NEW YORK, June 26, 2020 /PRNewswire/
-- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the
"Company") would like to clarify the status of its one million
square feet EV hub in Qingdao,
Shandong province. The company
secured a 15-year free rental agreement backed by the local
government, which was signed in late 2019. Our partners (including
the City of Qingdao, a 10% owner
of our subsidiary in Qingdao),
were announced in press releases dated November 27, 2019, and January 28, 2020.
As detailed in the Company's press release on March 3, 2020, the existing new and used sales
business at the site was to be folded into the MEG center
activities. Along with the commencement of our fleet sales
division, this compromised Phase I. The MEG center had a soft
launch on May 1, with a fuller
opening on May 25, 2020, as announced
in press releases dated March 20,
2020, May 18, 2020, and
May 26, 2020, when the center was
allowed to open fully after COVID-19 lockdown measures were eased
in Qingdao. These activities
occupy approximately 20,000 square meters, or 215,000 square feet,
and the Company has detailed activity from both existing dealership
business at the site and its commercial fleet sales in recent press
releases.
Phase II of the opening will see an additional 20,000 square
meters come online and is subject to renovation in preparation for
MEG and its participating partners. This includes the MEG welcome
center and executive offices. As previously communicated, the
timeline for this phase will coincide with the ribbon cutting
ceremony and official opening in the summer of 2020.
Phase III of the project, and the remaining 60,000 square meters
will come online as further renovations are completed.
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 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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SOURCE Ideanomics