TORRANCE, CA, April 21, 2021 (GLOBE NEWSWIRE) -- Video River Networks, Inc. (OTC PINK:NIHK) (the "Company"), an Electric Vehicles and Battery Technology holding company, is pleased to announce the establishment of 100% owned subsidiary, American Electric Vehicles and Battery Technology, Inc., in preparation for the execution of the proposed Joint Venture (“JV”) with China’s Lingstar Co., a Chinese Electric Vehicles Company. See. https://businesssearch.sos.ca.gov/Document/RetrievePDF?Id=04714365-30201993
Mr. Frank I Igwealor, President and Chief Executive Officer of the Company, commented, “With our newly established EV subsidiary in California, we expect to swiftly execute the proposed Joint Venture with Lingstar to establish an operational base in China to source, design, develop, manufacture and distribute high-quality and affordable, high-performance fully electric vehicles in North America. We believe the company is at the right place at the right time because of its prescient strategic pivot into EV, Ai, Machine-Learning and Robotics in the third quarter of 2020. We expect the JV would provide us industry chain layout to establish a robust risk EV and Battery Technology supply-chain and optimal value delivery. With the support from our dedicated professional team, here in America, JV partners in China and industry experts, we look forward to performance and maximizing the values for our shareholders.”
As our next step, we plan to seek a placement agent to help us distribute the recently proposed offering of our Special Purpose Acquisition Class (SPAC). However, there is no guarantee that we will be successful in our search or the SPAC offering in part, or at all, or that we will commence the purposed business as planned, or at all. Shareholders are cautioned not to place undue reliance on this press release.
About Video River Networks, Inc.
Video River Networks, Inc. is an Electric Vehicles and Battery Technology holding company that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics ("EV-AI-ML-R") assets, businesses and operations in North America. The Company's current and target portfolio businesses and assets include operations that design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning and Robotic technologies NIHK's current technology-focused business model is a result of our board resolution on September 15, 2020 to spin-in/off our specialty real estate holding business to an operating subsidiary and then pivot back to being a technology company. The Company has now returned back to its original technology-focused businesses of Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
CONTACT:
Video River Networks, Inc.
370 Amapola Ave., Suite 200A
Torrance, CA 90501
contact@videorivernetworks.net