EV developer aims for practical innovation as a healthier way to travel
VANCOUVER, British Columbia and LISBON, Portugal, Sept. 14, 2022 (GLOBE NEWSWIRE) — TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations,” or the “Company”), a developer of solutions for urban mobility challenges with the TUGA, a new type of electric vehicle (“EV”), is pleased to announce it has entered into a non-binding letter of intent with air purification specialist Rensair LLC (“Rensair”) regarding a potential commercial relationship to integrate air quality technology into the TUGA product line.
Founded in May 2020 by Danish twins Christian and Frederik Hendriksen, Rensair is headquartered in London with operations in the UK, Europe, USA, and Asia. The company’s unique combination of high-efficiency particulate air (HEPA) and ultraviolet C (UVC) technology was originally proven in the Scandinavian healthcare sector and refined over two decades. Applications extend across numerous industries, from hospitals, care homes, dental practices, and offices, to gyms, entertainment venues, retail outlets, and now into the automotive sector. To-date, Rensair has delivered units to a total of 40 countries on five different continents with over 800 customers including CBRE, Disney, Morgan Stanley, PepsiCo, SNCF, and the UK National Health Service (NHS). Find out more at https://rensair.com/.
If the Company and Rensair pursue a collaboration, the Company anticipates this will include Rensair developing a specific environmental control unit for the TUGA vehicle to purify, clean and monitor air quality inside the vehicle. This includes filtering and destroying pathogens & organic compounds such as COVID viruses.
Frederik Hendriksen, Co-Founder of Rensair notes, “We are thrilled with the possible opportunity to work with TUGA Innovations to develop a new standard for air quality within urban mobility. Like in buildings, the air quality inside vehicles is substantially worse than the outside air and we share TUGA Innovations’ vision in creating a safer and healthier commute for everyone.”
César Barbosa, VP of TUGA Innovations states, “We define ourselves as not just a vehicle developer but as a solution provider for urban mobility difficulties, and in this context having clean air inside our TUGAs makes so much sense. Not just transportation, but also as a health solution while getting from point A to point B.”
The proposed introduction of the Rensair technology would see the provision of hospital quality air for the TUGA driver and passenger, all while monitoring air quality inside and outside. The benefits to the occupants are apparent: while commuting in urban traffic, a regular source of air pollution, air quality controls inside the TUGA will help provide situational awareness of exterior conditions while offering a healthier way to transit throughout congested city centres.
John Hagie, TUGA Innovations CEO says, “Innovation, quality and collaboration are our key company values, and nothing reflects them better than the nature of the proposed relationship with Rensair. Innovation is essential to our approach towards passenger quality of life, and we are scrupulous about keeping people in a TUGA safe, in all definitions of the term. A collaboration with Rensair could enhance our solution to urban mobility as an added value opportunity which is great for the public, our Company, and shareholders alike.”
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”, “anticipates”, “proposed”, “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 a potential commercial relationship between the Company and Rensair to integrate air quality technology into the TUGA product line; Rensair developing a specific environment control unit for the TUGA vehicle to purify, clean and monitor air quality inside the vehicle which includes filtering and destroying pathogens & organic compounds such as COVID viruses; the Company and Rensair developing a new standard for air quality within urban mobility; Rensair technology providing hospital quality air for the TUGA driver and passenger and monitoring air quality inside and outside, and the benefits derived therefrom; a collaboration with Rensair enhancing the Company’s solution to urban mobility as an added value opportunity being great for the public, the Company, and shareholders alike; the Company addressing challenges faced when driving in, between, and around urban centres and metropolitan areas; 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, the km range and top speed of the vehicle, and the safety, performance, and comfort 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.
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