Penang, Malaysia--(Newsfile Corp. - June 17, 2021) - Duesenberg Technologies Inc. (OTCQB: DUSYF) (the "Company" or "Duesenberg"), an OTCQB-listed issuer, announced today that the Company had incorporated Duesenberg Heritage LLC for the sole purpose of reproducing very limited Duesenberg Heritage vehicles which were originally manufactured in the 1920s and 1930s; such as the Duesenberg Model J and Boat Tail series.
"The construction of the vehicles from that era is very time consuming and would require highly specialized and skilled tradesman. This business will generate revenue independent of the core business of Duesenberg, as we see it being a niche market for the high-end collectors. Collectors, who value history and heritage of Duesenberg's original vehicles," stated Joe Lim, the President and Executive Chairman of the Company.
Duesenberg Heritage LLC has entered into negotiations to acquire the Intellectual Property and other assets of Duesenberg II from Hampshire Motors Group Ltd, which will allow to start the development and manufacture of these heritage lines. The Intellectual Property shall include engineering data, trade secrets in development and assets on parts of the models. The transaction is a related party transaction for Duesenberg Technologies Inc., as Mr. Joe Lim is a major shareholder and director of both companies. Mr. Joe Lim is abstaining from negotiation on the agreement. The Company expects to sign the agreement for the Intellectual Property before end of this month.
More information will be the disclosed in the next coming week.
About Duesenberg Technologies Inc.
Duesenberg Technologies Inc. was established out of the collective ambition of investors experienced in the online business and marketing. Duesenberg Technologies' goal is to be climate neutral across its full value chain, in line with the goals set by the Paris Agreement. The Company is committed to energy resiliency through Development in Energy Transition Goal with added environmentally friendly technologies to its business strategy. This strategy identifies an immediate and urgent need to reduce greenhouse gas emissions to help mitigate the effects of climate change, reduce energy use, and improve air quality. The Company is posed to play a vital role in supporting all three of these objectives by reducing the environmental impact through manufacturing a new type of luxury electric vehicles.
On behalf of the Board of Directors,
Lim, Hun Beng (Joe), President
CONTACT INFORMATION
Duesenberg Technologies Inc.
+1-236-304-0299
contactus@duesenbergtech.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "are optimistic that" "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to our ability to execute prospective business plans; inexperience in developing and mass-producing electric vehicles and heritage vehicles; actions by government authorities, including changes in government regulation; changes in the electric vehicle market; dependency on certain key personnel and any inability to retain and attract qualified personnel; developments in alternative technologies or improvements in the internal combustion engine; disruption of supply or shortage of raw materials; failure of our conceptual vehicles to perform as expected; failure to manage future growth effectively; future decisions by management in response to changing conditions; inability to design, develop, market and sell electric or heritage vehicles and services that address additional market opportunities; inability to keep up with advances in electric vehicle technology; inability to reduce and adequately control operating costs; inability to succeed in maintaining and strengthening the Duesenberg brand; labor and employment risks; misjudgments in the course of preparing forward-looking statements; our ability to raise sufficient funds to carry out our proposed business plan; the unavailability, reduction or elimination of government and economic incentives; uncertainties associated with legal proceedings; general economic conditions, because they may affect our ability to raise money; our ability to raise enough money to continue our operations; changes in regulatory requirements that adversely affect our business; and other uncertainties, all of which are difficult to predict and many of which are beyond our control. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for the Company as described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings, which are available at www.edgar.com. We seek safe harbor.
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