Statement of EVO Transportation & Energy Services, Inc.

PHOENIX, May 09, 2020 (GLOBE NEWSWIRE) — EVO Transportation & Energy Services, Inc. (EVO) (OTC Pink: EVOA) has applied for and received a Paycheck Protection Program loan under the CARES Act to support its activity during the coronavirus pandemic affecting the country. EVO qualified for the program according to “Alternative Size Standards” explicitly set forth in guidelines issued by the US Treasury Department and the US Small Business Administration for businesses with less than $15 million in tangible net worth and less $5 million in income in each of the last two taxation years. The other size standards apply regardless of the number of employees an applicant has.

As a critical service provider for the United States Postal Service and other shipping customers, payroll financing has allowed EVO to continue operations at a time of financial hardship for the company and serious market upheaval in the country. EVO is made up of multi-generational American companies employing drivers, dispatchers, mechanics and support staff who have served USPS and other shippers for decades.

EVO received a letter from the U.S. House of Representatives Select Subcommittee on the Coronavirus Crisis, ostensibly because EVO is a public information company and received proceeds from the PPP. However, unlike other companies cited by the subcommittee, EVO’s shares are highly illiquid and rarely trade, EVO does not have access to capital markets (it unsuccessfully sought in March to raise funds from third parties in a private placement) and currently almost all shares of EVO investors are unable to sell shares. EVO’s small market float is measured in thousands of dollars, not hundreds of millions of dollars. All of these factors support EVO’s PPP application which complied with the letter and spirit of the law. EVO has and will continue to use PPP proceeds for payroll.

EVO prides itself on the critical and essential services provided by its workforce who have continued to make deliveries day in and day out across the country, including some of the regions hardest hit by the coronavirus pandemic. The proceeds from the PPP enabled EVO to fulfill its obligations to carry out this important work. The return of the product could jeopardize the survival of EVO and the more than 1,600 jobs that exist through the continued operation of EVO.

EVO is grateful to the U.S. Congress for passing the CARES Act, and to the U.S. Treasury and the U.S. Small Business Administration for quickly establishing guidelines that specifically allow companies like EVO to qualify for the PPP revenue.

Important Information
Statements contained in this press release that are not historical facts may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “believe”, “will”, “may”, “estimate”, “continue”, “anticipate”, “intend”, “would”, “should”, “plan”, “expect to”, “predict”, “could”, “potentially” or similar expressions identify forward-looking statements, although not all forward-looking statements include these words. These statements involve known and unknown risks, uncertainties and other important factors, including those described in the “Risk Factors” section contained in EVO’s most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. Further, forward-looking statements speak only as of the date they are made, and EVO undertakes no obligation to update or revise any forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting the forward-looking information. , except to the extent required by law.

Company details
Thomas J. Abood
Chief executive officer
[email protected]

Investor Relations:
Investor Relations Gateway
Cody Slash
Tel 1-949-574-3860
[email protected]

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