Inzile has signed conditional agreement regarding acquisition of Spanish company QEV Tech Holdings

2021-06-21

MON, JUN 21, 2021 08:00 CET
Inzile AB (publ) (“Inzile”) has entered a conditional agreement to acquire 50% of the Spanish company QEV Tech Holdings (“QEV  Holdings”), which in turn is a part-owner of the Spanish company QEV Technologies SL (“QEV Tech”).

The agreement is subject to the conditions listed below, above all the approval of the shareholders of Inzile at an extra shareholders’ meeting and the approval of Nasdaq First North Growth Market. At the shareholders’ meeting Inzile will propose that new shares are issued in order to allow the strategic investor and international electromobility group eFashion Championship PTE Ltd (“eFC”), to acquire 63% of the shares of Inzile. eFC is the owner of 100% of the shares of QEV Holdings and Mr Enrique Bañuelos de Castro is the owner of 100% shares in eFC. The purpose of the acquisition by eFC is, through Inzile, establish a leading European hub for electric vehicles and to secure necessary resources for a global expansion. The agreement is conditioned by the following:

  • Approval of Inzile’s shareholders at extra shareholders’ meeting
  • Approval of Nasdaq First North Growth Market, with the exemption or no need for a takeover bid/tender offer (OPA). Only with this requirement the operation will be carried out, motivated by the proposed industrial plan that benefits all parties and minority shareholders.
  • Confirmation that QEV Holdings owns and controls 51% of QEV Tech, and that revenues and results of QEV Tech will be consolidated into Inzile.

With this alliance Inzile aims to become the leading company within the electromobility market in Europe as well as an important actor in the North American market. This will be accomplished by the future establishment of a legal entity and subsidiary in the United States. The intellectual property rights of QEV Tech in relation to the US market will be transferred to Inzile AB (publ). The management of Inzile will remain in Sweden.

– This agreement will help Inzile become a leader in electromobility solutions at an international level. QEV Tech’s engineers and their broad experience in development of electric vehicles provide a solid platform for our global expansion, says Ragnar Åhgren, principal shareholder and board member of Inzile. Enrique Bañuelos invests in electromobility solutions, real estate, and the financial sector and we will be able to utilize his experience and network in global markets, primarily in the United States, Latin America and Asia, continues Ragnar Åhgren.

 – For our group, Inzile is the perfect platform to consolidate European electromobility companies and carry out international joint ventures preferentially in the United States and Latin America, says Enrique Bañuelos, owner of Bendinat Group. The future requires designing electromobility solutions that the market and consumers are demanding, through new commercial, financial and digital channels, continues Enrique Bañuelos.

Key figures in from QEV Tech audited financial report 2018 (2017):

  • Turnover                      EUR 12 589 555 (7 031 715)
  • Operating result           EUR      937 555 (1 080 212)
  • Profit for the year         EUR  883 902    (799 998)
  • Balance sheet total  EUR   6 520 625 (3 240 894)

For further information, please contact:
Ragnar Åhgren, Principal Shareholder & Board Member Inzile, ragnar.ahgren@inzile.com,
+46 73 356 89 89

This information is such that Inzile AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation (MAR). The information was provided by the above contact person, for publication on June 21, 2021 at 08.00 CET.

About Inzile
Inzile is a Swedish tech company manufacturing intelligent electrically powered vehicles as well as creating modern transport and service solutions for a sustainable community. The company’s vision is to liberate the world from emission of fossil fuels and to accelerate the climate efforts by contributing to sustainable cities that improve quality of life.

Inzile was founded in 2012 based on a strong will to secure a future climate friendly utility vehicle sector. The team consists of some of Scandinavia’s foremost authorities related to electrical vehicles, digitalization, manufacturing and purchasing. Inzile develops, produces, and sells innovative vehicle solutions on the global market based on the demanding Nordic climate, security requirements and environmental standards. The company is based in Sweden with headquarters and production facility located in Västervik, R&D in Tranås and marketing office in Stockholm.

FNCA Sweden AB is the Company’s Certified Adviser, +46 8 528 00 399, info@fnca.se.
For further information, please visit: www.inzile.com

About QEV Technologies’ E-MOBILITY WORLD
QEV Technologies is a global leader in integrating electric mobility solutions. QEV Technologies is a technology company specialized in the design and production of electric vehicles. The company is the holder of the exclusive FIA license of the ERX (rally cross) championship and of one EXTREME E championship team and has also participated in the management of the Mahindra and China teams in FIA Formula E, the world’s first all-electric auto racing series. With its cumulative experience and know-how, it aims to revolutionize the electric vehicle solutions market.
www.qevtech.com

About Group eFashion Championship PTE. LTD
eFC is owned by the co-founder of ABB Formula E Championship, Mr Enrique Bañuelos de Castro, who provides access to stakeholders in the electromobility market. The eFashionChampionship (eFC) is an electric hypercar racing series that partners with the world’s most famous luxury fashion brands. The championship aims to focus on the increased consciousness towards sustainability, in collaboration with the most influential brands and individuals. eFC will also increase the attraction towards electric vehicles among high-net-worth individuals, in turn boosting the development of the electric vehicle industry as a whole.