Business Update from John Kim New CEO at Volcon Inc

AUSTIN, Texas, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Volcon Inc. (NASDAQ: VLCN) (“Volcon” or the “Company”).

Dear Volcon Customers, Dealers, Suppliers, and Investors,

It’s been a little over three weeks since I took the role of CEO for Volcon Inc. I’d like to spend a moment to give you an update on the Company as we’ve made some significant achievements.

First, we’ve successfully launched production of the Volcon Stag, which is the fastest production electric UTV on the market. We’re currently ramping up manufacturing. Also, I’m excited to announce that today we’ve delivered our first production vehicle to the US Army Corps of Engineers, where it will be evaluated for military and humanitarian aid purposes. This first vehicle is part of a larger order of units that will be delivered to them over the coming months for further testing.

Overall, we’ve achieved a major milestone by starting delivery. In the coming months, we will continue to ramp up Stag production and sales, while continuing to deliver our line of electric motorcycles to customers in the US and abroad.

Second, we’ve started our dealer roadshow for the Stag. Our sales team members began visiting dealerships in Texas this week to demo and give test rides to customers. We plan a further roll-out of this roadshow over the coming months to visit all of our dealers. Furthermore, we’ve restructured our marketing efforts to focus on converting existing reservations into confirmed sales.

On the two-wheeled side of our business, our Grunt EVO motorcycles are in full production. We are currently delivering motorcycles to dealers all around the US and also shipping them to our international distributors.

I’d like to congratulate the hard work of the team at Volcon and to also thank all of our customers, dealers, suppliers and investors that have given us support throughout the years. Thank you for helping us and I hope you will continue to be a part of our growing community.

Best regards,
John Kim

About Volcon
Based in the Austin, Texas area, Volcon was founded as the first all-electric power sports company producing high-quality and sustainable electric vehicles for the outdoor community. Volcon electric vehicles are the future of off-roading, not only because of their environmental benefits but also because of their near-silent operation, which allows for a more immersive outdoor experience.

Volcon's vehicle roadmap includes both motorcycles and UTVs. Its first product, the innovative Grunt, began shipping to customers in late 2021 and combines a fat-tired physique with high-torque electric power and a near-silent drive train. The Volcon Grunt EVO, an evolution of the original Grunt with a belt drive, an improved suspension, and seat, began shipping to customers in October 2023. Volcon will also offer the Runt LT, a fun-sized version of the groundbreaking Grunt, better suited for small-statured riders, more compact properties and trails, or as a pit bike at race events, while still delivering robust off-road capabilities. The Brat is Volcon’s first foray into the wildly popular eBike market for both on-road and off-road riding and is currently being delivered to dealers across North America. Volcon is also currently delivering the Volcon Youth Line of dirt bikes for younger riders between the ages of 4 to 11. Volcon debuted the Stag in July 2022 and entered the rapidly expanding UTV market and previously announced that it expects to begin shipping the Stag to customers in the fourth quarter of 2023, which has been delayed as noted above. The Stag empowers the driver to explore the outdoors in a new and unique way that gas-powered UTVs cannot. The Stag offers the same thrilling performance of a standard UTV without the noise (or pollution), allowing the driver to explore the outdoors with all their senses.

For more information on Volcon or to learn more about its complete motorcycle and side-by-side line-up, visit: www.volcon.com

Forward-Looking Statements
Some of the statements in this release are forward-looking statements, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, when the Company can ramp up production of the Stag, how quickly we can complete our dealer roadshow for the Stag and whether production of the Runt LT will occur. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website, www.sec.gov.

SOURCE: Volcon ePowersports, Inc.

Volcon Contacts

For Media: media@volcon.com
For Dealers: dealers@volcon.com
For Investors: investors@volcon.com
For Marketing: marketing@volcon.com

Released February 28, 2024