-month warrant, directly from the company.” said Worksport CEO Steven Rossi

Any interested investors or shareholders are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the company’s newsletters on both www.worksport.com and www.goterravis.com, to stay up to date on all of the latest news. Worksport will continue to update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

Summary of the offering

According to the circular, and subject to change, Worksport will offer a maximum of 40,000,000 Units (the “Maximum Offering”). Each Unit is comprised of one share of common stock (a “Common Stock”), and one Common Share purchase warrant (each whole warrant, a “Warrant”) to purchase one additional Common Share (a “Warrant Share”) at an exercise price of $0.20 USD per Warrant Share, subject to certain adjustments, over a 12-month exercise period following the date of issuance of the Warrant. Interested investors should consult the entire circular at https://invest.worksport.com.

Invest Now

About Worksport Ltd.

Worksport Ltd., an innovative manufacturer of high quality, functional, and aggressively priced tonneau covers for light trucks like the F150, Sierra, Silverado, Canyon, RAM, and Ford F-Series. For more information please visit www.worksport.com. Currently listed on the OTCQB Market under the trading symbol “WKSP.”

Connect with Worksport:

LinkedIn

Facebook

Twitter

Instagram

 

For further information please contact:

Mr. Steven Rossi
CEO & Director

Worksport, Ltd

T: 1-888-554-8789
E: srossi@worksport.com

 

Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport, Ltd. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport, Ltd.’s ’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport, Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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