NEW YORK, May 7, 2020 /PRNewswire/
-- Ideanomics, (NASDAQ: IDEX) ("Ideanomics" or the
"Company"), MEG division has today announced an agreement with
Beijing Xinneng Green Intelligent Network Technology Co., Ltd.
(BXGI) to help finance the replacement of its urban fleet with
electric vehicles (EVs) in China
over the next five years, starting in 2020. The Group's fleet
operations consist of more than 100,000 city buses. Upon conversion
to EVs, it is estimated that this fleet will require a significant
charging port infrastructure to accommodate the energy demand to
power its EV fleet operations.
The value of replacing the BXGI fleet will reach the equivalent
of several billion dollars in local currency over the five-year
period. To finance this purchase, BXGI has secured between
RMB 800 million and 1 billion
(USD 113 million and 140 million).
Working with its consortium of financial partners, MEG will assist
BXGI with securing the balance of the financing. The fund is
expected to close in the third quarter and proceeds will be used to
purchase electric buses, MEG will also secure financing partners to
underwrite the lease financing and any back-end ABS refinancing
programs, in addition to vehicle procurement services. This
agreement involves various divisions within MEG's comprehensive EV
solutions and leverages all of its S2F2C model – vehicle
procurement, financial services, and energy sales. MEG will receive
group buying fees on vehicle procurement and origination fees
related to the placement of lease financing, in addition to a
portion of energy sales from BXGI's electric fleet.
The Company would like to remind its analyst and investment
community of its 2020 first-quarter financial results on
Monday, May 11, 2020. A press release
will be issued at approximately 4pm
ET, followed by a conference call at 4:30pm ET (4:30am Tuesday,
May 12, 2020 Singapore & Beijing Time).
CONFERENCE CALL INFORMATION
Webcast Link: At the Ideanomics (www.ideanomics.com) corporate
website or click here. Dial-in Number: (Toll-Free US
& Canada): 877-407-3107 or 201-493-6796; for China: +86-400-120-2840 Ideanomics management
encourages investors and analysts to email their questions in
advance of the webcast/call and time permitting management will
take further questions during the live Q&A session. Please
email ir@ideanomics.com
About Ideanomics
Ideanomics is a global company
focused on facilitating the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products. Its 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. 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 Qingdao and 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 at
Ideanomics
55 Broadway, 19th Floor New York, New
York 10006
Email: ir@ideanomics.com
www.ideanomics.com
Tel: +1.212.206.1216
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SOURCE Ideanomics