NEW YORK, Dec. 2, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") announces that its subsidiary, Tree Technologies Sd. Bhd., which owns the Treeletrik brand, has hired Richard Teoh as its Chief Financial Officer effective immediately. Mr. Teoh brings to Treeletrik over 20 years of financial control, planning, leadership, and management experience. He was most previously Director of Group Finance Controlling at Volkswagen Group Malaysia and was responsible for the financial oversight of the commercial distribution and manufacturing of vehicles. Prior to that, Mr. Teoh served in a variety of senior finance leadership roles, including at Dominick Hunter, a U.K.-based industrial product manufacturer which was acquired by Parker Hannifin. At Dominick Hunter, he was involved with the integration and transition of financial ERP systems and controls. Mr. Teoh is a Chartered Certified Accountant (FCCA) and Chartered Accountant (MIA).
"We have ambitious plans for Treeletrik's growth, and Richard's financial leadership, combined with his experience in relevant industries such as automotive, manufacturing, and construction, will help the company meet its growth objectives," said Datuk Viswanathan Menon, Treeletrik CEO. Alf Poor, Ideanomics CEO, added, "We are very pleased to have Richard Teoh join the Treeletrik team as CFO. His experience and industry insight will help us with all aspects of the company's growth strategy. As the leading EV manufacturer in the ASEAN region, Richard will be assisting us with everything from supply chain development through to the roll out of our battery and charging systems, as well as the development of the land in the port area."
About Tree Technologies Sd. Bhd.
Tree Technologies Sd. Bhd. owns the EV brand Treeletrik and is the first company to bring a true electric bike to Malaysia. The company provides transportation options that are clean, safe and affordable, with advanced technology, EV innovations and minimal maintenance. Treeletrik's parent company, Tree Manufacturing, is a licensed EV manufacturer in Malaysia.
In March 2019, Ideanomics acquired a controlling stake in Tree Manufacturing. The combined organization accelerates the adoption and affordability of EV production, extending Treeletrik's portfolio from EV mopeds and bikes to EV buses, trucks, cars, and light rail. The expanded vehicle product line serves the 650 million people in the ASEAN region including Malaysia, Thailand, Indonesia, Cambodia, Vietnam, Philippines, Laos, Singapore, and Brunei.
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Our Mobile Energy Global (MEG) division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, MEG and Ideanomics Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.
The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov.. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
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SOURCE Tree Technologies Sd. Bhd.; Ideanomics