Phoenix Motorcars Engages IAT Automobile Technology to Advance Gen 4 Development – Phoenix Motor Cars

This collaboration is expected to maximize cost efficiencies, speed time to market and ensure the highest quality standards during the crucial vehicle development phase. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. Forward-Looking StatementThis press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release.