NEW YORK, Aug. 26, 2019 /PRNewswire/ -- Ideanomics Inc. (Nasdaq: IDEX) has today released details of its Mobile Energy Group (MEG) operations, including details of MEG's 4 key business units as revenue drivers. The company has been very active in the new energy vehicle market through a mixture of acquisition, JV, and partnership activities with leading EV, Fuel Cell, Charging Network, Electrical Grid, Fleet Management, Lease Financing, and ABS providers to develop participation in the full value chain.
The group's 4 key business units are Energy Supply, which brings together leading electrical energy providers and technology for grid-based and on-site energy production; Battery Operations with leading fuel cell partners and fast-charging capabilities; Sales and Financing with leading financial partners and manufacturer alliance for group-buying and competitive financing solutions; and the IoV (Internet of Vehicles) business unit which combines real-time data services to assist with all aspects of fleet management from sales and financial services through to dealer management, built on a blockchain-based, data-driven, platform.
Additionally, the MEG group is positioning a concept for commercial vehicle and fleet markets based on fractional ownership of commercial vehicles, such as trucks, to democratize the ownership of profitable fleet activities and help manufacturers, distributors, and last-mile delivery providers achieve a more efficient ownership model.
"Now that we are underway with the new energy vehicle sales and financing activities, we felt it was the right rime to share our MEG activities in detail for the first time. The value chain you see in our model has been carefully constructed over the past 24 months, as we became aware of the opportunity to help the new energy vehicle industry come together in an innovative and cohesive manner that benefits participants at every level, whether parts suppliers and manufacturers, energy providers, or fleet managers," said Alf Poor, CEO of Ideanomics. "We're focused on delivering value to each of our partners, and the broader industry in general, and we're excited to see our MEG division take shape and emerge with a strong thought leadership role in the future of the automotive industry. This model is a blueprint for efficiency, which we believe will serve the entire value chain and help new energy vehicles accelerate the pace of change in the automotive industry such that we reduce its reliance on fossil fuels. We're thrilled to share this with our partners and the broader investment community at this time."
Ideanomics would also like to remind its partners and shareholders that it is not materially impacted by geopolitical activities, such as the recent announcements of reciprocal tariffs in relation to trade between the United States and China. The conversion of diesel and petroleum energy buses into EV and Hydrogen-powered buses under way in China is a government mandated initiative which is focused on the reduction of carbon emissions and pollution within a 2022 timeline, and is not subject to disruption by political or economic factors, such as trade talks or potential market downturns. The company does not anticipate any delays in its activities due to the broader geopolitical climate.
To that end, Ideanomics' Chairman, Dr. Bruno Wu, recently completed a private purchase of 1.7 Million shares at a price of $3.00 per share, which represents a premium to the current share price. Dr. Wu became aware of another investor requiring liquidity from their share holding in Ideanomics and negotiated to purchase those shares directly at a price which both sides agreed better represented the value of the shares. The total value of the transaction was $5.1 Million dollars and was reported in the company's recent 10-q filing for Q2.
About Ideanomics
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provides our customers and partners better efficiencies, technologies, and access to global markets.
Ideanomics, through its investments and, along with its partners curate innovation around the globe through hubs and centers that foster a pipeline of technological excellence in cleantech, fintech, tradetech, agritech, regtech, insuretech, playtech, healthtech, cyber security, and more.
The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for Technology and Innovation in West Hartford, CT, named Fintech Village.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications at Ideanomics
55 Broadway, 19th Floor New York, New York 10006
Email: ir@ideanomics.com
www.ideanomics.com
Tel: +1.212.206.1216
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