NEW YORK, March 20, 2020 /PRNewswire/
-- Ideanomics, (NASDAQ: IDEX) ("Ideanomics" or the
"Company"), is pleased to announce that the Qingdao-MEG Sales
Center, branded as Mobile Energy Group Center, is scheduled to
start sales operations by May 1. The
1 Million square foot site has been renovated as a permanent EV
expo center, the cost of which has been met by development funds
from the Chengyang business district of the city of Qingdao, in China's Shandong province.
Ideanomics' Mobile Energy Global division ("MEG") will be joined
at the site by more than 20 partners ranging from EV manufacturers,
EV battery manufacturers, energy storage, energy management, and EV
charging solutions, financial services, insurance, vehicle and
license plate registration services, and others from Qingdao. The EV hub is designed to be a focal
point for commercial fleet operators and the EV industry alike,
with MEG headquartering its management, sales and marketing, and
administrative operations at the site.
The city of Qingdao currently
operates an automotive sales and servicing center for a range of
vehicle manufacturers at the site, these operations are being
assumed by MEG as part of the expanded plans and focus onto EV.
This will see MEG assume the revenues derived from those
activities, with a run rate of approximately RMB 1 Billion in 2019 ($140 Million USD), with profit margins in the 8%
range, as well as facilitate an expedited ramp-up of staff and
operations at the site.
Due to the successful development of the Mobile Energy Group
Center and the high demand for comprehensive EV services, MEG has
received inquiries from several other cities with regards to
establishing similar operations. Where there is financial support
to do so, from local governments and manufacturers, and sufficient
market demand as we have seen in Qingdao, MEG may decide to develop multiple
regional centers in the future.
About Ideanomics
Ideanomics (Nasdaq:IDEX) is a global
company focused on monetizing the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products. Its electric vehicle division, Mobile Energy
Global (MEG) provides financial services and incentives for
commercial fleet operators, including group purchasing discounts
and battery buy-back programs, in order to acquire large-scale
customers with energy needs which are monetized through pre-paid
electricity and EV charging offerings. Ideanomics Capital
includes DBOT ATS and Intelligenta which provide innovative
financial services solutions powered by AI and blockchain. MEG and
Ideanomics Capital provide our global customers and partners with
better efficiencies and technologies and greater access to global
markets.
The company is headquartered in New
York, NY, and has offices in Beijing, China.
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
55 Broadway, 19th Floor New
York, New York 10006
Email: ir@ideanomics.com
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SOURCE Ideanomics