VANCOUVER, BC and LISBON, PORTUGAL — (GLOBE NEWSWIRE – September 22, 2022) – 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 the introduction of the TUGA Delivery Box, a novel food delivery module, as part of its product development efforts.
The TUGA Delivery Box development team has filed a patent application (file number 63/339,588) to protect certain intellectual property regarding the functionality and features of the product. The TUGA Delivery Box is being designed to maintain the quality and integrity of food or other elements inside the box by offering automated environmental controls including heating and/or cooling, air filtration, weight distribution, and order segregation during transport from point of preparation to end-user consumption.
Designed specifically for use with the TUGA three-wheeled, highly agile, and fully electric inline driver/cargo configuration, the module is readily detachable and is being further designed to offer optional wheels (including motorized wheels) to facilitate handling and ease-of-access for pickup and/or delivery in restricted access locations. Provisional designs include optional drone attachments for airborne delivery in vertically challenged situations.
Company co-founder and VP César Barbosa states, “Our TUGA Delivery Box makes use of the modular philosophy of all TUGA vehicles and is being designed specifically for use with the TUGA “Deliver” model. The intent is to offer a high-end, high-quality environment for premium food transportation and for the Delivery Box to be optimized for the kitchen-to-customer trip. The market for food transportation is a large opportunity, and we are aiming to offer a high-quality novel solution which brings significant brand profile utility, market penetrative features, and best-in-class environmental care and consideration for urbanites who demand a better meal delivery solution.”
The TUGA fully electric fore-and-aft 2-seat vehicle aims to address the many challenges faced when driving in, between, and around urban centres and metropolitan areas. The vehicle is no wider than a motorcycle for agility and boasts a patent pending expanding rear axle for stability at higher speeds and a recently announced patent-pending expanding length vehicle chassis system offering a unique backwards movement of the rear part of the vehicle to enable improved passenger and/or cargo access. The TUGA platform is designed to offer multiple body styles initially identified as the TUGA Commuter, TUGA Deliver and TUGA One concepts.
Company CEO John Hagie adds, “Our Delivery Box is designed to bring significant attention to environmental conditions connected with the delivery of food or goods that need specific environmentally controlled conditions. The concept is innovative enough to seek intellectual property protection. This is yet another example of the TUGA solution aiming to offer an innovative, high-end, high-quality approach to urban mobility concerns,” Mr. Hagie continues. “We are committed to unlocking value for our company on behalf of our partners, stakeholders, and shareholders alike.”
On behalf of the Board of Directors,
Sincerely,
~John Hagie~
John Hagie
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
Email: info@tugainnovations.com
Forward-Looking Statement
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”, “aiming 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’s product development efforts, protection of the Company’s intellectual property and designs, including patent applications; the design, features, and functionality of the Company’s TUGA platform, body styles, and Delivery Box; the intended compatibility of the Company’s product offerings; the Company’s target markets and the opportunities available to the Company within them; the Delivery Box being optimized for the kitchen-to-customer trip; the Company’s ability to offer brand profile utility, market penetrative features, and environmental care and consideration to the meal delivery market; the Company offering an innovative, high-end, high-quality approach to urban mobility concerns; the Company combining multiple offerings; the Company addressing challenges faced when driving in, between, and around urban centres and metropolitan areas; the Company dedicating vehicles aimed at the delivery service segment; the Company offering a uniquely-tailored solution in the rapidly changing automotive sector; the Company’s commercialization of its automotive concepts, including the width of the vehicle, the expanded rear axle feature of the vehicle, multiple body styles for the vehicle, the expanding length vehicle chassis system of the vehicle, the advanced connectivity features of the vehicle and their anticipated benefits, the km range and top speed of the vehicle, and 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.
