Grande West Provides Update on Current Vicinity(TM) Deliveries
ACCESSWIRE - 53 minutes ago
VANCOUVER, BC / ACCESSWIRE / January 4, 2021 / Grande West Transportation Group Inc. (TSXV:BUS.VN)(OTCQX:BUSXF)(FRA:6LG) ("Grande West" or the "Company"), a Canadian manufacturer of mid-sized multi-purpose transit vehicles for sale in Canada and the United States, is reporting on the current deliveries in the fourth quarter of 2020 and early first quarter of 2021.
In the third quarter Management Discussion and Analysis, the Company promised to provide a corporate update on expected deliveries. As previously disclosed, the Company has orders to deliver over $40 million before the second half of 2021. This is a very positive step towards regaining profitability and increased liquidity after the negative results of the pandemic.
The Company has started delivery of a large order of over 90 buses. The original target, set in the Summer of 2020, was to deliver these buses before year end. Approximately 75% of these buses are in the process of being delivered, but the vast majority will be delivered in the first quarter of 2021 due to COVID related slowdowns at the manufacturing plant and difficulties securing transportation for the buses. The remaining 25% of this order will also be delivered during the first quarter of 2021. All other orders expected for delivery before the second half of 2021 are on track.
The Company is also expecting the first electric buses, the Vicinity Lightning™, to be completed and ready to promote to customers in early 2021. Our first delivery to customers for EV buses is scheduled for 2021.
William Trainer, President and CEO, stated, "This is an exciting time to be a part of Grande West. We have created products built for communities with the impact on customers and the environment, first and foremost. Our Company is positioned well for the next stage in growth. We are refocusing our efforts in the U.S. by building a new manufacturing plant and increasing our market exposure, where possible, through new and existing networks. The prospects for Grande West have never been better."
The Company also announces that certain Eligible Directors have requested that their respective director's remuneration for the calendar year 2020 be paid in Deferred Share Units ("DSUs") and accordingly, the Company has granted 14,404 DSUs in connection with Directors Remuneration for Q4.
Additionally, the Company advises that it has come to its attention that it inadvertently did not press release the DSUs initially granted under its DSU Plan in 2019. Accordingly, the Company advises that during 2019, it had issued 108,403 DSUs to its Eligible Directors who had elected to receive their respective directors' remuneration for 2019 in DSUs. These DSUs were reported in the quarterly financial statements filed on SEDAR.