American Wealth Mining Corp. Signs Agreement to Acquire 10% Stake in Electric Construction Vehicle Distributor and Service Provider – GlobeNewswire
PLAYA VISTA, CA, Sept. 09, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – American Wealth Mining Corporation (OTC:HIPH) (“AWM” or the “Company”) is pleased to announce that it has entered into a term sheet with Lik Fong HK Limited (“LFHK”) for the proposed purchase of ten percent (10%) ownership in New Energy Asia Pacific Company Limited (“New Energy”), a Hong Kong corporation, that provides various types of electric construction vehicles.
New Energy focuses on making construction more sustainable by selling all-electric versions of traditional construction vehicles. New Energy currently distributes two electric industrial vehicles brands – eTech, which manufactures electric wheel loaders and excavators, and Foton, which manufactures electric mixers and dump trucks.
Hybrid electric machines and all-electric models of excavators, loaders, dump trucks and other heavy machinery have been available in the market for years. In the coming years, New Energy expects electric heavy machinery to join the ranks of electric cars and public transportation as an eco-friendly alternative, driving the push for sustainable construction practices.
The Company believes that New Energy is positioned to capitalize on the future demand for electric heavy vehicles in Hong Kong, which is strongly driven by the Hong Kong government initiative towards carbon neutrality by 2050.
The Hong Kong government has formulated the “Roadmap for the Popularization of Electric Vehicles” in 2021 and has rolled out multiple measures to comprehensively strengthen the promotion of the use of electric vehicles, including tax benefits and a HK$1.1 Billion New Energy Transportation Fund to support trials and adoption of green transportation technologies, including off-road vehicles.
Ryan Fishoff, CEO of AWM, commented: “This is a tremendous opportunity for the Company to acquire a minority position in a great company (New Energy), in a sector that has exploded in the previous year, and will continue to grow with sustainability being a central theme for the public and private sector. Companies are switching to renewable powered vehicles; the construction sector has lagged behind the consumer sector but the Company expects this gap to be bridged as projects require sustainable inputs, as well as the cost-benefits of these technologies, bring significant cost reductions. This proposed transaction fits very well with the Company’s new strategic direction towards wealth mining. New Energy will be an asset on the balance sheet that will provide significant future revenue and growth potential, further positioning the Company to continue to build its hybrid wealth platform. I look forward to updating shareholders in the coming weeks when the acquisition will close and further updates to building the Company’s new strategy that focuses on wealth mining activities.”
About New Energy Asia Pacific Co. Ltd,
New Energy Asia Pacific Co., Ltd. (“New Energy”), a Hong Kong corporation, provides various types of electric …….