PHOENIX, Feb. 2, 2017 /PRNewswire/ -- Alpine 4 Technologies Ltd. (OTCQB: ALPP), a technology and manufacturing holding company initially targeting the national automobile dealership market, announced today that it has signed a Letter of Intent (LOI) with Elio Motors Inc. (OTCQX: ELIO) to provide the innovative high mileage vehicle manufacturer its 6th Sense Auto™ and BrakeActive products, as well as related manufacturing, data sharing and engineering resources.
Elio Motors, based in Phoenix, is a high-profile startup vehicle manufacturer planning to launch an ultra-efficient, two-person three-wheel vehicle, the Elio, that will get up to 84 mpg with a set base price of $7,300*. The Elio, to be sold initially in the U.S. market, will be built at a former General Motors plant in Shreveport, LA. More than 64,000 customer reservations have been recorded for the Elio and the Company anticipates commercial mass production to begin in 2018.
Strong current demand is reflected by over 64,000 customer reservations. Management anticipates assembling the 100 S1 prototypes for real-world evaluation during 2017 with commercial mass production to follow in 2018.
The LOI between Alpine 4 and Elio Motors also includes the sharing of such things as sales data and user acceptance, and all data collected from the cloud-based 6th Sense Auto System. 6th Sense Auto is designed for the modern "connected car" and collects data on such things as inventory management, engine diagnostics, service maintenance and personalized customer support through wireless software.
BrakeActive is an innovative, high-margin aftermarket programmable brake-light safety device. Its technology improves a vehicle's third brake light in order to substantially reduce or prevent rear-end collisions. According to the National Highway Safety Administration, rear-end collisions can be reduced by 90 percent if trailing vehicles have one additional second to react. BrakeActive assists in providing that extra time to react.
"We are putting together a team of world-class suppliers that are helping us meet our stringent cost, fuel efficiency, safety and performance goals," said Paul Elio, CEO of Elio Motors. "To create the most advanced vehicles on the global market in terms of modern engineering, rider comforts and fuel efficiency, we need suppliers like Alpine 4's subsidiary ALTIA and their cloud-based innovations and safety products."
Both the Sixth Sense Auto product platform and the BrakeActive products are manufactured and engineered in-house by Alpine 4's subsidiary ALTIA.
"Creating a business relationship with an OEM vehicle manufacturer like Elio Motors is an important milestone for Alpine 4," said Alpine 4 CEO Kent B. Wilson. "Our goal is to provide our product portfolio to a variety of customers in the automotive industry. We are very excited to be working with such an important and high-profile company like Elio Motors, which promises to be a world leader in the high-efficiency subcompact market."
About Elio Motors
Founded by car enthusiast Paul Elio in 2009, Elio Motors Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheel Elio is engineered to attain a highway mileage rating of up to 84 mpg, while providing the comfort of amenities such as power windows, power door lock, air conditioning and cruise control, accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio's first manufacturing site will be in Shreveport, LA.
Forward Looking Statements
Certain statements in this press release including, but not limited to, statements related to anticipated commencement of commercial production, targeted pricing and performance goals, and statements that otherwise relate to future periods are forward-looking statements. These statements involve risks and uncertainties, which are described in more detail in the Company's periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements are made and based on information available to the Company on the date of this press release. Elio Motors assumes no obligation to update the information in this press release.
*MSRP for non-refundable reservations only and applies only until non-refundable and refundable reservations total 65,000. Total current reservations can be seen at: www.eliomotors.com. MSRP excludes destination/delivery charges, taxes, title, registration, and options/installation.
About Alpine 4 Technologies Ltd.
Alpine 4 is a publicly traded enterprise with business related endeavors in Automotive Technologies, Electronics Manufacturing, Energy Services, Software, and Data Technologies.
Four principles at the core of our business are: Synergy. Innovation. Drive. Excellence. At Alpine 4, we believe synergistic innovation drives excellence. By anchoring these words to our combined experience and capabilities, we are able to aggressively pursue opportunities within and across vertical markets. We deliver solutions that not only drive industry standards, but increase value for our shareholders.
Contact: Kent B. Wilson CEO or Ian Kantrowitz, Director of Investor Relations
The information disclosed in this press release is made as of the date hereof and reflects Alpine 4 most current assessment of its historical financial performance. Actual financial results filed with the SEC may differ from those contained herein due to timing delays between the date of this release and confirmation of final audit results. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors the Company identifies from time to time in its filings with the SEC. Although Alpine 4 believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Alpine 4 disclaims any intention or obligation to update the forward-looking statements for subsequent events.
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SOURCE Alpine 4 Technologies Ltd.