TORONTO--(BUSINESS WIRE)--Please replace the release with the following corrected version due to the addition of a photo and multiple revisions in the text.
The updated release reads:
SOL GLOBAL ANNOUNCES FIRST GREEN TECH INVESTMENT IN AWARD-WINNING ELECTRIC MOTORCYCLE COMPANY DAMON MOTORCYCLES
SOL Global Investments Corp. ("SOL Global" or the "Company") (CSE: SOL) (OTCPK: SOLCF) (Frankfurt: 9SB) today announces that it has completed an investment in Vancouver, Canada-based Damon Motorcycles (“Damon”), an award-winning electric motorcycle company whose bikes are powered by the world’s first all-electric multi-variant powertrain.
As announced by Damon in a news release dated March 10, 2021, Damon recently raised USD$30 million after completing a bridge financing round led by SOL Global, Benevolent Capital Partners, LLC, Zirmania Investments Limited, and other investors. SOL Global invested CAD$6.1 million into Damon.
Damon is unleashing the full potential of personal mobility for the world’s commuters. With its HyperDrive™ proprietary electric powertrain, the company has developed the world’s safest, smartest, fully connected electric motorcycles employing sensor fusion, robotics and artificial intelligence. All of Damon’s motorcycles come equipped with a variety of unique safety and rider comfort features, including CoPilot, a 360° advanced warning system utilizing a combination of cameras, radar, and non-visual sensors to inform the rider of impending obstacles, and Shift, which enables a rider to adjust handlebar and peg positions while their ride is underway. Damon’s HyperDrive motorcycles pack 200 horsepower and 200 Newton metres (148 pounds per foot) of torque, allowing the bikes to reach speeds of up to 200 miles per hour.
“We have unveiled the future of two-wheel transportation and yielded high demand in North America and Europe, validating the market need for high-performance electric motorcycles,” said Jay Giraud, founder & CEO at Damon Motors. “On the back of this demand, Damon will produce an entire line of medium- and high-performance motorcycles over the next few years, with HyperDrive serving as the core of each model.”
Damon’s motorcycles can be purchased on a subscription model, with the SX model coming in at $286 per month and the SE model costing $199 per month. A subscription service for the motorcycles is provided by FreedomRoad Financial and will run across all Damon models. Customers can choose from 24, 36, and 48-month subscription plans, providing customers with the freedom to exchange their HyperSport bike for updated models at the end of the subscription term.
Based in Vancouver, Canada, Damon was founded by serial entrepreneurs Jay Giraud and Dom Kwong. Damons investors include Round13 Capital, Techstars, Fontinalis Partners, Extreme Venture Partners, and Pallasite Ventures. For more information on Damon, please visit the company’s website at www.damon.com.
SOL Global and its investments and portfolio companies have continued to deliver for both clients and shareholders despite challenges in the overall cannabis space and uncertain market conditions caused by the ongoing COVID-19 pandemic. SOL Global’s portfolio companies and companies in which they retain a non-controlling economic interest, including Bluma Wellness Inc. (“Bluma”) have adapted to the current environment through the continued scale-up of existing Florida cannabis production facilities, the continued expansion of Bluma’s operating subsidiary, One Plant Florida’s, already robust home- and curbside-delivery network and online ordering system in Florida, and the continued oversight of strategic business opportunities. SOL Global remains confident that it will continue to weather the COVID-19 storm and will emerge from the pandemic as a strengthened leader in the larger cannabis marketplace.
About SOL Global Investments Corp.:
SOL Global is a diversified investment and private equity holding company engaged in the small and mid-cap sectors. The Company’s investment partnerships range from minority positions to large strategic holdings with active advisory mandates. The Company’s seven primary business segments include Retail, Agriculture, QSR & Hospitality, Media Technology & Gaming, and New Age Wellness.
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained in this press release includes, without limitation, the conversion of the units issued pursuant to Damon’s financing into common shares, Damon’s strategic plans and the Company’s expectations regarding its ability to operate and emerge from the COVID-19 pandemic.
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including the inability or failure of the Company’s portfolio companies to execute their business and strategic plans as contemplated or at all, changes in national or regional economic, legal, regulatory and competitive conditions and a resurgence in the COVID-19 pandemic.
Other risk factors include: the risks resulting from investing in the US marijuana industry, which may be legal under certain state and local laws but is currently illegal under U.S. federal law; the risks of investing in securities of private companies which may limit the Company’s ability to sell or otherwise liquidate those securities and realize value; reliance on management; the ability of the Company to service its debt; the Company’s ability to obtain additional financing from time to time to pursue its business objectives; competition; litigation; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company's current MD&A, which has been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.