CINCINNATI, March 29, 2017 /PRNewswire/ -- Workhorse Group Inc. (NASDAQ: WKHS), an American technology company focused on providing sustainable and cost-effective solutions to the commercial transportation sector, will attend the U.S. Department of Transportation Welcoming Ceremony and Open House in honor of Secretary Elaine L. Chao and the 50th Anniversary of the Department on Wednesday, March 29, 2017.
"As an innovator in the transportation industry, Workhorse is honored to participate in the celebration of the Department of Transportation's 50th birthday," said Steve Burns, CEO of Workhorse. "Over the course of its history, the department has played a key role in moving the transportation industry forward and creating an environment where efficiency, safety and reliability are priorities, just as they are for Workhorse."
As part of a presentation on the history of transportation to celebrate the 50th anniversary, Workhorse will display its E-GEN electric step van and HorseFly autonomous drone delivery system at the entrance to the Department of Transportation (DOT) at 1200 New Jersey Ave SE, Washington D.C., 20590 from 9 a.m. to 5 p.m.
The electric step vans achieve 30+ miles per gallon equivalent (MPGe) during stop-and-go delivery routes. This electric step van is up to six times as efficient as diesel- or gasoline-powered medium-duty trucks, which typically generate 5-8 miles per gallon. Lower fuel and maintenance costs add up to an estimated $165,000 in total cost-of-ownership savings over 25 years compared to traditional delivery trucks.
The Workhorse HorseFly van-mounted drone has been making successful test deliveries in the United States. The drone is designed to ride on the roof of an electric step van and be an adjunct delivery tool to a driver's existing delivery methods.
About Workhorse Group Inc. Workhorse is a technology company focused on providing sustainable and cost-effective solutions to the commercial transportation sector. As an American original equipment manufacturer, we design and build high performance battery-electric vehicles including trucks and aircraft. We also develop cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency. All Workhorse vehicles are designed to make the movement of people and goods more efficient and less harmful to the environment.
Forward-Looking Statements This press release includes forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: our limited operations and need to expand in the near future to fulfill product orders; risks associated with obtaining orders and executing upon such orders; the ability to protect our intellectual property; the potential lack of market acceptance of our products; potential competition; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our ability to continue as a going concern; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC. Workhorse expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Workhorse Group Inc.