AUSTIN, December 15, 2021 (GLOBE NEWSWIRE) – AYRO, Inc. (Nasdaq: AYRO) (“AYRO” or the “Company”), a designer and manufacturer of delivery vehicles and electrical solutions specially designed for micro-distribution , micromobility and last mile delivery, announces the results of its annual meeting of shareholders held on December 14, 2021.

Seven directors (Thomas M. Wittenschlaeger, Joshua Silverman, Wayne R. Walker, George Devlin, Sebastian Giordano, Zvi Joseph and Greg Schiffman) were elected for a one-year term on the board.

The appointment of Friedman LLP as AYRO’s independent registered public accounting firm for the year ending December 31, 2021 has been ratified.

Additionally, CEO Thomas M. Wittenschlaeger provided a business update to shareholders. Here’s a summary of the discussion topics covered in the Business Update:

• Record revenue, driven by record unit shipments, is expected in the fourth quarter of 2021.

• Since being appointed CEO at the end of September 2021, Mr. Wittenschlaeger has conducted an assessment of all aspects of AYRO’s business at all levels, looking at both income and expenses, existing and potential partnerships and the overall strategy from the point of view of the product portfolio.

• Due to supply chain disruptions and escalating shipping costs, AYRO plans to proceed with a component sourcing process for Club Car Current, its low-speed electric vehicle (VE ), from Asia to North America.

• A process to assess and clarify products for both the Low Speed ​​Vehicle (LSV) and High Speed ​​Vehicle (HSV) markets is underway to ensure that AYRO is targeting the highest added value components possible. in the electric vehicle and delivery markets. This holistic review includes the evaluation of the vehicle components themselves for the LSV and HSV market segments.

• An assessment of AYRO’s current partnerships with Club Car, Gallery Carts and Element Fleet Management is underway to ensure that these partnerships deliver maximum value to the company and properly leverage their respective expertise.

• AYRO is evaluating its cost structure to better align its spending with its product development cycle. Additionally, the company will consolidate its manufacturing and office footprints in Austin.

A transcript of Mr. Wittenschlaeger’s business update is attached as an exhibit to a current report on Form 8-K which was previously filed by the company with the SEC, and can be read here:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001086745/000149315221031394/form8-k.htm

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AboutYRO, Inc.

Texas-based AYRO, Inc. designs and produces all-electric, purpose-built vehicles powered by technology that can be used by anyone. Drawing on insights gained from partners, customers and research, AYRO offers cost-effective and sustainable e-delivery solutions that enable organizations to build sustainable fleets that extend both their brand value and an exceptional user experience throughout the delivery process. Founded in 2017 by entrepreneurs, investors and executives passionate about creating sustainable electric vehicle solutions, AYRO focuses on adaptable and environmentally friendly solutions that can impact change on campus, micro -distribution, micromobility and last mile delivery. For more information, visit: www.ayro.com.

Forward-looking statements

This press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from expected future results, performance or achievements. Words such as “anticipate”, “believe”, “might”, “estimate”, “expect”, “may”, “) would be forward-looking statements and include the expected value of the purchase order and assembly, the personalization and offer of vehicles by AYRO’s strategic partners. These forward-looking statements are based on the beliefs of management as well as on assumptions made by management and on information currently available. Important factors that could cause actual results to differ materially from those indicated by these forward-looking statements include, but are not limited to: the ability of AYRO’s suppliers to deliver parts and assemble vehicles; the buyer’s ability to terminate or reduce purchase orders; AYRO has a history of losses and has never been profitable, and AYRO expects to incur additional losses in the future and may never be profitable; the impact of public health epidemics, including the COVID-19 pandemic; the market for AYRO’s products grows and may not develop as expected and, as a result, AYRO may never meet its targeted production and sales targets; AYRO’s limited operating history makes it difficult to assess its business and future prospects and may increase the risk of any investment in its securities; AYRO may experience weaker than expected market acceptance for its vehicles; developments in alternative technologies or improvements to the internal combustion engine may have a material adverse effect on the demand for electric vehicles from AYRO; the markets in which AYRO operates are highly competitive, and AYRO may not be successful in competing in these industries; AYRO relies and intends to continue to rely on a single third-party supplier in China for the sub-assemblies in the semi-disassembled state of all its vehicles; AYRO may be the subject of product liability claims, which could adversely affect AYRO’s financial position and liquidity if AYRO is unable to successfully defend itself or insure against such claims; increased costs, supply disruption or shortage of raw materials, in particular lithium-ion cells, could adversely affect AYRO’s business; AYRO may be required to raise additional capital to finance its operations, and such raising of capital may be expensive or difficult to obtain and could dilute the property interests of AYRO’s shareholders, and the long-term capital requirements of AYRO. AYRO are subject to many risks; AYRO may not comply with environmental and safety laws and regulations; and AYRO is subject to government export and import controls which could adversely affect AYRO’s ability to compete in the international market due to licensing requirements and engage AYRO’s liability if AYRO fails to comply. not to applicable laws. A discussion of these and other factors relating to AYRO is presented in our most recent annual report on Form 10-K and subsequent reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and AYRO disclaims any intention or obligation to revise forward-looking statements, whether as a result of new information, future events or otherwise.