Vancouver, British Columbia - December 8, 2021 (Newsfile Corp.) (Investorideas.com Newswire) Hypercharge Networks Corp. (the "Company" or "Hypercharge") is pleased to announce it has entered into a long-term partnership (the "Partnership") with Toronto-based parking operator, Target Park Group Inc. ("Target Park"), initially to deploy 2,500 EV charging stations across North America over the next 36 months. Starting in early 2022, Hypercharge EV charging will be available at Target Park's prime Toronto locations including 370 King Street West and 7 Queen Quay East, and at hotels Sheraton on René-Lévesque Blvd West and Radisson on Queens Quay West.
Through the Partnership, Hypercharge is poised to provide its turnkey charging solutions to the growing EV driver market across Canada and the US, furthering their mission to accelerate the adoption of EVs and support the shift towards a carbon neutral economy.
"Our strategic collaboration with Target Park enables both companies to serve the growing EV market and encourage adoption across North America," said David Bibby, President and CEO of Hypercharge. "We are delighted to partner with a highly regarded company in Target Park because of our closely aligned values in offering premier service and convenience to our customers."
"We are extremely excited to partner with Hypercharge on an initiative that is vital to our business, both short and long term. Today's parking lots are tomorrow's fuelling stations and we are proud to lead the charge in providing the best possible customer experience for our EV patrons, particularly as EVs become an increasingly big part of everyday life," said Hercules Modopoulos, Owner and President of Target Park.
Pursuant to the collaboration agreement establishing the Partnership (the "Agreement"), Target Park will have the opportunity to earn up to 2,080,000 performance warrants of Hypercharge (each, a "Performance Warrant"), based on the number of chargers deployed by the Partnership. Each Performance Warrant will be exercisable into one common share of Hypercharge for $0.25 for a period of three (3) years from issuance.
Hypercharge Networks is an electric vehicle (EV) supply equipment company that provides turnkey EV charging solutions to serve the rapidly growing market. We're on a mission to accelerate EV adoption by providing seamless, simple charging experiences through industry-leading equipment and a robust network of public and private charging stations.
About Target Park
Established in 2006 to service a neglected market within the parking industry, Target Park identifies and revitalizes facilities and spaces that are either inefficiently operated or whose commercial parking potential has yet to be realized. Focused on creating new opportunities and successful operations for our partners along with improving the parking experience for our customers, Target Park is the experienced provider of first-class, forward-thinking parking experiences.
On behalf of the Board,
Hypercharge Networks Corp.
David Bibby, President & CEO
Kyle Green | Senior Marketing Manager
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "holds", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" "plan is" or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur", "will be achieved" or "shortly".
Although Hypercharge believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. In particular, there is no guarantee that the partnership of Hypercharge and Target Park will succeed. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and Hypercharge does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
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