American Wealth Mining Corporation to Fully Transition to Renewable Vehicles and Sustainable Investments With New Corporate Name and Identity as New Energy CV Corporation
The Company Seeks to Fully Devote Resources and Focus on Electric Construction Vehicles After the Initial Sales From Its Investment and Partnership With New Energy Asia Pacific Have Exceeded Initial Expectations
LAS VEGAS, NV, March 09, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – American Wealth Mining Corporation (OTC:HIPH) ("AWM" or the "Company”) is pleased to announce that its Board of Directors has approved the Company’s strategic shift towards sustainable electric construction vehicles, furthering the Company’s focus on its investment and joint venture agreement with New Energy Asia Pacific Co. LTD (“New Energy”) to have exclusive distribution rights in the US, Australia, Korea, Dubai, Indonesia, Singapore, and Malaysia for electric construction vehicles.
The electric construction industry is still very nascent, as not one player has established itself in the market. According to a report by Grand View Research, the global electric construction vehicle market is valued at $50.5 billion and is expected to reach USD 138.7 billion by 2030. This growth is being fueled by an increase in global demand for off-highway EVs that adhere to strict emission rules by governmental organizations, such as emission requirements for Greenhouse Gas (GHG) emissions. These regulations, coupled with the worldwide increase in infrastructure development, is causing this sector to markedly increase in size. New Energy offers a comprehensive offering of electric construction vehicles, offering eTech electric excavators, wheel loaders and vans, and Foton electric dump trucks and electric mixers.
In accordance with the Company’s strategic shift, AWM will be changing its name to New Energy CV Corporation (NECV); HIPH will remain as the Company’s ticker symbol. The name change will allow the Company to market itself clearly on its electric construction vehicle focus. The Company will continue to maintain its Hapi Investment division where its other investments that focus on the sustainable living system will remain to maximize the returns on those investments.
Ryan Fishoff, CEO, commented “I am pleased to announce the Company has made the decision to focus our efforts towards electric construction vehicles. Since we made our initial investment into New Energy and have seen how much traction they received, it became clear to myself and the Board that this is the direction we need to move towards to bring sustained, long term value to shareholders. New Energy is projecting to deliver over 1,000 construction vehicles in the year 2023. The JV with New Energy allows us the opportunity to capitalize off this emerging market (electric construction vehicles) by capturing the global demand for sustainable construction and manufacturing. We are working with our partners at New Energy to set up distribution in the territories we announced earlier this year as part of our JV. The Company feels that these locations will lead to great top-line revenue growth potential.”
“The Company’s strategic focus in the short term is to establish our operations in the US. We are currently looking for an OEM partner to manufacture these vehicles in the States to cater to the US domestic market. We are also working on establishing distribution in the other territories (North America (US and Canada), United Arab Emirates, Singapore, Australia, Malaysia, S. Korea, and Indonesia) that are covered in our JV with New Energy. The Board of Directors and Management believe that this latest strategic shift is in the best interests of the Company and one that will allow for the greatest potential benefit for shareholders. I look forward to providing updates on the transformation and hunt for OEM partners in the US in the coming weeks,” concluding Mr. Fishoff.
About New Energy Asia Pacific Co LTD
New Energy Asia Pacific Co., Ltd as part of the effort to make construction more sustainable, we are rolling out all-electric versions of traditional construction vehicles. Electric construction equipment isn’t a new concept. Hybrid electric machines have been available for years, and all-electric models of excavators, loaders, dump trucks and other heavy machinery are currently available all over the world. In the coming years, electric heavy machinery will join the ranks of electric cars and public transportation as an eco-friendly alternative, it will be the push for sustainable construction practices to intensify.
Find out more at: https://www.new-energyap.com/
About New Energy CV Corporation
New Energy CV Corporation (NECV) is leading the way to make construction more sustainable by rolling out all-electric versions of traditional construction vehicles. While hybrid construction machines have been available for years, New Energy is innovating the market with these all-electric models of excavators, loaders, dump trucks and other heavy machinery that will be available worldwide. As the push for sustainable construction practices intensifies in the coming years due to regulatory and ESG requirements, heavy electric machinery is poised to join the ranks of electric cars and public transportation as being synonymous with leading eco-friendly alternatives to fossil fuel powered vehicles that help deliver lower cost and lower emissions to its customers.
Find out more at: www.newenergycv.com.
This press release includes statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to differ materially from expectations. For a discussion of the most significant risks and uncertainties associated with the Company's business, please review our filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
New Energy CV Corporation
187 E. Warm Springs Rd.
Las Vegas, NV 89119