Day: July 20, 2022

Transaction Highlights:

• EV Technology Group has agreed to acquire a further 50% of MOKE International
  • The transaction is valued at US$55.1 million
  • EV Technology Group’s resultant shareholding of MOKE International will be ~67.6% following the Acquisition and will maintain an option to acquire the remaining shares of MOKE International, up to 100%

• The MOKE brand is a global icon, established in 1964 with historical sales of approximately 50,000 vehicles
  • The MOKE is an iconic car, first made famous by the likes of James Bond and Brigitte Bardot, and became popular in destinations including the South of France, Australia, and the Caribbean. It is an ideal investment for EV Technology Group as one of the first historic marques to electrify
  • MOKE International’s seasoned executive team join the Group, with experience from Rolls-Royce, Jaguar, Land Rover, BMW and McLaren
• MOKE International recently launched the Electric MOKE
  • Deliveries of the Electric MOKE have begun, with a rapidly growing waiting list
  • The Acquisition, related transactions and EV Technology Group’s expertise in electrifying iconic brands and a mission to create and redefine the joy of motoring in the electric age will allow MOKE International to rapidly expand into global markets

TORONTO, July 20, 2022 (GLOBE NEWSWIRE) — EV Technology Group Ltd. (the “Company” or “EV Technology Group”) (NEO: EVTG) (OTCQB: EVTGF) (DE: B96A) announces today that it has entered into a definitive agreement (the “Definitive Agreement”) with the shareholders of MOKE International (the “MIL Shareholders”) to acquire up to 100% of MOKE International Limited (“MIL”), its first purchase of a major iconic brand. This strategically crucial acquisition adds to EV Technology Group’s house of iconic brands, and it will continue to grow the UK-based company MOKE International, which is now introducing the Electric MOKE to the global market.

Under the terms set out in the Definitive Agreement, the Company shall pay (a) US$31.9 million to certain shareholders of MOKE International in exchange for 53% of the total issued and outstanding common shares that the Company does not currently own (the “Purchased Shares”), (b) US$21.3 million of outstanding debt of MOKE International owing to certain shareholders and (c) US$2 million to certain management of MOKE International as a transaction bonus (together, the “Acquisition”). The Company also entered into an Option Deed agreement with the MIL Shareholders which provides the Company the option, for 24 months from the date of closing, to acquire all the remaining shares of MIL at an equity value of US$120 million, subject to certain adjustments (the “Option”). The completion of the Acquisition and the Option and are subject to customary closing conditions, including any related financing, due diligence and approvals by the NEO Exchange. No finder fees are payable in connection with, and no change of control of the Company will result from the Acquisition. There can be no assurances that the Acquisition or the exercise of the Option will be completed as proposed, or at all.

The Acquisition is expected to close later in the year.

The acquisition of MOKE International Limited fits within EV Technology Group’s strategy of acquiring and then electrifying iconic brands. It is intended that this deal will provide EV Technology Group a template for further brand acquisitions and demonstrates how the capabilities of the Group can act as a catalyst for helping other brands to electrify their offerings and go to market. The seasoned executive team from MOKE International will join EV Technology Group. MIL’s executives bring with them a wealth of automotive experience in executive roles at Rolls-Royce, Jaguar Land Rover, BMW and McLaren.

MOKE International announced their plan to be one of the first owners of a heritage marque to electrify their offering. This plan will revive an iconic vehicle that first appeared in 1964 and became closely associated with the swinging sixties, with many famed celebrities being pictured behind the wheel of a MOKE in exclusive Caribbean and French locations, such as Brigitte Bardot, James Bond, and the Beatles . During its lifetime, nearly 50,000 MOKE vehicles have been sold to a global market that includes the USA, Europe, UK, Caribbean, Australia and New Zealand.

The new Electric MOKE is already winning a new generation of followers and is quickly building a long waiting list in France and the UK, via the Hendy dealership representing UK sales, and the purpose built ‘Casa MOKE’ Flagship store in Saint-Tropez operated by MOKE France. EV Technology Group wholly-own the MOKE France subsidiary, and deliveries to the South of France have already commenced. MOKE France has already generated Electric MOKE orders worth over half a million Euros in total value following the initial opening of pilot sales. EV Technology Group will soon widen its sales offering across Europe and in the USA.

Wouter Witvoet, CEO of EV Technology Group announced the acquisition today, stating, “The investment in MIL is extremely close to my heart. I first became interested in MOKE International when I tried to rent the vehicle in the South of France – I quickly discovered the joy of driving this vehicle in beautiful locales – but also the commercial opportunity given how high demand was for this iconic brand, relative to supply.

“EV Technology Group’s mission is to revitalise iconic brands and rediscover the joy of motoring in an electric age. This applies brilliantly to MOKE International as it forms the perfect start to EV Technology Group’s strategy to acquire and brands that have a loyal following and substantial brand equity. I am looking forward to helping the business expand as it enters new markets, especially in the USA. MIL has a superb future and EV Technology Group has the capabilities to support it every step of the way.”

Isobel Dando, CEO of MOKE International stated “I am proud and excited that MOKE International is becoming part of the EV Technology Group. It is the perfect Company to take our rapidly growing business to the next level with the right balance of expertise, investment, and ambition. EV Technology Group’s in-house engineering and manufacturing expertise, and customer-centric technologies will also be invaluable to us as we continue to develop the Electric MOKE and more pioneering products. I am also looking forward to working closely with Wouter and the entire EV Technology Group leadership team to further develop MOKE International and further exciting brands to come.”

About EV Technology Group

EV Technology Group was founded in 2021 with the vision to electrify iconic brands – and the mission to redefine the joy of motoring for the electric age. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EV Technology Group is driving the EV revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EV Technology Group creates value for its customers by owning the total customer experience — acquiring and partnering with iconic brands with significant growth potential in unique markets, and controlling end-to-end capabilities. To learn more visit: https://evtgroup.com/

About MOKE International

MOKE and the MOKE logo are trademarks or registered trademarks of MOKE International Limited (“MOKE International”) in the European Union and other territories. MOKE International, a company registered in England, is the only manufacturer of genuine MOKE vehicles worldwide. The mark was acquired from Casti S.p.A. and derives from the original 1964 British Motor Corporation registration. MOKE France is the official French licensee. For more information visit: https://mokeinternational.com

Media
Rachael D’Amore
rachael@talkshopmedia.com
+1519-564-9850

Investor Relations
Dave Gentry
dave@redchip.com
+14074914498

EV Technology Group
Wouter Witvoet
CEO and Chairman of the Board
wouter@evtgroup.com

Forward-Looking Information

This news release contains forward-looking statements including, but not limited to: the Definitive Agreement, the Acquisition, the Option Deed and the Option, the terms of such transaction, closing conditions and regulatory approval and EV Technology Group’s plans, operations, expectations, and future actions. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements, including those factors discussed under “Risk Factors” in the Annual Information Form of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except where required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

THE NEO STOCK EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5d4c32b0-008c-4fbc-a04c-4bdc8c637a6c

ROME, July 20, 2022 (GLOBE NEWSWIRE) — ITA Airways’ press conference with ENAC was held yesterday, 19 July 2022, at the Airbus Pavilion Auditorium at the Farnborough International Airshow (FIA).

During the event, were presented the results achieved in the first nine months, as well as the commitment to sustainability. Sustainability is a topic of central importance for the Italian carrier, which aims to become the greenest airline in Europe with 75% of new generation aircraft in its fleet by 2025.

Therefore, the absolute star of the event was the ITA Airways Sustainability Manifesto, a symbol of the company’s commitment to the planet and its people. The company’s sustainable strategy roadmap combines business growth with the creation of long-term sustainable values. The Manifesto demonstrates the importance of this pillar in the company’s strategy.

The press conference was chaired by Fabio Lazzerini, CEO of ITA Airways, and Pierluigi di Palma, President of ENAC, the Italian Civil Aviation Authority.

A highly regarded Italian illustrator – Emiliano Ponzi – collaborated on this occasion, turning ideas into images. Ponzi was able to interpret ITA Airways’ growth strategy, the propulsive aspect of a start-up with the desire to ‘touch the sky with one finger’. And the blue of ITA Airways’ livery harmonising with the sky in full respect of the environment: flying and integrating the ecosystem simultaneously.

Thanks to ENAC’s support, ITA Airways follows its initial goal: to make the Italian national airline an example of sustainable business. With the Manifesto, the company’s Sustainability Plan takes shape.

Furthermore, last April ITA Airways signed a Memorandum of Understanding with Airbus regarding collaboration in the field of Urban Air Mobility (UAM) in Italy. ITA Airways will in fact collaborate with Airbus to develop the ecosystem around the launch of the CityAirbus NextGen electric vertical take-off and landing (eVTOL) aircraft. The aircraft, is currently under development. ITA Airways and Airbus are identifying strategic use cases for zero emission mobility solutions and demonstrating the added value it can bring to communities.

At the end of the conference, all guests and the press were able to visit the Airbus A350 parked in the centre of the show. The new A350, dedicated to the excellence of Italian sport Enzo Bearzot, is distinguished by the flag carrier’s new contents, including the new interiors designed by Walter De Silvia, which combine elegance and sustainability. The A350 is lighter, quieter and more efficient than the previous generation aircraft. Innovative aerodynamics and a high-efficiency Rolls-Royce aircraft engine (the Trent XWB) optimise range and payload for the benefit of efficiency. Thanks to the new aircraft, ITA Airways benefits from a reduction of more than 25% in fuel consumption and CO2 emissions per passenger.

Also joining the fleet will be other new generation aircraft, such as the Airbus A220-300, scheduled to arrive in the autumn.

For more information:
LaPresse SpA Communication and Press Office Director
Barbara Sanicola – barbara.sanicola@lapresse.it

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c66491f-aa86-4978-9a46-a337e7f5804c

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

FARNBOROUGH, United Kingdom, July 20, 2022 (GLOBE NEWSWIRE) — Leonardo and BAE Systems are actively progressing UK-Italy collaboration opportunities on the demonstrator aircraft as part of the Future Combat Air System (FCAS) programme, in the framework of a cooperation path launched by Italy and the UK in the Defence sector. This approach allows the companies of the two countries to identify shared areas of collaboration and begin joint analysis on possible activities of shared interest, after the two companies reached a collaboration agreement within the Future Combat Air System (FCAS) programme. In the same context, lies an agreement between Leonardo’s Italian and UK electronics businesses and Elettronica SpA related to demonstration activities on advanced sensors and systems.

The FCAS program pursues the development of a technologically advanced multi-domain system of systems, underpinned by highly innovative and disruptive technologies, with a 6th generation core platform, and intended for the renewal of Eurofighter fleet. This ambitious project will allow participating countries to maintain national sovereignty in the Combat Air sector, while redesigning future operational and industrial capabilities in the aerospace sector.

The collaboration between Leonardo and BAE Systems focuses on the application of Model Based System Engineering (MBSE) design methodologies and the joint development of enabling technologies for the national sovereignty of the future system. These activities are the natural evolution of the innovation processes already initiated by the partner companies, and assume strategic importance as they explore a technological frontier not yet reached by European industry.

Furthermore, in line with this strategy, Leonardo’s Italian and UK electronics businesses and Elettronica SpA have agreed to collaborate in the domain of sensors and communications, aiming to support the technological development of the FCAS project, including demonstration activities related to future on-board electronics. This initiative will deepen the established collaboration of these companies at the international level, jointly defining the potential architecture for an integrated set of sensors and communications equipment with innovative capabilities and highly integrated features.

For more information:
LaPresse SpA Communication and Press Office Director
Barbara Sanicola – barbara.sanicola@lapresse.it

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b50dc53-a0dc-4faa-8aeb-8b709f7e1213

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.