GreenPower Motor (TSX:GPV.V) – LOI to Produce 20 All-Electric School Buses for Factory Rep ‘ADOMANI, Inc.’ – Oct 29 ’15

GreenPower Announces Letter of Intent to Produce 20 All-Electric School Buses for ADOMANI, Inc.

Vancouver, Canada October 29, 2015 – GreenPower Motor Company Inc. (TSXV: GPV) (OTCQB: GPVRF) (“GreenPower” or the “Company”), announced today that it has entered into a letter of intent with ADOMANI, Inc. (“ADOMANI”) pursuant to which it has agreed to produce 10 EVS 01M (Type A) all- electric school buses and 10 EVS 03 (Type C) all-electric school buses with delivery expected in the third quarter of 2016.

The aggregate purchase price for the 20 buses is more than U.S.$4 Million and is subject to U.S. Department of Transportation compliance and the State of California CHP School Bus inspection and S endorsement. The Company expects to satisfy those conditions by the second quarter of 2016, at which point ADOMANI will pay an initial deposit of 10% and the balance upon delivery.

GreenPower’s EVS 01M all-electric school bus will be configured with a wheelchair lift and space for up to four wheelchairs. GreenPower’s EVS 01M and EVS 03 incorporate in-wheel drive motors maximizing the batteries deployed on each of these buses, which combined with the battery management system delivers a range of more than 100 miles on a single charge.

Phillip Oldridge CEO of GreenPower, stated, “When we sought a distribution agreement with ADOMANI, we did so because they bring an established sales infrastructure and long standing relationships with school bus fleet managers. They are a trusted name in the space with an excellent reputation and this Letter of Intent to purchase 20 buses is a vote of confidence in our ability to acquire market share.”

For more information, visit www.adomanielectric.com, www.greenpowerbus.com.

 

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