EV Technology Group Ltd. (the “Company” or “EV Technology Group”) (OTCQB: EVTGF, NEO: EVTG, DE: B96A), announces today that it intends to offer up to US$10 million aggregate principal amount of unsecured convertible notes (the “Notes”) on a private placement basis (the “Offering”) pursuant to a securities purchase agreement entered into among the Company and individual investors (the “Note Purchase Agreement”).

The Notes will mature three years from the date of issuance, unless repurchased, redeemed, or converted in accordance with their terms prior to the maturity date and shall accrue interest at the rate of 7.0% per annum (increasing to 10.0% per annum on the one year anniversary of the Note). Upon the satisfaction of certain conditions, including for example a change of control of the Company, the Notes shall automatically convert into common shares of the Company (“Common Shares”) at a conversion price (the “Conversion Price”) based upon a prescribed discount to the ascribed price per Common Share in the relevant transaction giving rise to the automatic conversion, provided that the Conversion Price shall not be lower than C$0.165 per Common Share.

The Offering is subject to a number of conditions, including final approval of the NEO Stock Exchange. Funds from the Offering will be used for general working capital and to advance the Company’s business.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

EV Technology Group

EV Technology Group was founded in 2021 with a vision of electrifying iconic brands –and a mission of redefining the joy of motoring for the electric age. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EV Technology Group is driving the EV revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EV Technology Group creates value for its customers by owning the total customer experience — acquiring and partnering with iconic brands with significant growth potential in unique markets and controlling end-to-end capabilities. To learn more visit: https://evtgroup.com/

MediaRachael D’Amorerachael@talkshopmedia.com+1519-564-9850

Investor RelationsDave Gentrydave@redchip.com+14074914498

EV Technology GroupWouter WitvoetCEO and Chairman of the Boardwouter@evtgroup.com

Forward-Looking Information

This news release contains forward-looking statements including, but not limited to, the Offering and the Note, the terms and conditions of the Notes, the Conversion Price of the notes and the expected use of proceeds of the Offering. 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 and annual information form 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


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