NEWPORT BEACH, Calif., May 01, 2017 (GLOBE NEWSWIRE) -- ADOMANI, Inc. (NASDAQ:ADOM), (“ADOM,” “the Company,” “we” or “us”), a provider of advanced zero-emission electric and hybrid vehicles and replacement drivetrains, today announced it has received in escrow subscriptions totaling in excess of the $10.6 million minimum amount for its Regulation A+ Tier 2 offering (the “Offering”). The Offering is for a total of up to $25 million, including up to $3 million from certain of the Company’s stockholders. We erroneously reported in a press release dated April 25, 2017 that $22 million had to be raised in order for certain of our stockholders to participate in the Offering.
“We continue to be excited about the launch of our offering and the fact that we have exceeded the minimum amount required,” said President and CEO Jim Reynolds of ADOMANI, Inc. “We look forward to its successful completion soon, which will enable us to aggressively execute our business plan.
The Company is offering a minimum of 2,120,000 common shares and a maximum of 4,400,000 common shares at an offering price of $5.00 per share. Any interested parties should read the Company’s Offering Statement on Form 1-A, including the financial statements and risk factors, and other reports the Company may file with the SEC, and after having done so, should contact the Company for more information.
About the Company
ADOM is a provider of zero-emission electric and hybrid vehicles and replacement drivetrains that is focused on reducing the total cost of vehicle ownership. ADOM helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance. ADOM designs, manufactures and installs advanced zero-emission electric and hybrid drivetrain systems for use in new school buses and medium to heavy-duty commercial fleet vehicles. ADOM also designs, manufactures and installs unique and patented conversion kits to replace conventional drivetrain systems for diesel and gasoline powered vehicles, including buses, with zero-emission electric or hybrid drivetrain systems. In addition to benefitting our shareholders, we will also help improve the environment, and more importantly, improve the health of school children and citizens who live and work in and around traditional diesel and gasoline-fueled vehicles.
ADOM’s address is 620 Newport Center Drive, Suite 1100, Newport Beach, CA 92660, and ADOM’s telephone number is (949) 200-4613. The ADOM corporate website address is www.ADOMANIelectric.com.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities of the Company, including without limitation the common stock. Any such offer is made exclusively through the Company’s Offering Circular dated April 28, 2017, as the same may be amended or supplemented (the “Final Offering Circular”). The Final Offering Circular is available at www.flashfunders.com, https://www.sec.gov/cgi-bin/browse-edgar?company=adomani%2C+inc.&owner=exclude&action=getcompany, or may be obtained from Boustead Securities at (949) 502-4409 or angela@bousted1828.com.
Safe Harbor Statement
The company has made statements in this press release that are considered “forward-looking statements” which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control. For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in the “Risk Factors” section of the Final Offering Circular. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.