–Company targets production prototype in Q4
VANCOUVER, BC and LISBON, PORTUGAL – September 7th, 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 provide an update regarding its ongoing vehicle development program.
Over the past months, advances have been made regarding functional objectives which have led to several engineering updates and technical improvements, and the resulting proposed creation of a branded family of vehicles (see news release of August 11, 2022) is being designed to serve a variety of tasks and objectives, as well as to offer varying levels of performance and comfort. Throughout this process, the key objective in vehicle development has consistently been to ensure all engineering factors reflect the original parameters of spirit and design conceived by the Company’s founders.
The operational aspects for vehicle development constitute three key phases:
- Preliminary Design and Engineering
- Detailed Design and Engineering
- Assembly & Manufacturing
The overarching factors which drive the development process are critically applied at every phase and include:
- Innovative design to solve urban mobility difficulties.
- Enhanced performance and handling according to technical specifications which meet or exceed user experience design expectations.
- Safety as a critical component.
Working as a team with our strategic partner for engineering, Optimal Structural Solutions, the Company is pleased to advise it has completed all preliminary design and engineering phases in preparation for final detailing and readiness for assembly of its proposed production prototype model.
César Barbosa, VP and TUGA Project Lead, advises, “We’ve made excellent progress in the design and engineering of our vehicle. Our engineers and the team at Optimal Structural Solutions are innovative and flexible in their approach. We are capturing and engineering the essence of what our original idea for an urban mobility solution was meant to be. Step-by-step we have been concretizing our vision of an advanced 3-wheeled electric vehicle into an exciting prototype designed for production.”
Work to-date includes the completed engineering of the chassis, front and rear suspensions including the unique TUGA patent-pending retractable rear axle for stability/agility options, and the innovative expanding rear chassis to increase passenger/cargo accessibility. Final details are nearing completion regarding the powertrain and all related battery, electronic and mechatronic components.
The Company anticipates its vehicle development project will culminate with the first production prototype dubbed “TUGA V0” which is currently scheduled for completion in Q4 of 2022 or Q1 of 2023.
During the development process TUGA has filed five (5) patents encompassing the retracting rear axle, expanding chassis, delivery box, smart contracts, and “PLUME” system for real-time visualization of vehicle emissions), and anticipates several additional patent filings as the development project nears completion.
Samuel Gomez, Head of Engineering at TUGA Innovations, notes, “We’ve looked at multiple aspects of the design and engineering of our unique vehicle and have come up with some significant solutions. We will keep refining these, and of course we will identify additional data from the performance simulations and fabrication efforts as we integrate the various subsystems and commence testing the TUGA V0 Prototype.”
John Hagie, TUGA Innovations CEO adds, “Our vehicle development exemplifies and validates the core values of the company as applied innovation, quality, and collaboration. By combining these qualities, we are working towards our targets in order to deliver tangible value for our dedicated supporters.”
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”, “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 the Company addressing challenges faced when driving in, between, and around urban centres and metropolitan areas; the Company’s commercialization of its automotive concepts including the creation of a branded family of vehicles; the anticipated timelines for development of a prototype and production of the vehicle; the Company reaching its intended targets and delivering value to its supporters; the filing of additional intellectual property filings and the timelines thereof; the Company refining the design and engineering of the Company’s vehicle, and identifying additional data from the performance simulations and fabrication efforts; the Company commencing testing of the TUGA V0 Prototype; 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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