- 2050 Motors Appoints Technology and Finance Industry Executive to Advisory Board
- Reviewing Sales Outlets for M&A to Accelerate B2C Model
- Announcing Additional Market Focus on PoE, LED, IoT and Smart Cities
CHICAGO, March 13, 2019 (GLOBE NEWSWIRE) -- 2050 Motors, Inc. (US OTC:ETFM) is pleased to announce Ted Flomenhaft, CEO and Owner of EDGE FiberNet (https://edgefibernet.com/), as the second member of its recently-formed Advisory Board. Mr. Flomenhaft is an experienced communications and finance executive with substantial experience building emerging growth technology companies. His working relationships with multi-billion-dollar revenue companies in the technology field targeting the substantial, high-growth power over ethernet and light emitting diode (PoE / LED) industry, illustrate a market opportunity for 2050 that provides potential upside to the Company's stand-alone electric vehicle (EV) business plan.
Said Ted Flomenhaft of EDGE:
EDGE FiberNet, Inc. shares 2050, Inc.'s dedication to carbon-neutrality by 2050, individual health, happiness, fun and making the world a better place. Altogether, transportation, heating, cooling and lighting consume 57% of global energy resources and directly impact the planet's health and wellness. EDGE is an established provider of technical services in the areas of Internet, phone, energy efficient lighting and HVAC technologies such as PoE LED lighting and VRF HVAC systems. We have immediate plans to use, promote and support electric vehicles in the Northeast United States and have identified 4,000 square feet of space in our NYC headquarters to use as a showroom for 2050 EV product distribution. We're excited to support 2050's goals in the areas of efficient business operations, technical excellence, product affordability, supply-chain efficiency, market awareness and owner-experience. We look forward to building a business like 2050 leveraged to the high growth markets of electric vehicles, lighting and technology.
Said Vik Grover, CEO of 2050
Ted and I have worked on technology projects for roughly 20 years. We have been discussing and analyzing multiple opportunities in the PoE, LED and IoT (Internet of things) markets. In the future, and certainly by the year 2050 (http://www.zeroemissions2050.org/), we will live in a world of smart cities that have connectivity to all devices, including electric vehicles, indoor and outdoor lighting infrastructure, and anything that can have a network connection. I believe Ted's experience and knowledge will be invaluable to 2050 as the Company attempts to grow its business. To this end, 2050 is no longer just an EV company since it intends to target PoE LED lighting, IoT, and Smart Cities.
Ted Flomenhaft Bio
Ted Flomenhaft is a former partner of L. Flomenhaft and Co., Inc., a FINRA Member Broker Dealer founded in 1962. In 2008, Flomenhaft started EVA Capital, Inc. to pursue M&A, private equity and merchant banking financing transactions across various industries, with a specialty focus on telecommunications and technology. Flomenhaft is currently CEO and Owner of EDGE FiberNet, Inc. (https://edgefibernet.com/) , a Brooklyn-based company created to acquire and develop leading NYC independent commercial Internet service providers (ISP's), VoIP and UC phone companies (voice over Internet protocol, unified communications) and IT Consultants that serve the Tri-State region. EDGE specializes in Internet, VoIP services, IT Consulting, Smart Building Technology, Internet of Things (IoT) implementation, VRF HVAC Solutions that reduce energy consumption 25% in alliance with Green Star Energy Solutions (http://gogreenstar.com/commercial/), and PoE LED lighting solutions that reduce the lighting build cost of construction by $1-$3/sq. ft. EDGE is a Molex CoreSync Alliance Member and Focused Advisory Representative (https://coresync.molex.com/coresync_alliance/).
About 2050 Motors, Inc.
2050 Motors, Inc. (http://2050motors.com/about-us.html) is a publicly-traded company founded to develop, produce, distribute and sell the next generation of clean, lightweight, efficient vehicles and their associated technologies. Some of these technologies include alternative renewable fuels, hybrid electric vehicles, advanced graphene lithium batteries and low-cost carbon fiber vehicles. Additionally, the Company is exploring next-generation energy technologies, including Power over Ethernet (Poe), Light Emitting Diodes (LEDs), and other emerging clean energy verticals. The Company has been successful in forming long-term relationships and exclusive contracts for a variety of game-changing technologies.
Statements in this press release about our future expectations, including without limitation, the likelihood that 2050 Motors will be able to meet US DOT requirements, meet minimum sales expectations, be successful and profitable in the US market, bring significant value to 2050 Motors' stockholders, and leverage capital markets to execute its growth strategy, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. The potential growth of 2050 Motors and its business generally is largely contingent upon receiving adequate funding to fulfill its goals. No information in this press release should be construed as any indication whatsoever of 2050 Motors' future revenues, financial condition or stock price. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
Vik Grover, CFA
2050 Motors, Inc.
Source: 2050 Motors, Inc.