VANCOUVER, British Columbia and LISBON, Portugal, Aug. 02, 2022 (GLOBE NEWSWIRE) — TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations” or the “Company”) , which develops solutions to the challenges of urban mobility with TUGAa new type of electric vehicle (“EV”), today announces the commencement of strategic activities designed to advance a twenty-four (24) to thirty-six (36 ) month.
This proposed program aims to align all aspects of technical development, prototype testing, regulatory approvals, software and hardware integration in combination with advanced digital technologies, marketing and sales efforts.
The company’s co-founder and vice president, César Barbosa, says, “We recognize the need to manage many moving parts in the weeks and months ahead. We believe our ability to prototype a working platform in an accelerated timeframe is a testament to our commitment and focus. Recent advancements such as our patent-pending extendable rear frame and rear axle have been designed to provide a practical and innovative consumer-focused, segment-specific premium vehicle targeting sales entry into the markets of urban commuters, carpool delivery, taxis, rentals and leisure. .”
TUGA Innovations is also committed to evaluating the concept of Mobility-As-A-Service (“MaaS”) as a potential value-added feature for integration into the TUGA platform. The Company is also exploring the potential for additional or enhanced benefits and functionality through the integration of augmented reality and virtual reality powered by artificial intelligence (“AI”). These features, including links to Metaverse-based platforms, have the potential to open up all new customer-centric vertical integration possibilities combining innovative vehicle functionality, transportation software platforms, new user applications and associated services.
TUGA Innovations co-founder and board member António Câmara notes, “We see MaaS as an umbrella concept that gives us the ability to combine multiple offerings. We will evaluate and test these elements using our expertise in AI and software development.
The TUGA fully electric front and rear 2-seater vehicle aims to address the many challenges encountered when driving in, between and around urban centers and metropolitan areas. The vehicle is no wider than a motorcycle for agility and features a patent-pending extendable rear axle for stability at higher speeds and an extendable-length pending vehicle frame system recently announced patent offering a unique rearward movement of the rear portion of the vehicle to allow for improved passenger entry and egress. The TUGA platform is designed to offer several body styles initially identified as the TUGA Commuter, TUGA Deliver and TUGA One concepts.
The company’s CEO, John Hagie, adds, “Customer experience is at the heart of our strategic direction. We’re looking at options for ride-sharing models at property in key locations that provide frictionless access through online smart contracts. To that end, we hope to dedicate several first-race vehicles aimed specifically at the ridesharing, ridesharing, and delivery service segments. Our vision will require significant effort and capital investment, but our confidence is based on our belief that our product, when developed, will offer a uniquely tailored solution in today’s rapidly changing automotive industry.
On behalf of the Board of Directors,
Chairman and Chief Executive Officer and Director
TUGA Innovations, Inc.
As part of the Company’s disclosure obligations as a public issuer, current financial and material documents may be viewed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at the address www.sedar.com.
About TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF)
TUGA Innovations is a development-stage electric vehicle company undertaking the design, engineering and production of specialized electric vehicles to enhance the urban mobility experience. The Company seeks to reduce the difficulties of urban mobility by developing a fully electric three-wheeled two-seater front-to-rear vehicle. The vehicle will be no wider than a motorcycle for agility and will have a patent-pending extendable rear axle for high-speed stability and a patent-pending extendable frame 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 designed to offer an estimated range of 160 km, an estimated top speed of 140 km/h with the comfort of a car and with more protection than a motorcycle in a multi-body interchangeable platform and multifunction. Learn more about: https://tugainnovations.com/.
For more information, please contact:
TUGA Investor Relations
Tel: +1 415.799.7911
E-mail: [email protected]
This press release contains statements and information which, to the extent that they are not historical facts, may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may include financial and other projections, as well as statements regarding future economic plans, objectives or performance, or assumptions underlying any of the foregoing. In some instances, forward-looking statements may be identified by terms such as “aims”, “aims to”, “could”, “could”, “might”, “will”, “will”, “probable”, “expected”. “expect”, “believe”, “intend”, “plan”, “anticipate”, “project”, “estimate”, “outlook”, “hope”, “the potential of”, or the negative of this or other similar expressions concerning matters which are not historical facts. Examples of such statements include, but are not limited to, statements regarding the Company’s go-to-market action plan timeline, the Company’s program aligning all aspects of technical development, prototype testing , regulatory approvals, software and hardware integration, technologies, marketing and sales efforts; the Company’s target markets; the integration of MaaS, augmented reality and virtual reality functionality into the TUGA platform and the Company’s evaluation and testing of such functionality; augmented reality and virtual reality functionality, including links to Metaverse platforms, providing new customer-centric vertical integration possibilities combining innovative vehicle functionality, transportation software platforms, new user applications and associated services; the Company combining several offers; the Company addresses the challenges encountered when driving in, between and around urban centers and metropolitan areas; the Company gaining consumer interest and acceptance and introducing various revenue models; the company offers a ridesharing model to property in key locations using online smart contracts; the Company dedicates several first-race vehicles for use in the carpooling, carpooling and delivery service segments; the company offering a unique tailor-made solution in the rapidly changing automotive sector; the company’s marketing of its automotive concepts, the vehicle’s width, the vehicle’s enlarged rear axle function, the vehicle’s advanced connectivity features and anticipated benefits, and the vehicle’s range in km and maximum vehicle speed , protection and platform offered by the vehicle.
Forward-looking information is based on management’s assumptions, estimates, analyzes and opinions made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances as of the date such statements are made, but which may prove to be incorrect. Important factors and assumptions used to develop the forward-looking information contained in this press release include, but are not limited to, key personnel and qualified employees continuing their involvement with the company; the Company’s ability to obtain additional financing on reasonable terms; the competitive conditions of the industries in which the Company operates; and the laws and their amendments 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 information. forward-looking, including, without limitation, risks related to the Company’s future business plans; the risks that the Company may not be able to retain its key personnel; the risks that the Company may not be able to obtain financing on reasonable terms or at all, as well as all other risks as described in the Company’s final prospectus dated November 30, 2021 under the heading “Factors of risks”. Accordingly, readers should not place undue reliance on such forward-looking information. Further, any forward-looking information speaks only as of the date such statement is made. New factors emerge from time to time, and it is not possible for the management of the Company to predict all of these factors and to assess in advance the impact of each of these factors on the Company’s business or the extent to which any factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking information. The Company undertakes no obligation to update forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unforeseen events, except as required by law, including securities laws.
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