GreenPower Motor Company

GreenPower to buy 9.3-acre Calif. property for $660,000

2016-05-25 09:54 ET - News Release

Mr. Fraser Atkinson reports
GREENPOWER ENTERS INTO AGREEMENT TO ACQUIRE PROPERTY IN PORTERVILLE, CA
GreenPower Motor Company Inc. has entered into an agreement with the City of Porterville in California to acquire a 9.3-acre property for $660,000. The closing of this transaction is expected to occur in 45 days, with a payment of $66,000 by GreenPower to the City of Porterville and the balance payable pursuant to a promissory note with an amortization period of 10 years, a term of five years and bearing interest at the rate of 2 per cent per annum. The closing of the purchase is subject to usual closing conditions.

GreenPower has submitted a permit application to the City of Porterville for a manufacturing facility for its all-electric buses on this property for approximately 150,000 square feet of buildings including 6,000 square feet of office space. The City of Porterville has provided GreenPower with its initial comments on this application. GreenPower has also been working with a manufacturer of modular buildings for the construction of the buildings on this site. The Company intends to build the facility in compliance with "Buy America," a program of the American Recovery and Reinvestment Act of 2009 to take advantage of certain tax breaks and incentives.

"We are very excited about locating in Porterville, having the necessary manufacturing capabilities for Buy America compliance and being positioned to pursue market opportunities in California," stated Fraser Atkinson, Chairman of GreenPower. "We understand that we will be the only manufacturer of all-electric heavy duty buses in the San Joaquin Valley so we will be seeking to become the preferred supplier."

The City of Porterville is located in the San Joaquin Valley (SJVAPCD) air basin and is actively pursuing diesel bus emission control strategies in conjunction with ongoing funding and grants from the U.S. Environmental Protection Agency, California State Diesel Emissions Reduction Act (DERA) and the Air Resources Board (ARB).
We seek Safe Harbor.