Toronto, Ontario--(Newsfile Corp. - June 9, 2022) - Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the "Company" or "Datametrex'') is pleased to announce the acquisition of EV Connect Solutions Inc. ("EV Connect"), a private Ontario company that is focused on the emerging global electric vehicle charging infrastructure market that is estimated to reach US$147.94 billion by 2030 (Source: Emergen Research, (2022, March 14) Global Electric Vehicle Charging Infrastructure Market Size to Reach US$147.94 Billion in 2030. (Source: https://www.prnewswire.com/news-releases/global-electric-vehicle-charging-infrastructure-market-size-to-reach-usd-147-94-billion-in-2030--emergen-research-301501946.html) The Company is entering the market with industry-leading technologies which include roadside charging units and an evolving proprietary roadside assistance mobile application. EV Connect is the exclusive Canadian partner of EVAR, a company that is a spin-off from Samsung Electronics C-Lab.
Transaction Terms
The Company, EV Connect, and the shareholders of EV Connect have entered into a share purchase agreement pursuant to which the Company acquired all the issued and outstanding shares of EV Connect for an aggregate deemed purchase price of $10,000,000. The purchase price was satisfied by the issuance of an aggregate of 66,666,667 common shares of the Company issued at a deemed price of $0.15 per share.
Additional transaction information:
- There were no finder's fees paid in connection with the transaction.
- The share purchase agreement was signed and closed on June 8, 2022.
- EV Connect has zero debt.
- The transaction will not result in any change of control or the creation of new control persons at the Company.
"I am very happy to be a part of the Datametrex family. This will allow EV Connect to expedite its business plan and leverage the expertise of the team of experts. We are looking forward to growing EV Connect as part of Datametrex," said Gregory Lee, President of EV Connect.
"This is a very exciting acquisition as we can utilize our team of developers and knowledge of product development to enter the emerging electric vehicle space - an exciting and growing industry that will be here for a long time and represents significant potential for Datametrex and its shareholders", said Marshall Gunter, CEO of the Company.
With the Canadian government providing big incentives to drive EV adoption with a target date of 2023 to create a zero-emission vehicle infrastructure, many adoption barriers still exist. Most Canadians living in urban cities face harsh winters which makes driving conditions difficult. A recent research study from KPMG shows that 64% of Canadian drivers feel that EVs are not always reliable in cold weather. Just over half (51%) in the study said that they expect public charging stations to work quickly (no more than 20 minutes), with 79% saying they would not even consider an EV that does not have a driving range of at least 400 kilometres. (Source: KPMG, (2022, February 16) Canadians Hot on Electric Vehicles but Cold on Charging Ability. https://home.kpmg/ca/en/home/media/press-releases/2022/02/canadians-hot-on-electric-vehicles-but-cold-on-charging.html)
One of the biggest concerns affecting EV owners today is "range anxiety''- the worry that driving too far from a charging station will leave you stranded with a dead battery. EV Connect wants to alleviate range anxiety with its proprietary direct charging technology that keeps drivers charged and prepared to go the distance. The Company believes that EV Connect's roadside assistance will solve range anxiety along with other common charging station issues such as station failures and long waiting time to charge- approximately eight (8) hours. Furthermore, the Company is focused on keeping its services quick and cost-effective.
EV Connect Business Highlights
- Focus on electric vehicle mobile charging solutions using its mobile vehicles and mobile application.
- The simple mobile application allows clients to reserve its roadside assistance EV charging service drivers, much like Uber and similar share economy apps.
- The Company is in the process of rolling out several EV Charging Vehicles with battery management systems (BMS).
- EV Connect targets the beta test of its mobile application in Q3/22 and plans to have its leading-edge charging vehicles on the road by year-end. Future growth plans include generating revenue within the year and expanding into other cities in North America.
EVAR Highlights
- EVAR is one of the developers of innovative solutions for electric vehicle charging and is one of the world's first developers of autonomous EV recharging robots.
- EVAR is a spin-off from Samsung Electronics C-Lab with a focus on creating a hassle free, EV recharging environment.
- EVAR won the innovation award at CES 2022, the world's largest technology event along with "Best Innovation" award from Lotte Construction.
EVAR obtains Li-ion batteries from SK ON, LG Energy Solution and Samsung SDI and serves as technical advisors for these major Korean battery corporations.
To learn more about EVAR, please visit: https://www.evar.co.kr/.
EV Connect Solutions Overview
EV Connect is trailblazing the electric vehicle (EV) industry with its leading-edge mobile charging units and proprietary mobile application. EV Connect provides solutions for drivers facing electric vehicle charging issues with its mobile charging unit with 24/7 roadside assistance, helping them get charged quickly while on the go and preventing potential delays and issues in the future with their AI technology.
For additional information on EV Connect Solutions, please visit the Company's website at www.evconnectsolutions.com.
About Datametrex
Datametrex AI Limited is a technology-focused company using artificial intelligence (AI) to create progressive solutions for the cyber security, telehealth, and electric vehicle (EV) verticals. Datametrex's mission is to provide tools that support companies in fulfilling their operational goals with predictive and preventive technologies.
For additional information on Datametrex and other corporate information, please visit the Company's website at www.datametrex.com.
For further information:
Kristina Colpitts- Director, Communications
Email: investors@datametrex.com
Telephone: 416-901-5611 x 204
Marshall Gunter- CEO
Email: mgunter@datametrex.com
Tel: 514-295-2300
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.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.
All statements included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. There is no guarantee that its EV Connect Solutions business will be successful. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not undertake to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events, or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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