Ideanomics MEG and Beijing Silk Road Rainbow Group Develop New Energy Bus Plan and Select Manufacturers to Fulfill China Orders

NEW YORK, June 11, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to announce that its subsidiary, Mobile Energy Global (MEG) and Beijing Silk Road Rainbow Group have jointly developed a new energy bus plan to help facilitate the sale of more than 2,000 EV buses in China through selecting manufacturers with the capability to fulfill multiple large-scale orders. The EV bus manufacturers include CRRC, Zhong Tong, Shanghai Shenli, and Yunnan Wulong.

The Chinese government mandated that bus operators must convert or replace their bus equipment with clean energy vehicles by the end of 2022. MEG, through its consortium of EV auto manufacturers, EV battery manufacturers, and financing partners, provides a unique value proposition to fleet operators – the ability to procure high volume discounts through a variety of manufacturers. The new energy bus plan with Beijing Silk Road Rainbow Group furthers MEG's ability to participate in China's substantial EV bus market.

About Ideanomics
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.

The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.

Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19^th Floor New York, New York 10006
Email: [email protected]

SOURCE Ideanomics

Related Links

http://www.ideanomics.com

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