VANCOUVER, British Columbia and LISBON, Portugal, March 23, 2022 (GLOBE NEWSWIRE) -- TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations,” or the “Company”), which is developing solutions for urban mobility challenges with the TUGA, a new type of electric vehicle (“EV”), is pleased to announce it has filed a U.S. provisional patent application for a new approach to fore-and-aft seating comfort.
The Company’s expanding length vehicle chassis (“ELVC”) system is designed to offer a unique backwards movement of the rear part of the vehicle chassis to enable improved passenger entry and exit. The Company proposes to integrate the ELVC system into the TUGA, a three-wheeled, fully electric fore-and-aft 2-seat vehicle which is being developed by the Company. The vehicle is no wider than a motorcycle for agility and boasts a patent pending expanding rear axle for stability at higher speeds.
Designed to deliver a 160 km range with a proposed top speed of 140km/hour, the TUGA aims to deliver the comforts of a car with more protection than a motorcycle. The interchangeable multi-body, multi-function platform also aims to incorporate advanced connectivity technology to maximize safety and performance, supervise environmental considerations, improve overall comfort and ride, manage maintenance schedules, and introduce assistive semi-autonomous navigation. The concept of modifying the body and chassis for greater passenger comfort demonstrates the commitment to excellence TUGA Innovations aims to deliver.
César Barbosa, TUGA Innovations VP, Co-Founder, and author of the patent notes, “From an initial key customer conversation, we began to increase our focus on the passenger experience. This reflection led us to consider how to make the person behind the driver even more comfortable. Just as getting on and off a motorcycle can require physical effort, we wanted to propose a different approach that maximized the TUGA experience. I believe that our ELVC system should make the customer seating experience equally exceptional for both driver and passenger. We are currently in development and moving towards prototyping and finalization of details. With the help of our excellent Portuguese-based strategic partners at Optimal Structural Solutions and Vangest Group, the development of a functioning ELVC-enabled TUGA prototype is a work in progress.”
Company CEO John Hagie notes, “Based on experience, I can say that’s its easy to find motorcycles or a variety of fore-and-aft 2-seat vehicles that have fixated their design features on the driver to the detriment of the passenger experience. This new approach from TUGA Innovations aims to provide us the ability at the flick of a switch to provide what we think is the perfect experience for both. Innovation is at the heart of our company, and we aim to add value by promoting creative thinking and by aggressively protecting our Intellectual Property (“IP”). Photos and examples of the expanding chassis will be posted on our website as we move the engineering and IP protection forward. We always strive to ensure our stakeholders, partners and shareholders are kept up to date regarding our business advancement and developmental progress through timely news releases and updates on our website.”
Venture Liquidity Providers, Market Making Services
The Company also announces that it has engaged the services of Venture Liquidity Providers Inc. (“VLP”) (located at 1McGuire Crescent, Uxbridge, ON L9P 1G7, email: finance@vlpinc.net) to provide market-making services in accordance with the policies of the Canadian Securities Exchange (the “CSE”). VPL will trade common shares in the capital of the Company on the CSE with the purposes of maintaining an orderly trading market and improving the liquidity of the Company’s common shares.
Pursuant to the services agreement between the Company and VLP (the “Agreement”), the Company agreed to pay VLP a fee of C$5,000 per month. The Agreement is for an initial term of three months and will renew for additional one-month terms unless terminated. There are no performance factors contained in the Agreement. Additionally, VLP will not receive shares or options of the Company, or any other form of equity-based compensation as payment. VLP is an arms-length party to the Company.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on venture issuers.
On behalf of the Board of Directors,
Sincerely,
~John Hagie~
John Hagie
Chief Executive Officer & Director
TUGA Innovations, Inc.
As part of the Company’s disclosure obligations as a public issuer, ongoing financial and material filings can be found under the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
About TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF)
TUGA Innovations is a development-stage electric vehicle 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 and a proposed patent pending expandable chassis and body length for passenger comfort. The vehicle will offer advanced connectivity technology to maximize safety, performance, environmental impact, comfort, maintenance, and navigation. The TUGA vehicle is being 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 the Company holding intellectual property, the creation of an advanced automotive platform, 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 width of the vehicle, the expanded rear axle feature of the vehicle, the advanced connectivity features of the vehicle and anticipated benefits including: safety and performance, supervision of environmental considerations, improved comfort and ride, management of maintenance schedules, and introduction of assistive semi-autonomous navigation, the km range and top speed of the vehicle, the protection and platform offered by the vehicle, the quality of the customer seating experience produced by the ELVC system, the flick of a switch capabilities of the TUGA, the Company adding value by creative thinking and IP protection, and photos and examples of the expanding chassis being posted on the Company website.
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.
