NEW YORK, Dec. 2, 2020 /PRNewswire/
-- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the
"Company") announces that its subsidiary, Tree Technologies Sd.
Bhd., which owns the Treeletrik brand, has hired Richard Teoh as its Chief Financial Officer
effective immediately. Mr. Teoh brings to Treeletrik over 20 years
of financial control, planning, leadership, and management
experience. He was most previously Director of Group Finance
Controlling at Volkswagen Group Malaysia and was responsible for
the financial oversight of the commercial distribution and
manufacturing of vehicles. Prior to that, Mr. Teoh served in a
variety of senior finance leadership roles, including at Dominick
Hunter, a U.K.-based industrial product manufacturer which was
acquired by Parker Hannifin. At
Dominick Hunter, he was involved with the integration and
transition of financial ERP systems and controls. Mr. Teoh is a
Chartered Certified Accountant (FCCA) and Chartered Accountant
(MIA).
"We have ambitious plans for Treeletrik's growth, and Richard's
financial leadership, combined with his experience in relevant
industries such as automotive, manufacturing, and construction,
will help the company meet its growth objectives," said
Datuk Viswanathan Menon, Treeletrik
CEO. Alf Poor, Ideanomics CEO,
added, "We are very pleased to have Richard
Teoh join the Treeletrik team as CFO. His experience and
industry insight will help us with all aspects of the company's
growth strategy. As the leading EV manufacturer in the ASEAS
region, Richard will be assisting us with everything from supply
chain development through to the roll out of our battery and
charging systems, as well as the development of the land in the
port area."
About Tree Technologies Sd. Bhd.
Tree Technologies Sd.
Bhd. owns the EV brand Treeletrik and is the first
company to bring a true electric bike to Malaysia. The company provides transportation
options that are clean, safe and affordable, with advanced
technology, EV innovations and minimal maintenance. Treeletrik's
parent company, Tree Manufacturing, is a licensed EV manufacturer
in Malaysia.
In March 2019, Ideanomics acquired
a controlling stake in Tree Manufacturing. The combined
organization accelerates the adoption and affordability of EV
production, extending Treeletrik's portfolio from EV mopeds and
bikes to EV buses, trucks, cars, and light rail. The expanded
vehicle product line serves the 650 million people in the ASEAN
region including Malaysia,
Thailand, Indonesia, Cambodia, Vietnam, Philippines, Laos, Singapore, and Brunei.
About Ideanomics
Ideanomics is a global company
focused on the convergence of financial services and industries
experiencing technological disruption. Our Mobile Energy Global
(MEG) division is a service provider which facilitates the adoption
of electric vehicles by commercial fleet operators through offering
vehicle procurement, finance and leasing, and energy management
solutions under our innovative sales to financing to charging
(S2F2C) business model. Ideanomics Capital is focused on disruptive
fintech solutions for the financial services industry. Together,
MEG and Ideanomics Capital provide our global customers and
partners with leading technologies and services designed to improve
transparency, efficiency, and accountability, and our shareholders
with the opportunity to participate in high-potential, growth
industries.
The company is headquartered in New
York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S.,
China, Ukraine, and Malaysia.
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
Ideanomics,Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116 New York,
NY 10018
ir@ideanomics.com
Valerie Christopherson /
Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
valeriec@globalresultspr.com
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SOURCE Tree Technologies Sd. Bhd.; Ideanomics