American Wealth Mining Corp Signs LOI to Enter Into JV for Worldwide Distribution of Electric Construction Vehicles
Playa Vista, CA - (NewMediaWire) - December 14, 2022 - American Wealth Mining Corporation (OTC:HIPH) ("AWM" or the "Company”) is pleased to announce that it has entered into a Joint Venture (JV) agreement with New Energy Asia Pacific Company Limited (https://www.new-energyap.com/) (“New Energy”), a Hong Kong corporation, that provides various types of electric construction vehicles, to distribute electric construction vehicles globally. The JV will be granted exclusive distribution rights to the territories of North America (US and Canada), United Arab Emirates, Singapore, Australia, Malaysia, S. Korea, and Indonesia.
New Energy is capping off a very successful year in Hong Kong, having signed and secured memorandum of understandings (MOU) to deliver 25 units of cement mixer trucks, 40 units of heavy dumper trucks and 30 units of new light trucks in the year 2023, subject to registration and licensing clearance on the specs of the vehicles. Demand for electric construction vehicles is at an all-time high and is further fuelled by lower operating costs (up to 40%) and government incentives. With these trends expected to continue into 2023, New Energy and AWM are establishing this JV to capitalize off the tailwinds and expand access to this equipment globally. New Energy offers the brands eTech electric excavators and wheel loaders, and Foton electric dump trucks and electric mixers. In Hong Kong alone, New Energy is projecting to deliver over 300 vehicles in 2023 and 500 in 2024.
According to a report by Grand View Research, the global off-highway electric vehicle market size is expected to reach USD 42.70 billion by 2030, with a CAGR of 31.7% during the forecast period of 2022-2030.
Ryan Fishoff, CEO of AWM, commented, “The Company is excited to be able to leverage its investment into the JV to create additional value by expanding into multiple territories globally. There is tremendous untapped potential in the construction EV market; unlike the consumer EV sector, the construction market is relatively nascent. AWM has an opportunity to become a market leader in this category, and I look forward to working with New Energy’s team to expand our operations globally. This JV aligns with the Company’s overall strategy to invest in sustainable and cutting-edge businesses as part of the “Wealth Mining” strategy that was unveiled over the summer. As we approach year end, I look forward to giving shareholders a year end review of our activities as well as provide an outlook for 2023, which is shaping up to be very exciting, with the Company close to completing its audit, and other strategic initiatives on the horizon that incorporate many different facets of crypto, fintech, physical retail, venture, and health and wellness, all with the aim to generate revenue and increase shareholder value.”
About New Energy Asia Pacific Co. Ltd,
New Energy Asia Pacific Co., Ltd. (“New Energy”), a Hong Kong corporation, provides various types of electric construction machinery to meet customers' needs. New Energy is committed to create an eco-friendly construction environment and to pioneer the transition of sustainable construction practices.
About American Wealth Mining Corporation
American Wealth Mining Corporation (“AWM”) focuses on sustainability and maintaining a portfolio of investments in line with the Company’s vision that generates long-term sustainable shareholder value. AWM also focuses on building an financial educational platform to meet the increasingly diverse and complex needs of consumers.
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.
American Wealth Mining Corporation
12777 Jefferson Boulevard
Playa Vista, CA 90066
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