TUGA elects John Hagie as Chairman of the Board

Tuga Innovations, Inc.

A good governance program essential for measured and sustainable growth

VANCOUVER, British Columbia and LISBON, Portugal, March 10, 2022 (GLOBE NEWSWIRE) — TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations” or the “Company”) , which develops solutions to the challenges of urban mobility with TUGAa new kind of electric vehicle (“EV”) is pleased to announce the election of the Company’s CEO, Mr. John Hagie, as Chairman of the Board.

While the realization of advanced product development is underway, as evidenced by its recently released corporate video (News – February 1, 2022), the company’s directors hosted an inaugural board meeting in February during which the budgetary and strategic orientation for the 2022 financial year was presented and discussed. Directors further identified the need for clear leadership and the implementation of governance control commensurate with the strategic objectives of the organization.

To achieve this, the Board of Directors has unanimously agreed to elect Chief Executive Officer, John Hagie, as Chairman of the Board with immediate effect within the term and scope of the position as set forth in the corporate charter.

Mr. Hagie brings a wealth of sales and marketing experience, having a distinguished career with the Hewlett-Packard (HP) Company with a focus on bringing to market personal computer and printer lines. . His background in high technology brings applied experience and an understanding of the needs and challenges inherent in designing and bringing innovative products to market.

Newly appointed President and CEO John Hagie said, “We are moving forward with vehicle development and hope to reveal new brand elements soon. We have several projects underway within our digital development team that we believe will add value to the sales and marketing process. These three key areas; brand, digital and vehicle development are at the heart of our efforts this year. Since my time at HP, the culture of rapid product lifecycles required an agile organization through decentralized decision-making. One of the differentiators of TUGA Innovations has to be its rapid time to market.

Mr. Hagie worked both in key account sales within the HP organization (France) and in channel development in a European marketing center. The ability to implement strategic decisions in cross-cultural organizations has been a critical success factor for the personal computing division during his tenure.

John has worked in both start-ups and large organizations, so he benefits from a broad perspective regarding the need for an entrepreneurial spirit while consolidating policies and practices that enable measured growth. As Chairman of the Board and Chief Executive Officer, it is expected that implementation measures and strategic objectives will be fully aligned. Early examples of strategic alignment include investigations into the conceptual innovation of Mobility-As-A-Software-Service (MaaSS) as a potential value-added feature for integration into the TUGA platform.

“I am honored to take on the role of Chairman of the Board of TUGA Innovations.” Hagie continues: “We are at a crucial period in our development, and we have met our structural needs by bringing together a very experienced team and have additionally invested time and effort in developing a clear strategic path. We aim to be focused on achieving our goals and I believe my role is to help ensure that we are all aligned in the same direction to best serve our partners, stakeholders and shareholders in the most responsible goal, transparent and unified. oriented manner.

On behalf of the Board of Directors,

Truly,

~Faizaan Lalani~

Faizaan Lalani
Financial director
TUGA Innovations, Inc.

As part of the Company’s disclosure obligations as a public issuer, current financial and material documents may be viewed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at the address www.sedar.com.

About TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF)

TUGA Innovations is a development-stage electric vehicle company undertaking the design, engineering and production of specialized electric vehicles to enhance the urban mobility experience. The Company seeks to reduce the difficulties of urban mobility by developing a fully electric three-wheeled two-seater front-to-rear vehicle. The vehicle will be no wider than a motorcycle for agility and will have a patent-pending extendable rear axle for high-speed stability. The vehicle will offer advanced connectivity technology to maximize safety, performance, environmental impact, comfort, maintenance and navigation. The TUGA vehicle is designed to offer an estimated range of 160 km, an estimated top speed of 140 km/h with the comfort of a car and with more protection than a motorcycle in a multi-body interchangeable platform and multifunction. Learn more about: https://tugainnovations.com/.

For more information, please contact:
TUGA Investor Relations
Tel: +1 415.799.7911
E-mail: [email protected]

Forward-looking statement

This press release contains statements and information which, to the extent that they are not historical facts, may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may include financial and other projections, as well as statements regarding future economic plans, objectives or performance, or assumptions underlying any of the foregoing. In some instances, forward-looking statements may be identified by terms such as “aims”, “aims to”, “could”, “could”, “might”, “will”, “will”, “probable”, “expected”. “, “anticipate”, “believe”, “intend”, “plan”, “expect”, “project”, “estimate”, “outlook”, or their negative form or other similar expressions relating to matters that are not historical facts. Examples of such statements include, but are not limited to, statements regarding TUGA’s development progress and the company’s commercialization of its automotive concepts, the reveal of new brand elements, ongoing projects adding value to the sales and marketing process, with the Company’s implementation of metrics and strategic objectives being fully aligned, the integration of MaaSS into the TUGA platform, with the Company being highly focused on achieving its goals, the Company addressing the challenges faced when driving in, between and around urban centers and metropolitan areas; the Company’s target markets, vehicle width, extended vehicle rear axle function, advanced vehicle connectivity features and anticipated benefits, range in km and maximum vehicle speed, protection and platform offered by the vehicle.

Forward-looking information is based on management’s assumptions, estimates, analyzes and opinions made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances as of the date such statements are made, but which may prove to be incorrect. Important factors and assumptions used to develop the forward-looking information contained in this press release include, but are not limited to, key personnel and qualified employees who continue their involvement with the company; the Company’s ability to obtain additional financing on reasonable terms; the competitive conditions of the industries in which the Company operates; and the laws and their amendments applicable to the Company.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the information. forward-looking, including, without limitation, risks related to the Company’s future business plans; the risks that the Company may not be able to retain its key personnel; the risks that the Company may not be able to obtain financing on reasonable terms or at all, as well as all other risks as described in the Company’s final prospectus dated November 30, 2021 under the heading “Factors of risks”. Accordingly, readers should not place undue reliance on such forward-looking information. Further, any forward-looking information speaks only as of the date such statement is made. New factors emerge from time to time, and it is not possible for the management of the Company to predict all of these factors and to assess in advance the impact of each of these factors on the Company’s business or the extent to which any factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking information. The Company undertakes no obligation to update forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unforeseen events, except as required by law, including securities laws.

CSE does not accept responsibility for the adequacy or accuracy of this release.


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