CINCINNATI, April 16, 2020 /PRNewswire/ -- Workhorse
Group Inc. (NASDAQ: WKHS) ("Workhorse" or "the
Company"), an American technology company focused on providing
sustainable and cost-effective electric vehicles to the last mile
delivery sector, recently entered into a Paycheck Protection
Program Term Note ("PNC Note") with PNC Bank under the Paycheck
Protection Program ("PPP") of the recently enacted Coronavirus Aid,
Relief, and Economic Security Act ("CARES Act") administered by the
U.S. Small Business Administration ("SBA").
Under the terms of PNC Note, Workhorse received total proceeds
of $1,411,000. In
accordance with the requirements of the CARES Act, the Company will
use proceeds primarily for payroll costs. During the first six
months of the PNC Note, neither principal nor interest shall be due
and payable during this deferral period and a large portion of the
loan could be forgiven should the Company meet certain
qualifications under the program.
"We are appreciative of the federal government's recognition and
support of small business needs during an unprecedented time in our
nation's history," said Workhorse CFO Steve
Schrader. "Because of the proactivity of our leadership team
in responding to the requirements of the SBA PPP application
process, we were able to access this relief swiftly and without
issue. These funds will go a long way in allowing us to continue to
meet our payroll needs and, as an essential business supporting the
package delivery industry, keeping all our employees safe and
working is critical through this challenging period.
"More generally, over the past year-plus period, we've seen a
growing interest in our ground-based delivery vehicles with their
integrated Horsefly drone capabilities as America and the global
economy has become increasingly reliant on online ordering and
at-home delivery. The various industry shutdowns over the past few
weeks have made this demand greater and the need more immediate. We
are committed to supporting our customers and partners as they
perform these vital delivery and support services during this
period."
For additional details, please reference the Form 8-K filed with
the U.S. Securities and Exchange Commission on April 16, 2020.
About Workhorse Group Inc.
Workhorse is a technology company focused on providing electric
vehicles to the last-mile delivery sector. As an American original
equipment manufacturer, we design and build high performance,
battery-electric vehicles including trucks and aircraft. Workhorse
also develops cloud-based, real-time telematics performance
monitoring systems that are fully integrated with our vehicles and
enable fleet operators to optimize energy and route efficiency. All
Workhorse vehicles are designed to make the movement of people and
goods more efficient and less harmful to the environment. For
additional information visit workhorse.com.
Forward-Looking Statements
This press release includes forward-looking statements.
These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
statements may be identified by words such as "believes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"should," "seeks," "future," "continue," or the negative of such
terms, or other comparable terminology. Forward-looking statements
are statements that are not historical facts. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from the
forward-looking statements contained herein. Factors that
could cause actual results to differ materially include, but are
not limited to: our limited operations and need to expand in the
near future to fulfill product orders; risks associated with
obtaining orders and executing upon such orders; the ability to
protect our intellectual property; the potential lack of market
acceptance of our products; potential competition; our inability to
retain key members of our management team; our inability to raise
additional capital to fund our operations and business plan; our
inability to satisfy covenants in our financing agreements; our
inability to maintain our listing of our securities on the Nasdaq
Capital Market; our inability to satisfy our customer warranty
claims; our ability to continue as a going concern; our liquidity
and other risks and uncertainties and other factors discussed from
time to time in our filings with the Securities and Exchange
Commission ("SEC"), including our annual report on Form 10-K filed
with the SEC. Workhorse expressly disclaims any obligation to
publicly update any forward-looking statements contained herein,
whether as a result of new information, future events or otherwise,
except as required by law.
Media Contact:
Mike Dektas
Creative Storm PR
513-266-3590
mike@cre3ativestorm.com
Workhorse Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
WKHS@gatewayir.com
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SOURCE Workhorse Group Inc.