E-Cite Motors Reaches 75 Million Dollar Valuation for Production Vehicle Offering According to Documents Filed with the SEC Following CARB Approval to Proceed with Certification
ACCESSWIRE 25 May 2023, 22:05 GMT+10
BOTHELL, WA / ACCESSWIRE / May 25, 2023 / E-Cite Motors Group, (OTC PINK:VAPR) a privately held subsidiary of VaporBrands International, Inc. announced that it has received a pre money valuation of Seventy Five Million Dollars for the purpose of raising capital for the manufacturing of its production vehicles.
The valuation was ratified in filings with the Securities and Exchange Commission (Form C) which will allow the general public to invest directly into Ecite Motors L.L.C. for the purpose of financing the manufacturing of its production vehicles expected to be in its dealership showroom Q4 2023. The valuation was determined by a consensus of industry experts specializing in JOBS Act capital raises which allows retail investors to invest in startups.
Direct links to the offering will be provided once it is open to the public.
This valuation was reached following E-Cite becoming the first (and only) vehicle manufacture under the Low Volume Manufacturers Act to receive approval from the California Air Resources Board (CARB) to proceed with the certification process that will allow it to manufacture and sell new EV vehicles in all 50 states.
The offering is expected to go live in the next couple of weeks and significant bonuses are being offered to early investors. The offering under the valuation is limited to $1,235,000 which once reached, the valuation is expected to increase significantly.
Gene Langmesser E-Cite COO stated: 'Now that the engineering and designs are complete, and we have been approved to undergo CARB certification, we intend to move full speed ahead with our production vehicles. We are thrilled to be able to allow the public to invest directly in our progress and share in our success at our current valuation.'
Previously E-cite was also the first company to get any vehicle approved by the National Highway Traffic Safety Administration (NHTSA) of which is has three distinctly different vehicles approved. This allows E-Cite to produce its own VINs for production of new vehicles. In addition, E-Cite was the first to receive a World Manufactures Identifier (WMI) registering it as a manufacturer for the sale of vehicles worldwide.
In anticipation that E-Cite's prototype vehicle will become certified as a zero emissions compliant vehicle by CARB making it legal for sale in all 50 states, E-Cite is moving forward with its plan to begin manufacturing of its production vehicles. It is expected that all certifications will be completed in time for E-Cites launch of its production vehicles in the fourth quarter of 2023.
As this was the first time in history that a manufacture had reached the point of applying for certification from CARB under the Act, and there was no process in place to do so, E-Cite has worked closely with CARB while they defined the process, paving the way for future vehicles to go through the certification process.
Note* E-Cite's vehicles are in no way categorized as 'Kit Cars' as they are manufactured new vehicles.
About E-Cite Motors
www.ecitemotors.com (OTC:VAPR) is privately held subsidiary of a publicly traded company Vaporbrands International, Inc. based in Bothell that is developing for manufacturing, state of the art electric vehicles utilizing the latest in technologies with a flare of some of the iconic autos of the past. VAPR acquired 100% ownership in E-Cite Motors www.ecitemotors.com , Acclaimed Automotive www.acclaimedauto.com, and N2A Motors www.n2amotors.com a California-based custom auto manufacturer and car factory specializing in designing, engineering and building prototype, concept, and limited production vehicles for OEMs, corporations, movies, and private owners. N2A was led by legendary designer Gene Langmesser who now serves as the COO of the combined operations.