CINCINNATI, Nov. 9, 2020 /PRNewswire/ -- Workhorse
Group Inc. (Nasdaq: WKHS) ("Workhorse" or the
"Company"), an American technology company focused on providing
sustainable and cost-effective drone-integrated electric vehicles
to the last-mile delivery sector, announced today that it has
received a purchase order for 500 of its all-electric C-1000
delivery vehicles from Pritchard Companies ("Pritchard").
Inventory financing will be provided by Hitachi Capital America
("Hitachi Capital America" or "HCA") as part of the Company's
previously announced strategic partnership with
HCA. Vehicles will be distributed through Pritchard Companies'
dealership locations across the country. Throughout its 107 years
of operating history, Pritchard Companies has developed a robust
national network of partners and is one of the nation's largest
commercial vehicle distributors, selling over 30,000 units annually
to customers across all 50 states.
"With this significant order and agreement from Pritchard, we
can build upon our nationwide distribution network and expand the
number of potential fleet customers that will be able to operate
and own a Workhorse delivery truck," said Company CEO Duane Hughes. "Along with HCA's financing
programs, Pritchard will be able to offer fleet customers a variety
of flexible options to start using our last-mile delivery vehicles,
lowering the barrier to entry for adoption and enabling total cost
of ownership advantages from the outset."
"We see this initial 500 vehicle purchase as being the first of
many future orders and look forward to growing with Workhorse in
2021 and beyond," said Ryan
Pritchard, COO of Pritchard Companies EV Division.
"We appreciate the opportunity to be one of the first companies
to commercially offer this state-of-the-art all-electric vehicle to
our fleet customers and believe that the market acceptance will be
resoundingly positive and swift," added Joe
Pritchard, President and owner of Pritchard Companies.
"To us, the Workhorse C-1000 is a significant milestone in the
electrification of last mile delivery trucks," said Kirk Mann, SVP & GM Transportation Finance
at Hitachi Capital America. "We are proud to be the financing
partner to this important electric vehicle fleet program."
The Workhorse C-1000 all-electric truck offers a lightweight
design, creating maximum range from modular battery packs. The
vehicle also features a low floor that allows easy access for the
driver while facilitating loading and unloading. Workhorse recently
became the first original equipment manufacturer ("OEM"), to have
its medium-duty all-electric parcel delivery truck certified by
both the U.S. Environmental Protection Agency and California Air
Resources Board thereby permitting the sale of the vehicle to all
50 U.S. states.
Fleet owners and management who would like to learn more and
reserve their own can visit: www.pritchardworkhorse.com.
About Workhorse Group Inc.
Workhorse is a technology
company focused on providing drone-integrated 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 www.workhorse.com.
About Pritchard Companies
Established in 1913,
Pritchard Companies is a national automotive enterprise, providing
fully integrated solutions to the commercial vehicle industry. The
Company owns and operates locations across the United States, representing the world's
finest truck and bus manufacturers. They offer a full range of
products, from sales of new and used vehicles to aftermarket parts
and service, to financing, insurance, telematics, leasing and
rental. Additional information about Pritchard Companies products
and services is available at www.pritchardco.com.
About Hitachi Capital America Corp.
Hitachi Capital
America provides financing and services solutions that help
businesses in the U.S. and Canada
achieve their growth objectives. Our offerings include mobility
supply chain solutions, retail and wholesale financing for work
truck dealers, vendor programs for OEMs, inventory finance solution
for technology dealers, structure finance solutions for a variety
of projects and as-a-service needs, and asset-based lending and for
a variety of businesses. In keeping with our social innovation
focus, HCA strives to improve society by supporting the United
Nations' Sustainable Development Goals. We are proud to provide
solutions that enable energy efficiency and mobility improvements
for many business and organizations. For additional information
visit https://www.hitachicapitalamerica.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.
Workhorse Media Contact:
Mike Dektas
Creative
Storm PR
513-266-3590
mike@creativestorm.com
Workhorse Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Investor Relations
949-574-3860
WKHS@gatewayir.com
Pritchard Companies Contact:
Jake Oswald and Carly Beisel
Pritchard Companies
612-315-1051
marketing@pritchards.com
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SOURCE Workhorse Group Inc.