SHOREPOWER TECHNOLOGIES INC. The acquisition creates one of the leaders in Truck Stop Electrification and Electric Vehicle Charging
TAMPA, Fla., March 30, 2023 /PRNewswire/ -- United States Basketball League (OTC: USBL) ("USBL") and Shorepower Technologies ("Shorepower") today announced that the two companies have successfully completed their merger agreement under which Shorepower will reverse merge with USBL in a stock and cash transaction..
In the weeks to come, USBL expects to change its name and stock symbol to reflect the new nature of the entity: Electric Vehicle Charging Stations. The Shorepower network represents one of the larger operators in North America, in aggregate, of Truck Stop Electrification services as well as EV charging stations along US commercial thoroughfares. Currently Shorepower operates 1800 electrified parking spaces located in over 60 locations. Since the company's inception. over 18 years ago, they have invested more than $16m in "in-the-ground" infrastructure resulting in more than 1800 connection points . Through organic growth, upgrades, new installations and acquisitions, Shorepower intends to increase its electric vehicle charging station footprint throughout North America.
As more competitively priced electric vehicles come to market, it becomes essential the infrastructure to cater to these vehicles becomes ubiquitous. California's recent announcement to invest $2.9B in charging stations is just the beginning. As the percentage of EVs on the roads increases, the number of charging stations will need to increase exponentially.
CEO and founder of Shorepower, Jeff Kim, said: "Since our inception in 2004, we have built our transportation electrification infrastructure based on our vision of the transition to electric vehicles, both passenger and commercial. It has arrived. We salute the Biden Administration and their commitment to developing the infrastructure to enable the ubiquity of electric vehicles. Government spending on infrastructure continues to grow as evidenced by the administration's recent statement that we will build over 500,000 EV charging stations across the country".
Kim added, "being public and capitalized provides us the opportunity to upgrade and expand our footprint organically and through acquisitions. Our initial focus will be on bolstering our sales force and increasing our grant writing capabilities. The successful closing of this merger allows us to start making these hires immediately. We anticipate augmenting our already robust grant writing capabilities to capture more than our fair share of Federal Funds for the continued build out of our charging station network"
Former CEO of USBL, Saeb Jannoun, commented: "USBL has been looking for the right partner and opportunity, Jeff Kim and Shorepower check both boxes. Mr Kim's foresight and vision to start Shorepower even before the first Tesla was commercially available underscores his knowledge and understanding of the transition to electric vehicles and its gating factors, most significant among them being charging stations."
Investor Relations Contact:
Inflection Partners, eric@inflectionpartnersllc.com
About United States Basketball League Inc.
United States Basketball League, Inc.. (OTC: USBL) is an emerging diversified investment vehicle focused on participating in and acquiring interests that are leading edge in their respective market niches, and that have expectations of enhancing shareholder values.
About Shorepower, Inc.
Shorepower is a transportation electrification company that builds, deploys and operates plug-in stations that allow vehicles and refrigerated trailers to conveniently access electric power while parked or staged, resulting in cost savings for fleets and drivers that will not have to use petroleum fuel thus significantly reducing associated toxic emissions and greenhouse gases by replacing diesel fuel with electric power. We currently operate the largest heavy-duty focused network of electrified parking spaces in North America. This network includes 60 facilities conveniently located at travel centers with approximately 1,800 electrified parking spaces. Most of these facilities are focused on truck stop electrification (TSE) and electric standby transport refrigeration units (eTRU), but several sites already include electric vehicle charging stations.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," and "will" and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements in this press release pertaining to our expectations relating to this acquisition constitute forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, the accuracy of our estimates regarding expenses, capital requirements and need for additional financing, our ability to operate our business and generate profits, decline in global financial markets and economic downturn resulting from the coronavirus COVID-19 global pandemic, business interruptions resulting from the coronavirus COVID-19 global pandemic, and general risk factors affecting the restaurant industry, including current economic climate, costs of labor and energy prices
These and other risks, assumptions and uncertainties are described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the Securities and Exchange Commission, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We expressly disclaim any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
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SOURCE Shorepower Technologies
