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EV Technology Group Announces Definitive Agreement to Acquire Portfolio of Iconic Automotive Brands of Ford, Maserati and Ferrari Coach BuildersTORONTO, Sept. 16, 2022 (GLOBE NEWSWIRE) -- EV Technology Group Ltd. (the “Company” or “EV Technology Group”) (NEO: EVTG, OTCQB: EVTGF, DE: B96A) announces that it has entered into a share exchange agreement (the “Definitive Agreement”) with 1000310362 Ontario Inc. (the “Target”) and its shareholder, to acquire a portfolio of intellectual property including iconic brands Officine Stampaggi Industriali, Fantuzzi, Marazzi and Brewster & Co. (the “Transaction”). EV Technology Group has a strategy of acquiring iconic, well loved automotive brands and then electrifying them for the future of motoring. This strategic transaction expands the portfolio of brands under EV Technology Group’s control and represents major potential to expand the future landscape of electric motoring. The brands in the acquisition represent the epitome of world-class design and heritage, giving EV Technology Group the ability to leverage on existing brand value, and offer unique luxury EVs, with existing charm and heritage, to customers across the globe. The brands in the Transaction include: Marazzi, Fantuzzi, Brewster & Co and Officine Stampaggi Industriali - joining the EV Technology Group portfolio of strategic brands Fantuzzi Marazzi Officine Stampaggi Industriali Brewster & Co Pursuant to the Definitive Agreement, EV Technology Group will issue a total of 1,950,000 common shares of the Company (the “Payment Shares”) to the shareholder of the Target in exchange for all of the issued and outstanding shares of the Target, with a number of the Payment Shares subject to contractual lock-up restrictions. No finder fees will be paid in connection with the Transaction. Wouter Witvoet, CEO of EV Technology Group said, “EV Technology Group firmly believes in the future of electric vehicles, and currently the most efficient way to drive adoption is with the power of brands. By acquiring iconic vehicles, we take inspiration from the brand, including its design, values, heritage and ambition. This addition of four incredibly historic Companies within our portfolio is strategic and represents our trajectory to becoming one of the most prominent electric automotive brands of today.” EV Technology Group Media Investor Relations EV Technology Group Forward-Looking Information This news release contains forward-looking statements including, but not limited to: the closing of the Transaction and EV Technology Group operations, expectations, and future actions. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements, including those factors discussed under “Risk Factors” in the filing statement of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except where required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. THE NEO STOCK EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1c9e71f1-de3f-469b-ae54-77a514882da9 |