VANCOUVER, British Columbia and LISBON, Portugal, May 25, 2022 (GLOBE NEWSWIRE) — TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations,” or the “Company”), which is developing solutions for urban mobility challenges with the TUGA, a new type of electric vehicle (“EV”), is pleased to announce the appointment of experienced product developer and mechanical engineer, Mr. Samuel Gomez to the role of Head of Engineering for Portuguese operations.
Mr. Gomez brings over 6 years of direct experience in vehicle tuning with a focus on ride & handling improvements. His career includes over 12 years experience in mechanism optimization including virtual development utilizing linear and non-linear finite element methods (CAE) along with extensive mechanism simulation studies including Multi body Simulation (MBS) with rigid and flex bodies. He also brings over 5 years of experience in project management leadership across multiple engineering teams extending to integration with related departments such as finance, quality, and marketing. Previously he served in a variety of mechanical engineering roles with SAE International, Cikautxo, S. Coop., Mondragon Corporation, Volkswagen do Brasil, and at Engbras, and as vehicle dynamics and structural engineer at General Motors. Prior to his commercial career he was extensively involved with advanced motorsport engineering at various regional operations (since 2000). He has earned several engineering honors and a bachelor’s degree, mechanical and automotive engineering, Universidade Paulista 2009.
Working closely with TUGA Innovations’ partners at Optimal Structural Solutions Lda of Portugal, Mr. Gomez is tasked with overseeing and managing the relationship and responsibility for competitive performance metrics. His area of responsibility includes benchmark assessment of the TUGA innovative expandable rear axle and concurrent feature improvements to the interchangeable body configurations for the commuter, ride-share delivery, taxi, rental, and leisure markets.
Newly appointed Head of Engineering, Samuel Gomez states, “This is a wonderful opportunity to develop a truly innovative product that could help re-shape urban transportation in so many ways. From the first moment I saw the designs and prototype I knew this was a great honor and opportunity, and I look forward to rising to the challenge.”
In related news, Mr. Kraig Shultz has stepped down from his role as Chief Technology Officer with immediate effect. His endeavors during the founding phase of the Company and initial engineering efforts were essential to the early-stage development of the vehicle. Mr. Shultz remains as a director of the Company.
Company CEO John Hagie notes, “We are thrilled to have Samuel join us here in Portugal to oversee and assist the engineering team with achieving great product development success. Now that we have formalized our business with headquarters and suppliers here in the area around Lisbon, I want to personally thank Kraig for his enthusiasm and the participation of his team in Michigan for their drive and commitment to help turn Tuga into reality. We have a great and growing team who are aligned with the goal of seeing Tuga reach commercial production and I’m truly delighted by the enthusiasm and passion for change this clever little vehicle has been able to ignite.”
On behalf of the Board of Directors,
Chief Executive Officer & Director
TUGA Innovations, Inc.
As part of the Company’s disclosure obligations as a public issuer, ongoing financial and material filings can be found under the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
About TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF)
TUGA Innovations is a development-stage electric vehicle company undertaking the conception, design, and production of specialized EVs to improve the urban mobility experience. The Company is looking to reduce urban mobility difficulties by developing a three-wheeled, fully electric fore-and-aft 2-seat vehicle. The vehicle will be no wider than a motorcycle for agility and will have a patent pending expanding rear axle for high-speed stability and a proposed patent pending expandable chassis and body length for passenger comfort. The vehicle will offer advanced connectivity technology to maximize safety, performance, environmental impact, comfort, maintenance, and navigation. The TUGA vehicle is being designed to deliver an estimated 160 km range, have an estimated top speed of 140km/hour with the comforts of a car, and with more protection than a motorcycle in an interchangeable multi-body, multi-function platform. Find out more at: https://tugainnovations.com/.
For further information, please contact:
TUGA Investor Relations
Tel: +1 415.799.7911
Email: [email protected]
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as “aim”, “aims to”, “may”, “would”, “could”, “will”, “will be” “likely”, “expected”, “anticipated”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook”, “hope”, “the potential to” or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the Company’s the TUGA re-shaping urban transportation; the engineering team achieving great product development success; the Company reaching commercial production;; the Company’s target markets; the Company combining multiple offerings; the Company addressing challenges faced when driving in, between, and around urban centres and metropolitan areas;; the Company’s commercialization of its automotive concepts, the width of the vehicle, the expanded rear axle feature of the vehicle, the advanced connectivity features of the vehicle and anticipated benefits, and the km range and top speed of the vehicle, the protection and platform offered by the vehicle.
Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; the Company’s ability to secure additional financing on reasonable terms; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s final prospectus dated November 30, 2021 under the heading “Risks Factors.” Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
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