VANCOUVER, British Columbia and LISBON, Portugal, Aug. 11, 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 a full lineup of vehicle models being designed to satisfy the addressable requirements of commercial fleet operators and independent consumers alike.
Based on additional market research, TUGA Innovations embarked on a re-positioning strategy that emphasizes and clarifies the TUGA's ability to easily transform functional aspects of the base model design. The Company has finalized a number of pre-determined configurations that share a several design features and functional elements that are being forged into an entire family of vehicles by introducing a new range of models, from high-end limited-edition versions through to mobility-oriented, service-focused, and utility vehicles.
As part of this enhanced go-to-market strategy, the Company proposes to offer three different defined TUGA vehicle categories offering patent-pending retractable rear axle and extendable chassis options which are being further segmented to serve different needs and market sectors.
The entire TUGA product family being designed offers a fundamental flexible design criteria based on reduced width for agile manoeuvring in traffic and easy parking. The retractable rear axle delivers greater stability at highway speeds, and the extendable chassis makes passenger access into and out of the vehicle super-easy and incorporates multiple roll bars for enhanced overall passenger safety. The Cargo and Pickup versions are being designed to bring a more utilitarian execution to the design with a fixed chassis length focussed on increased storage capacity. For more vehicle information visit the TUGA Platform.
César Barbosa, VP and TUGA Project Lead says, "We are providing not just a vehicle, but a solution to urban mobility challenges. From our original concept prototype, which was successfully completed last year, we saw the opportunity to upgrade into a TUGA family of product offerings. Among the many features on the vehicle, I am particularly pleased to introduce our patent-pending Extendable Rear Chassis. This feature was monumental in delivering enhanced ergonomics, safety, and performance. I am very pleased with the results."
TUGA CEO John Hagie adds, "César and his team have done an amazing job to maximise the benefits, features, and performance of the entire product line. Innovation is at the core of their work. We now have a very solid solution to meet multiple use-cases and market segments, all predicated upon a common base model. This approach aims to stabilize costs and streamline production efficiencies. We will bring more news about vehicle development and commercialization progress as we move ahead and continue to build-out the value of our exciting venture."
On behalf of the Board of Directors,
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. We invite the public to visit our website at www.tugainnovations.com and to sign up to our "news alerts" to be advised of future news and events. Please watch our video which is now available on the website, and follow us on Instagram, Twitter, and LinkedIn.
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 family of three-wheeled, fully electric fore-and-aft 2-seat vehicles. The vehicle is no wider than a motorcycle for agility and offers a patent pending expanding rear axle for high-speed stability along with a patent pending expandable chassis designed 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/, watch our video, and follow us on Instagram, Twitter, and LinkedIn.
For further information, please contact:
TUGA Investor Relations
Tel: +1 415.799.7911
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", "hope", "the potential to" 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 offering three defined TUGA vehicle categories and the attributes and features of each vehicle type, the markets sectors and needs addressed by each vehicle's go-to-market action plan timeline, the Company addressing challenges faced when driving in, between, and around urban centres and metropolitan areas; the Company bringing more news re: additional news releases re: vehicle development and commercialization; the Company's commercialization of its automotive concepts, the width of the vehicle, the expanded rear axle feature of the vehicle, the advanced connectivity features of the vehicle and anticipated benefits, and the km range and top speed of the vehicle, the protection and platform offered by the vehicle.
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.
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