VANCOUVER, British Columbia, Nov. 29, 2017 (GLOBE NEWSWIRE) -- GreenPower Motor Company Inc. (TSX-V:GPV) (OTCQX:GPVRF)
(“GreenPower”) has received a purchase order for two of its EV550 all-electric double decker buses from CVS Tours
Ltd., a Canadian motor coach company. The purchase order follows a successful pilot project between GreenPower, CVS Tours and the
Greater Victoria Harbor Authority, in which GreenPower deployed its first all electric double decker bus on the basis of a one-year
lease.
GreenPower and CVS Tours are currently exploring a number of funding programs to accelerate the electrification
of CVS Tours’ fleet of double decker buses. Under the new agreement, CVS Tours will purchase up to seven additional EV550
all-electric double decker buses over the next three years. The full purchase would result in the total electrification of
CVS’s fleet of double decker buses and represent one of the largest orders from a Canadian bus operator for all-electric buses of
any type.
“I have been thrilled with the capabilities of GreenPower’s EV550 such that we are purchasing two now and up to seven over the next
three years,” said CVS Tours General Manager David Roberts. “Our long-term goal is to be fully electric and zero-emission with our
entire fleet of double decker buses by 2021.”
To facilitate the purchase, GreenPower worked with a third-party leasing company to create a five-year leasing
program specifically designed for GreenPower’s products. GreenPower anticipates that the funding will be completed for the two
double decker buses within the next month.
About GreenPower Motor Company Inc.
GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers
a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or
high floor body. GreenPower’s bus is based on a flexible clean sheet design and utilizes a custom battery management system
and a proprietary Flex Power system for the drive motors. GreenPower integrates global suppliers for key components such as
Siemens for the two drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM
platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance
and accessibility for warranty requirements. For further information go to www.greenpowerbus.com.
Forward-Looking Statements
This document contains forward-looking statements relating to, among other things, GreenPower’s business and
operations and the environment in which it operates, which are based on GreenPower’s operations, estimates, forecasts and
projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about
future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the
future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of
forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or
“continue”, or the negative thereof or similar variations. These statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict or are beyond GreenPower’s control, such as the regulations and requirements
in different jurisdictions. A number of important factors including those set forth in other public filings (filed under the
Company’s profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed
in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements.
In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or
obligation to update or revise any forward-looking statements whether as a result of new information, future events or
otherwise.
For further information contact:
Fraser Atkinson, Chairman
(604) 220-8048
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. © 2017
GreenPower Motor Company Inc. All rights reserved.
