MESA, Ariz. & IRVINE, Calif.--(BUSINESS WIRE)--AFV Solutions, Inc. (OTCBB:AFVS), a diversified energy company, has entered into a joint venture agreement with Baolong (Group) Company, Ltd. a Chinese multi-purpose vehicle manufacturer, to further enhance AFV’s production and assembly capacity as well as the expansion of all sales, marketing and distribution of the AFV hybrid electric, CNG and LPG buses.
AFV Solutions, Inc ("AFVS") and Baolong (Group) Company, Ltd. ("BGL") shall work as a team to jointly market, sell, manufacture and/or assemble light to heavy duty hybrid vehicles. AFV Solutions will acquire patents, licensing agreements and intellectual property in addition to acquiring manufacturing and/or assembly facilities, property, plant and equipment. The Baolong Group Limited facilities are located in Guangzhou, China and currently consist of approximately 840,000 sq. ft. manufacturing facility of which approximately 560,000 sq. ft. is solely dedicated to manufacturing and assembly allowing for the capacity to produce up to 5,000 light to heavy duty vehicles annually.
Baolong Group Limited has gained extensive knowledge and experience in the international marketplace through its involvement in all aspects of commercial vehicle evolution. The Baolong Group Limited management team has had key involvement in the development of commercial hybrid transportation including multi-passenger and single passenger vehicles.
AFV anticipates immediate availability of hybrid transportation into the international markets and has already initiated regulatory compliance with U.S. NHSTA/DOT in order to expedite the importing of products to the U.S. market place.
"This agreement is an exciting next step in AFV’s efforts to deliver environmentally sound commercial hybrid transportation to the world market in a timely and efficient manner," said Mr. Richard Steele, AFV’s newly appointed Chief Executive Officer. “The combination of Baolong’s facilities and their hybrid technology and manufacturing expertise, are instrumental in furthering our efforts.” Mr. Steele further went on to say, “after a year of developing relationships from Hong Kong and throughout China, this agreement signifies the beginning of AFV’s entrance into satisfying the world wide demand for cleaner air, environmentally sensitive, and fuel efficient commercial transportation.“
About Baolong (Group) Company, Ltd.
Baolong Group Limited operates a factory in Guangzhou, China. Baolong Group Limited integrates production, sales and service of special purpose vehicles, MPV, coaches and other commercial use vehicles. Baolong Group Limited through its affiliations and partners are one of a few private enterprises in China that have the "Full Automobile Assembling License."
About AFV Solutions
AFVS is a diversified energy company dedicated to seeking alternatives to petroleum as a fuel for transportation. It offers options to seeking alternatives to gasoline users through propane and compressed natural gas conversions. Utilizing advanced technologies, AFVS provides immediate results in terms of fuel economy, a cleaner environment and cost savings. AFVS researchers also are exploring ways to obtain a higher ethanol yield than is currently possible, working to create on-board hydrogen generation for vehicle applications.
