VANCOUVER, British Columbia and LISBON, Portugal, Feb. 01, 2022 (GLOBE NEWSWIRE) -- TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations,” or the “Company”), which is developing solutions to urban mobility challenges with the TUGA, a new type of Electric Vehicle (“EV”) is pleased to announce it has recently completed and released a video featuring a functional vehicle prototype in action.
The first significant step in vehicle development has been achieved and the TUGA Innovations team was determined to document and share this milestone event with its growing audience of supporters. To achieve this, the Company produced a short video demonstrating the vehicle and pride in overcoming certain challenges along the way.
In the video, viewers will note that more than just a test platform was achieved. The designers, working in partnership with the fabrication team at VANGEST S.A. in Portugal, were able to deliver a full multi-body array encompassing the proposed TUGA One, TUGA Deliver, and TUGA Commuter configurations.
The results are the culmination of complex coordinated efforts starting with the chassis and drivetrain engineers in Michigan working in tandem with the design and fabrication teams in Portugal.
“We are very proud to have achieved so much within such a short timeframe,” notes Company VP and Co-Founder César Barbosa. “For me personally its always exhilarating to see a vision become reality, and it truly takes a team effort to accomplish. I want to thank everyone involved, but we have to be practical and also realize that this is just a beginning, a great beginning, but for all of us, much more work lies ahead.”
The TUGA platform aims to address the many challenges faced when driving in, between, and around urban centres and metropolitan areas. The Company’s ’s electric three-wheeled vehicle design incorporates an innovative expandable rear axle supporting interchangeable bodies with plans to integrate digital connectivity into an advanced urban mobility solution that can be configured for the commuter, ride-share delivery, taxi, rental, and leisure markets.
Ross Plummer, head of marketing for TUGA Innovations comments, “This video signals the jumping-off point from which we aim to develop and activate our branding and digital strategies in the coming months. The concept provides so much to work with we were keen to get some actual footage released that shows the TUGA in action as well as the excitement and energy at the Company. So, on behalf of the whole team, we are delighted to introduce our video today.”
The TUGA Innovations video is now available at: https://tugainnovations.com/video-01.
Mr. John Hagie, CEO of TUGA Innovations states, “What a great feeling to experience our concept travelling at speed. During the roll-out, the TUGA demonstrated all the handling characteristics we anticipated and provided a very good level of comfort and agility. We are now entering the next phase of development and introducing the platform to several select development partners. Our immediate plans include further engineering, testing, and leveraging a variety of marketing efforts which will include placing the TUGA on display at our offices just outside Lisbon, Portugal.”
In related news the Company wishes to advise it has received approval for listing on the OTC Markets in the USA under the ticker symbol TUGAF and has applied for eligibility approval with the Depository Trust Company (DTC) for automated securities processing. Additional details will be provided as they become available.
On behalf of the Board of Directors,
Sincerely,
~John Hagie~
John Hagie
Chief Executive Officer & Director
TUGA Innovations, Inc.
About TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF)
TUGA Innovations is a development-stage EV company undertaking the conception, design, and production of specialized EVs to improve the urban mobility experience. The Company is looking to reduce urban mobility difficulties by developing a three-wheeled, fully electric fore-and-aft 2-seat vehicle. The vehicle will be no wider than a motorcycle for agility and will have a patent-pending expanding rear axle for high-speed stability. The vehicle will offer advanced connectivity technology to maximize safety, performance, environmental impact, comfort, maintenance, and navigation. The TUGA vehicle is designed to deliver an estimated 160 km range, have an estimated top speed of 140km/hour with the comforts of a car, and with more protection than a motorcycle in an interchangeable multi-body, multi-function platform. Find out more at: https://tugainnovations.com/.
For further information, please contact:
TUGA Investor Relations
Tel: +1 415.799.7911
Email: info@tugainnovations.com
Forward-Looking Statement
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “aim”, “aims to”, “may”, “would”, “could”, “will”, “will be” “likely”, “expected”, “anticipated”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to advancing the TUGA development and the Company’s commercialization of its automotive concepts, the Company addressing challenges faced when driving in, between, and around urban centres and metropolitan areas; the Company’s target markets, the Company developing and activating its branding and digital strategies, the Company’s immediate developmental plans; the Company displaying the TUGA at the Company’s office, the width of the vehicle, the expanded rear axle feature of the vehicle, the advanced connectivity features of the vehicle and anticipated benefits, the km range and top speed of the vehicle, the protection and platform offered by the vehicle.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s final prospectus dated November 30, 2021 under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
