American Wealth Mining Corp Increases Involvement in New Energy Pacific After Finalizing JV Agreement for Worldwide Distribution of Electric Construction Vehicles
PLAYA VISTA, CA, Jan. 17, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – American Wealth Mining Corporation (OTC:HIPH) ("AWM" or the "Company”) is pleased to announce that it has entered into a Term Sheet to provide a Convertible Credit Facility to New Energy Asia Pacific Company Limited (https://www.new-energyap.com/) (“New Energy”), convertible up to an additional 30% in ownership in New Energy on an enlarged and fully diluted basis (“Convertible Credit Facility”). New Energy is a Hong Kong corporation that provides various types of electric construction vehicles, to distribute electric construction vehicles globally. The Company had previously announced that it had acquired a 10% interest in September 2022; terms of the acquisition were not publicly disclosed. The Convertible Credit Facility will allow the Company to own over 40% of New Energy. The Company has also finalized its Joint Venture (JV) agreement with New Energy, to create a new Singapore based Joint Venture entity, New Energy Construction EV Pte Ltd, that will be 80% owned by AWM, while New Energy will own the other 20%.
New Energy is currently the exclusive distributor of eTech and Foton electric construction vehicles in Hong Kong. In December 2022, the Company announced that it had entered into an LOI to create the JV with New Energy. The JV between AWM and New Energy grants the Company exclusive distribution rights for these construction EVs in the following territories: North America (US and Canada), United Arab Emirates, Singapore, Australia, Malaysia, S. Korea, and Indonesia.
In Hong Kong alone, New Energy is projecting to deliver over 300 vehicles in 2023 and 500 in 2024. Demand for these vehicles are reaching all-time highs, as the operating costs of construction EVs are up to 40% less than traditional gas and diesel powered construction vehicles. The growth in this industry is just starting to scratch the surface; according to a report by Grand View Research, the global off-highway electric vehicle market size is expected to reach USD 42.70 billion by 2030, with a CAGR of 31.7%.
Ryan Fishoff, CEO of AWM, commented, “We are excited with these recent developments that give the Company significant exposure and (potential) upside for this new and rapidly growing sector. This convertible investment compliments the finalized JV which allows for exclusive access to regions that have potential to generate significant revenue for AWM. The JV will leverage our investment in New Energy, enabling the Company to capitalize on its larger ownership share, which will benefit our P&L and balance sheet, creating the potential to increase long-term value for AWM shareholders. We have begun to assess each market internally to identify potential local partners who can help us reach scale to accelerate deliveries; we are also exploring the manufacture and assembly of these vehicles in the US, allowing for a more competitive product to take advantage of the various EV incentives in the marketplace.”
“Our large ownership interest in New Energy, and majority interest in this new JV aligns with the Company’s overall strategy to be involved in “Wealth Mining” activities. A significant focus for AWM’s Wealth Mining blueprint is to invest in innovative and sustainable businesses as part of the overall strategy. Increasing our ownership, finalizing the JV, on top of our first cafe acquisition that we announced last week is a great way to start off the year. With all the ongoing initiatives, the Company looks to see tangible progress and results from our ‘Wealth Building’ strategy. I look forward to providing shareholders a more comprehensive outlook for 2023, outlining the Company’s vision to build a one-of-a-kind platform that incorporates crypto, fintech, physical retail, venture, and health and wellness.”
About New Energy Asia Pacific Co. Ltd,
New Energy Asia Pacific Co., Ltd. (“New Energy”), a Hong Kong corporation, provides various types of electric construction machinery to meet customers' needs. New Energy is committed to create an eco-friendly construction environment and to pioneer the transition of sustainable construction practices.
About American Wealth Mining Corporation
American Wealth Mining Corporation (“AWM”) focuses on sustainability and maintaining a portfolio of investments in line with the Company’s vision that generates long-term sustainable shareholder value. AWM also focuses on building a financial educational platform to meet the increasingly diverse and complex needs of consumers.
This press release includes statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. For a discussion of the most significant risks and uncertainties associated with the Company’s business, please review our filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact Information American Wealth Mining Corporation 12777 Jefferson Boulevard Building D Playa Vista, CA 90066 Email: email@example.com