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Ideanomics Definitive Agreement to Acquire Timios Holdings Corp.

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– Ideanomics has signed a definitive agreement to acquire fast-growing California-based Timios Holdings Corp., a leading title and settlement solutions provider
– Timios currently has 285 employees and operations in 44 states, and has booked over $60 million in YTD revenues, including over $8 million in October 2020
– A strategic acquisition, Timios becomes one of the cornerstones of Ideanomics Capital, delivering innovative fintech solutions to the U.S. real estate industry
– The acquisition is in line with Ideanomics’ core ethos of participating in the convergence of fintech and industries that are both in transition and have high barriers to entry

NEW YORK, Nov. 12, 2020 — Ideanomics (NASDAQ: IDEX) announced it has signed a definitive stock purchase agreement to acquire 100% of privately held Timios Holdings Corp. (“Timios”) in an all-cash deal, the material terms of which are disclosed in the Company’s related 8-k filing. The acquisition is subject to the satisfaction of regulatory approvals and other customary closing conditions.

Timios, a nationwide title and settlement solutions provider, has been expanding in recent years through offering innovative and freedom-of-choice-friendly solutions for real estate transactions, including residential and commercial title insurance and closing and settlement services, as well as specialized offerings for the mortgage industry.

Ideanomics expects that Timios will become one of the cornerstones of Ideanomics Capital, the Company’s fintech business unit, which focuses on leveraging technology and innovation to improve efficiency, transparency, and profitability for the financial services industry. Timios combines difficult to obtain licenses, a knowledgeable and experienced team, and a scalable solutions platform to deliver best-in-class service through both centralized processing and a localized branch network. Ideanomics will assist Timios in scaling its business in various ways, including referring client acquisition and product innovation.

Founded in 2008 by real estate industry veteran Trevor Stoffer, Timios’ vision is to bring honesty and transparency to real estate transactions. Mr. Stoffer, who currently serves as Timios’ Chairman of the Board, believes that the real estate process has been overly complicated to the detriment of consumers and commercial clients. The company offers title and settlement, appraisal management, and real-estate-owned (REO) title and closing services in 44 states and currently serves more than 280 national and regional clients.

“As we move into an unprecedented era of data-driven real estate transactions, Timios intends to continue to shepherd our customers through this significant transformation in the real estate industry by providing transparency and simplification,” said Timios Chairman of the Board, Trevor Stoffer. “We look forward to leveraging Ideanomics’ resources to continue Timios’ growth and to explore opportunities to further modernize real estate closings.”

Year Ended Year Ended 9 months
ended
(US$ ‘000) 31-Dec-18 31-Dec-19 9/30/2020 (1)
Revenue $      34,523 $      45,099 $        54,463
Cost of revenue 26,096 30,695 38,629
Gross profit 8,427 14,404 15,834
Operating expenses 7,852 9,943 8,743
Operating income 575 4,461 7,091
Other Income (expense) 21 (63)
Net income before taxes 596 4,398 7,091
Income tax benefit (payable) 435 (1,791) (1,687)
Net income $         1,031 $         2,607 $          5,404
(1) Financial Statements for 9 months ended September 30, 2020 are unaudited

Timios has introduced significant product and service level improvements, becoming an innovator in the real estate title and escrow services industries – markets poised for technology disruption. Its proprietary tools eliminate tedious calculations and provide increased pricing transparency to the benefit of all parties in a transaction; lender, real estate agents, and consumers alike. Using a combination of operational discipline and technology, Timios employs efficient workflow management systems and a data-driven approach which results in one of the highest closing rates in the business.

“Ideanomics’ DNA is to serve as a catalyst for change through innovation. Timios fits perfectly within our model as a disruptive force in the mortgage and title industry, which currently has many antiquated processes that go against the trend towards transparency and freedom of choice. With this acquisition, we are onboarding a profitable business which has grown both its top and bottom line tremendously in 2020. We are delighted to add them to our family, where we anticipate they will integrate seamlessly, and we look forward to working with the management team to further develop what is a win-win for both Ideanomics and Timios,” said Alf Poor, CEO of Ideanomics.

The U.S. real estate market is forecasted to continue its upward trend in 2021, with home sales expected to rise and a high volume of sales to occur as buyers take advantage of low interest rates.1 According to Realtor.com, its ‘pace of sales’ metric– which tracks differences in time-on-market – continues to remain above the pre-COVID baseline and is 18.9 points above the January baseline, suggesting buyers and sellers are continuing to connect at a faster rate going into the 2020 fall.

For more information, visit: ideanomics.com or timios.com

Safe Harbor StatementThis 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.

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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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