DUESENBERG TECHNOLOGIES FORMS DUESENBERG HERITAGE LLC FOR PRODUCTION OF THE LEGENDARY 1920 AND 1930
Updated: Jul 1, 2021
Duesenberg Technologies Inc. (OTCQB: DUSYF) (the "Company" or "Duesenberg"), an OTCQB-listed issuer, announced today that the Company had incorporated Duesenberg Heritage LLC for the sole purpose of reproducing very limited Duesenberg Heritage vehicles which were originally manufactured in the 1920s and 1930s; such as the Duesenberg Model J and Boat Tail series.
"The construction of the vehicles from that era is very time consuming and would require highly specialized and skilled tradesman. This business will generate revenue independent of the core business of Duesenberg, as we see it being a niche market for the high-end collectors. Collectors, who value history and heritage of Duesenbergs original vehicles, stated Joe Lim, the President and Executive Chairman of the Company.
Duesenberg Heritage LLC has entered into negotiations to acquire the Intellectual Property and other assets of Duesenberg II from Hampshire Motors Group Ltd, which will allow to start the development and manufacture of these heritage lines. The Intellectual Property shall include engineering data, trade secrets in development and assets on parts of the models. The transaction is a related party transaction for Duesenberg Technologies Inc., as Mr. Joe Lim is a major shareholder and director of both companies. Mr. Joe Lim is abstaining from negotiation on the agreement. The Company expects to sign the agreement for the Intellectual Property before end of this month.
More information will be the disclosed in the next coming week.
About Duesenberg Technologies Inc.
Duesenberg Technologies Inc. was established out of the collective ambition of investors experienced in the online business and marketing. Duesenberg Technologies goal is to be climate neutral across its full value chain, in line with the goals set by the Paris Agreement. The Company is committed to energy resiliency through Development in Energy Transition Goal with added environmentally friendly technologies to its business strategy. This strategy identifies an immediate and urgent need to reduce greenhouse gas emissions to help mitigate the effects of climate change, reduce energy use, and improve air quality. The Company is posed to play a vital role in supporting all three of these objectives by reducing the environmental impact through manufacturing a new type of luxury electric vehicles.
On behalf of the Board of Directors,
Lim, Hun Beng (Joe), President
Duesenberg Technologies Inc.