Daymak Unveils First Prototype Vehicle from Avvenire Lineup of Electric Vehicles: Introducing the Spiritus

TORONTO, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Daymak, a pioneer in personal Light Electric Vehicles (LEVs), today unveiled the first prototype of its Spiritus LEV, marking a major milestone in the vehicle's development. With more than 25,000 pre-orders placed on the Daymak Spiritus, Daymak's Avvenire lineup of LEVs has accumulated over $1 billion USD in pre-order commitments.

With an initial base model price of $19,995, the Daymak Spiritus aims to redefine the fun, modern-day commuter as an accessible entry point to green vehicles and cutting-edge technology. The Spiritus has garnered overwhelming media and consumer interest as both the world's fastest three-wheeled vehicle (Ultimate version boasts a 0-60 mph time of 1.8 seconds) and the first EV to mine and manage cryptocurrency transactions.

The Spiritus will be offered in two very distinctive models:

• Spiritus Deluxe: With a top speed of 85 mph and up to 180 miles of range, standard with leading comfort and safety features including Nebula crypto mining and wallet, the Spiritus Deluxe is the all-electric option for the modern urban commuter.
• Spiritus Ultimate: Delivering mind-bending acceleration of 0-60 mph in 1.8 seconds with a top speed of 130 mph, the Spiritus Ultimate boasts Ondata wireless charging technology, on top of the same state-of-the-art technology as the Deluxe model ? plus a 300-mile range and autonomous driving features. The Ultimate is the most capable of sports cars disguised as a three-wheeler ? a fully loaded electric dream.

"We wanted to thank everyone who supported us in achieving this goal, with special thanks to our strategic partners Extreme Vehicle Battery Tech (CSE: ACDC) and IoniX Pro Battery Technologies, who continue to be critical in the Avvenire product line development. The Spiritus car will be equipped with a customized AI-Powered IoniX Pro Lithium Ion Battery System," said Aldo Baiocchi, president of Daymak.

"A poster from 2005 of our Spiritus concept three-wheeler still hangs in my office, so finally seeing our vision come to life 16 years later and sharing that dream with more than 25,000 people who ordered the vehicle is a very special moment for us. This prototype is a major milestone in our commitment to the Avvenire program, and having achieved this goal, the rest of the journey is finally coming together."

This one-of-a-kind prototype marks a turning point for Spiritus and Avvenire production updates. On top of eye-watering acceleration, it utilizes hub motors that, coupled with proprietary torque-distribution software, will allow the Spiritus to have handling, stability, and performance that are unprecedented for the three-wheel vehicle category. The next stage for this prototype will be the incorporation of proprietary Daymak Ondata wireless charging and the Daymak Drive X controller; a blockchain-enabled, backwards-compatible software and hardware package that scales with each EV class in the Avvenire lineup.

"With a fraction of the moving parts, and with the recent leaps in AI, IoT, blockchain, and green tech, we believe that the beauty of electric vehicles, specifically three-wheelers, is that they can outperform any vehicle out there in utility and convenience at a fraction of the cost," continued Baiocchi. "The Spiritus will do just that. We pledge that our pre-order customers will find themselves behind the wheel of the world's most advanced and most exhilarating three-wheeled vehicle on the planet when they take delivery as promised in 2023."

The Company is also pleased to announce that Daymak International Inc. has appointed Foundation Markets Inc. ("FMI") as its exclusive financing agent and its affiliate, FMI Capital Advisory Inc. ("FMICA") as its exclusive financial advisor, collectively "Foundation Markets." Foundation Markets is a leading independent merchant and investment bank located in Toronto, Canada with demonstrated expertise in providing financial advisory and capital raising services to emerging growth companies. It has successfully partnered with both private and public issuers in multiple sectors including electric vehicles, technology, consumer and diversified, junior mining and regulated industries in areas of equity and debt financing, go public transactions, mergers and acquisitions and corporate restructuring. Foundation Markets has participated in capital raises totalling over CAD $500 million to-date.

Foundation Markets will lead one or more private placement(s) of Daymak International Inc. for minimum aggregate gross proceeds of CAD $25 million (the "Financing") to enable manufacturing commencement of Spiritus and the other Avvenire LEV lineup, and execute its public listing in 2022 by way of a reverse take-over, initial public offering, or merger with a Special Purpose Acquisition Vehicle, (the "Transaction"). For any interest or queries relating to the Financing or the Transaction, please directly contact:

Taif Ahmed,
Vice President ? Investment Banking
FMI Capital Advisory Inc.
[email protected]

Spiritus, the fifth model in the Avvenire Series, will launch in 2023. The Avvenire Series is a comprehensive lineup of ground-breaking personal LEVs ranging from e-bikes to flying electric vehicles. The company will continue to offer special pre-order pricing and perk packages until Saturday, Oct. 30, 2021, after which prices of each Avvenire model will increase and perks will be discontinued.

For more information on the Daymak Avvenire Series or to pre-order your vehicle of the future, visit https://daymakavvenire.com.

About Daymak, Inc.

Daymak, Inc, founded in 2002 with headquarters in Toronto, is a pioneer in personal light electric vehicles (LEVs). Daymak has a world-class global distribution network including 150 dealers and big-box retailers like Walmart, Costco, and Best Buy. Daymak is the number one distributor and developer of LEVs in Canada with more than 100,000 vehicles sold, and is known for cutting-edge designs like the world's first fully wireless e-bike and Canada's first solar-powered, off-road e-bike.

The Company's Daymak Avvenire series is a comprehensive line-up of ground-breaking personal mobility vehicles including everything from electric cars to electric flying vehicles, set for production starting in 2022. Daymak Ondata, Daymak's patent-pending wireless charging technology, is a more compact, cost-effective, and scalable solution than any other wireless charging technology available on the market today.

Daymak continues to redefine powered mobility, empowering individuals to make statements, not emissions, on their way to a connected, accessible future. To explore that future please visit https://daymak.com/.

The Daymak Avvenire series pre-order campaign special pricing has been extended until October 30, 2021. To reserve your vehicle visit https://daymakavvenire.com/.

MEDIA CONTACT:
Jeremy Ertl
Skyya for Daymak
[email protected]

INVESTOR RELATIONS:
Aldo Baiocchi
[email protected]
416.658.3993 ext. 1114

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/94a85c61-d3a7-40b0-9360-ff267312b38b

https://www.globenewswire.com/NewsRoom/AttachmentNg/a09dd302-56ed-4ade-85ef-501a758821c7