Mullen Technologies Announces Purchase of Advanced Engineering and Manufacturing Center in Tunica, MS
March 11 2021 - 3:20PM
via InvestorWire -- Mullen Technologies Inc.
(“Mullen” or the “Company”), an emerging electric vehicle (“EV”)
manufacturer, which previously announced a definitive agreement to
merge with Net Element, Inc. (NASDAQ: NETE) in a stock-for-stock
reverse merger in which Mullen’s stockholders will receive a
majority of the outstanding stock in the post-merger company, has
executed a purchase and sales agreement (PSA) and opened escrow to
purchase a EV manufacturing facility in Tunica, Mississippi. This
five-year-old, turn-key facility affords Mullen the opportunity to
innovate its manufacturing processes, while having the availability
to assemble vehicles now and optimize product design with
simultaneous engineering efforts. Under Mullen ownership, the
facility will be known as Mullen’s Advanced Manufacturing
Engineering Center (AMEC) and Proving Grounds.
Mullen will immediately begin efforts to reestablish the
facility to build and support Mullen’s platform of electric
vehicles. Located just 50 miles from Memphis, Tennessee, the AMEC
facility sits on 100 acres and will employ approximately 50+ people
in the first year, with the objective of expanding to 200+
employees in three years.
“The opportunities for this site are endless when it comes to
validating both engineering and manufacturing initiatives. Such a
huge step forward in advancing our technology and getting it into
the customers’ hands,” said John Taylor, VP of Manufacturing.
“Our goal is to sustain 100% of our manufacturing processes in
the US and by US workers. With the establishment of AMEC in Tunica,
we are among the very few EV companies that have a manufacturing
presence in the US,” said David Michery, CEO and Chairman of Mullen
Technologies.
“Tunica will allow us to perfect the engineering and
manufacturing processes involved in building our EVs, while
affording us the ability to assemble vehicles now. This
facility is ideal for Mullen’s upcoming initiatives and will be
pivotal in allowing us to get to the production of our vehicles in
less than typical time,” said David.
Mullen is currently working on getting its first mid-size,
all-electric SUV to market and is set to unveil the initial concept
vehicle in the coming months. In anticipation of the vehicle,
Mullen has already begun taking pre-orders with a refundable
deposit of $100.
About Mullen Technologies:Mullen Technologies
is a Southern California-based licensed vehicle manufacturer that
operates in various verticals of the businesses, focusing on the
automotive industry: Mullen Automotive, Mullen Energy, Mullen Auto
Sales, Mullen Funding Corp. and CarHub. Each of these divisions
provide Mullen with diversity of different products and services
within the automotive industry. For more information, please visit:
www.MullenUSA.com.
Forward-Looking Statements:This press release
contains "forward-looking statements." Words such as "may,"
"should," "could," "would," "predicts," "potential," "continue,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"estimates," and similar expressions, as well as statements in
future tense, often signify forward-looking statements. These
forward-looking statements include, without limitation, statements
relating to the proposed production date of the MX-05 midsize and
perceived advantages and future deployment of the solid-state
polymer battery technology. These forward-looking statements are,
by their nature, subject to significant risks and
uncertainties.
Forward-looking statements should not be read as a guarantee of
future performance or results and may not be accurate indications
of when such performance or results will be achieved.
Forward-looking statements are based on information that the
Company has when those statements are made or management's good
faith belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements, including any
changes in the laws, rules and regulations relating to any aspects
of the Company's business operations, general economic, market and
business conditions, including capital market developments, the
actions and developments of the Company's competitors and the
effects of competition in the EV industry on the demand for, and
price of, the Company's current and proposed products and services,
various business opportunities that the Company, and factors beyond
the Company's control. As a result of these and other risks,
uncertainties and assumptions, forward-looking events and
circumstances discussed herein might not occur in the way the
Company expects, or at all. Accordingly, you should not place
reliance on any forward-looking information or statements. The
Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events or otherwise. All forward-looking statements herein are
qualified by reference to the cautionary statements set forth in
this section.
For more information, please visit www.mullenusa.com.
Wire Service ContactInvestorWire (IW) Los
Angeles, Californiawww.InvestorWire.com212.418.1217
OfficeEditor@InvestorWire.com
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