VANCOUVER, B.C., Aug. 29, 2018 (GLOBE NEWSWIRE) -- GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) (“GreenPower” or the “Company”) announces financial results for its first quarter ended June 30, 2018.  All amounts are in U.S. dollars.

Highlights for the Quarter included:

• The Company entered into an exclusive factory representative agreement with Creative Bus Sales, the U.S.’s largest bus dealer for sales, parts and service with 19 physical locations, a 75-person sales team and 200+ service and support staff.
• Received order from Creative Bus Sales for 100 buses.
• Secured the first sale of the EV Star all-electric Mini-eBus to the Port of Oakland as an employee shuttle for on-property transportation.
• Received order for two EV Star All-Electric Mini–eBuses from the University of California San Francisco, San Francisco’s second-largest employer.
• Sold three EV350 forty foot low floor transit style buses.
• Conducted Synapse 72 school bus demonstrations at 14 different school districts.
• Demonstrated the Synapse Shuttle with the Los Angeles Sheriff’s Department.
• Demonstrations with the EV350 forty foot bus and the all-electric double decker bus.
• Obtained a revolving operating demand loan for US $2,000,000 from BMO Bank of Montreal to be used to primarily finance production costs for GreenPower’s buses.
• Attended CALACT Spring 2018 conference and the EV350 forty foot transit bus was driven from Porterville to Long Beach using only 50% of its battery power.
• Attended the Advanced Clean Technology (ACT) Expo, CASTA in Colorado Springs, Prop 39 school bus replacement program as well as Creative Bus sales training.
• The shareholders approved the shareholder rights plan.
• At the quarter-end the Company had positive working capital of $1.9 million. 

At the end of the quarter GreenPower had a total of 22 vehicles in various stages of production including six EV350’s, six Synapse 72 school buses and ten EV Stars. 

For the three month period ended June 30, 2018, the Company recorded revenues of $2,480,412 and cost of revenues of $1,612,229 generating a gross profit of $868,183 or 35% of revenues. The revenue was generated from the sale of three EV350’s.  Expenses amounted to $1,497,362 which after excluding non-cash items totalling $296,103, interest of $153,867 and product development costs of $163,622 resulting in an adjusted EBITDA* of $(15,587).

"With the increased production and orders we are on track to achieving the objective of sustained quarterly profitability and positive cash flow from operations by the end of the current fiscal year," said Fraser Atkinson, Chairman of GreenPower. 

GreenPower also announces that it intends to amend the terms of 311,497 common share purchase warrants (each, a “Warrant”) including 34,227 Warrants issued to two directors of the Company, previously issued pursuant to a non-brokered private placement that closed on October 17, 2016. The Warrants were originally exercisable by the holder at a price of $1.10 per Share in the first year after issuance and $1.50 per Share in the second year after issuance, subject to adjustment.  The Company also intent to extend the expiry date of the Warrants by two years with an exercise price of $1.10 per Share. Following the extension of the term of the Warrants, each Warrant will entitle the holder thereof to acquire one Share at an issue price of $1.10 per Share on or before October 17, 2020.  The proposed amendments to the Warrants are subject to the approval of the TSX Venture Exchange. The Company will also be amending the terms of 32,000 options granted to a consultant on February 2, 2017 at a price of $0.75 for a term of five years (the “Options”).  The expiry date of these Options will be extended by three years at a price of $0.75 per Share.

For further information contact:

GreenPower Motor Company

Fraser Atkinson, Chairman
(604) 220-8048

Brendan Riley, President
(510) 910-3377

Elevator Communications, LLC
John Reed, Media Relations
(415) 846-4862

About GreenPower Motor Company Inc.

GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, and a double decker.  GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions.  GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements.  For further information go to www.greenpowerbus.com.

Forward-Looking Statements

This document contains forward-looking statements relating to, among other things, GreenPower’s business and operations and the environment in which it operates, which are based on GreenPower’s operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower’s control, such as the regulations and requirements in different jurisdictions. A number of important factors including those set forth in other public filings (filed under the Company’s profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

* Non IFRS Financial Measure: “Adjusted EBITDA” reflects net income (loss) for the period of (629,179) before interest and accretion of $242,474, taxes of Nil, share-based payments of $92,806, product development costs of $163,622 and depreciation and amortization of $114,690 .  Adjusted EBITDA is a measure used by analysts and investors as an indicator of operating cash flow since it excludes the impact of movements in working capital items, non-cash charges and financing costs. Therefore, Adjusted EBITDA gives the investor information as to the cash generated from the operations of a business.  However, Adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for other financial measures of performance.  Adjusted EBITDA as calculated by GreenPower may not be comparable to Adjusted EBITDA as calculated and reported by other companies.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts in U.S. dollars.   © 2018 GreenPower Motor Company Inc. All rights reserved.