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ADOMANI INC

(ADOM)
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ADOMANI : Backlog Grows to $10.1M, an 11% Increase from its Backlog announced December 18, 2018

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02/12/2019 | 09:04am EST

Blue Bird Corporation places orders for additional "Powered by ADOMANI®" all-electric drivetrain systems for zero-emission all electric school bus order fulfillment.

CORONA, CA / ACCESSWIRE / February 12, 2019 / ADOMANI, Inc. (NASDAQ: ADOM), a provider of advanced zero-emission and hybrid vehicle drivetrain solutions and purpose-built electric vehicles, announced today an 11% increase in its previously reported December 18, 2018 backlog of $9.1 million to $10.1 million. The increase is a result of recent purchase orders from Blue Bird Corporation for additional zero-emission drivetrain systems for Blue Bird's all-electric All American RE Type D school buses. ADOMANI® and Blue Bird and its dealers across the United States have partnered in showcasing the all-electric, zero-emission school buses to school districts, community leaders and government officials. ADOMANI® currently expects to deliver the $10.1 million in backlog in 2019.

"We continue to see an increased level of demand from fleet operators and school districts for all types of electric vehicles, including all-electric offerings such as our commercial trucks, vans and chassis," stated Jim Reynolds, President and CEO of ADOMANI®. Reynolds continued, "It's exciting to see the high level of interest from existing and new customers in moving to electric fleets, from cargo vans to delivery trucks and, in the case of school districts, to the Blue Bird lineup of all-electric school buses 'Powered by ADOMANI®.'"

Other factors that ADOMANI® believes are fueling the increase in orders for zero-emission all-electric school buses are the various grants and the Volkswagen Mitigation Trust funds available for zero-emission electric school buses in California, New York and several other states. As an example, California school districts are eligible for funding of up to $220,000 (or $235,000 if in a designated "Disadvantaged Community") for the purchase of Type C or Type D all-electric school buses from the California Air Resources Board's Hybrid Voucher Incentive Program. This program can also be used to purchase vans and trucks, as well as provide funds for infrastructure. Additional grants and funding opportunities for all-electric school buses in California include the Rural School Bus Pilot Project implemented through the North Coast Unified Air Quality Management District, California Energy Commission School Bus Replacement Program, AB 617 Community Air Protection Program, Carl Moyer Memorial Air Quality Standards Attainment Program and the Diesel Emission Reduction Act (DERA).

Blue Bird delivered its first seven zero-emission all-electric school buses "Powered by ADOMANI®" to school districts in September 2018.

About ADOMANI®

ADOMANI, Inc. is a provider of zero-emission electric and hybrid drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI® is also a provider of new zero-emission electric and hybrid vehicles focused on reducing the total cost of vehicle ownership, and helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.com

Cautionary Statement Regarding Forward Looking Statements

Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by ADOMANI®with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historicalfact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed" and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI® undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

INVESTOR RELATIONS CONTACTS:

ADOMANI, Inc.

Kevin Kanning
V.P. of Investor Relations
(650) 533-7629
kevin.k@ADOMANIelectric.com

Hayden IR

James Carbonara
Partner
(646) 755-7412
james@haydenir.com

ADOMANI, Inc.

Michael K. Menerey
Chief Financial Officer
(626) 483-3280
mike.m@ADOMANIelectric.com

SOURCE: ADOMANI, Inc.

Copyright 2019 ACCESSWIRE. All Rights Reserved., source Press Releases

Stocks mentioned in the article
ChangeLast1st jan.
ADOMANI INC 27.89% 0.486 Delayed Quote.78.68%
BLUE BIRD CORP 1.31% 20.09 Delayed Quote.10.45%
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Financials ($)
Sales 2019 14,5 M
EBIT 2019 -5,32 M
Net income 2019 -7,80 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
Capi. / Sales 2019 2,44x
Capi. / Sales 2020 0,88x
Capitalization 35,3 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 2,20 $
Spread / Average Target 353%
Managers
NameTitle
James Lee Reynolds Chairman, President & Chief Executive Officer
Richard A. Eckert Chief Operating Officer
Michael K. Menerey CFO, Secretary, Treasurer & Director
Gary W. Nettles Independent Director
Janet L. Boydell Independent Director
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