NEW YORK, June 24, 2020 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company") MEG is pleased to
introduce the branding and positioning for its truck, specialty
vehicle, and H2FCV division, which was recently renamed Medici
Motor Works. The renaming and branding are part of the division's
ramping up of activities in the fast-growing BEV and H2FC truck
market.
The story behind the branding stems from the Medici family of
Italy which rose to political and
financial prominence in Europe
during in the middle ages and has endured throughout the centuries.
Much the same way the Medici family utilized its vast resources to
transform the world of its time, Medici Motor Works also aims to
draw upon its vast resources to transform today's world. While the
Medici family used its assets to usher in the Renaissance and an
innovative flowering of art, science and inductive reasoning,
Medici Motor Works is drawing on its assets to usher in a clean,
green future for the automotive industry.
The development of the branding is a modern interpretation of
the symbol of Lorenzo de'Medici, who
used the Borromean Rings as his emblem. In mathematics, the
Borromean Rings consist of three topological circles, which are
linked, but where removing any one ring leaves the other two
unconnected, the system collapses. The Borromean Rings (symbolizing
a connected system) is actually an ancient concept that can be
found throughout the world, spanning many cultures. It appeared in
early Buddhist art, Viking rune stones and Roman mosaics as far
back as thousands of years ago. Besides being a symbol for the
strength and power of unity, the Rings can also represent the
karmic laws of the universe and the interconnectedness of life.
Medici Motor Works is focused on delivering the best truck and
specialty vehicle experience for commercial fleet operators.
Battery electric vehicles ("BEV") and hydrogen to fuel cell
vehicles ("H2FC") are not an either / or decision for truck
operators, the need for BEV or H2FC is dependent on the intended
vehicle usage and to some extent the price point as well. BEV
trucks are good for short haul and closed-circuit operations, such
as mines, airports, steel mills, seaports, etc., and H2FC trucks
are more suited to long distance haulage, offering the potential
for reduced refueling stops and the introduction of self-driving
autonomous vehicles as a solution to driver fatigue. Medici Motor
Works is already active in Asia
and is looking to expand into Korea and the North American markets
in the near future.
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 Beijing, Guangzhou and Qingdao, 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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