QM Racing Inc., a 100% owned subsidiary of Quad M Solutions, Inc., signs definitive agreement to purchase 100 percent of REV Technologies.
Garland, TX, July 19, 2023 (GLOBE NEWSWIRE) -- QM Racing, Inc. (QM Racing), a subsidiary of Quad M Solutions, Inc., (OTC: MMMM) which was established for the purpose of expanding the company’s potential revenue stream and to increase its shareholder value, is pleased to announce the signing of a definitive agreement to acquire 100 percent of REV Technologies, Inc. This strategic acquisition results in QM Racing owning, manufacturing, and marketing the highly anticipated Riley Streetfighter, an electric vehicle developed by Riley Technologies (Riley), a renowned automotive design, engineering, manufacturing, and race team operations company. Riley Technologies designed, operated, and built cars that have won the 24 Hours of Daytona over 20 times in addition to countless other motorsport races throughout the world.
The Riley Streetfighter is a cutting-edge three-wheeled electric vehicle that embodies the pinnacle of performance, design, and sustainability. With the base Streetfighter model featuring an exhilarating 0-60 mph acceleration in under three seconds, up to 200-mile range per charge, and a rapid 80 percent charge in just 20 minutes, the Streetfighter is set to redefine the electric vehicle powersports market. Designed for discerning customers, the Streetfighter will be available in customizable E-propulsion system and bodywork configurations with the mass consumer base model is expected to be priced between $45,000 and $60,000. With these key performance and price points, Streetfighter aims to capture a fast-growing powersports market, targeting individuals seeking street legal race-worthy performance coupled with the advantages of electric vehicle technology.
Joseph Frontiere, CEO of QM Racing Inc., expressed enthusiasm for the market potential and stated "According to Future Market Insight, today’s electric three-wheeler market is expected to nearly double in the next 10 years and exceed the $1.5 billion mark by 2033. As a technological leader with an exceptional automotive performance pedigree, we are poised to meet the demand for race performance combined with the advantages of electric vehicles and secure a substantive market share.”
This acquisition enables QM Racing to leverage Riley's development expertise and existing production facilities, eliminating the need for substantial upfront capital spending on design and manufacturing infrastructure. Consequently, the company plans to rapidly scale up Streetfighter production while minimizing costs compared to competitors. The Streetfighter will be manufactured in Riley’s Mooresville, NC facility with 90 percent of the Streetfighter components being vertically manufactured in house.
“The Streetfighter is expected to hit the market within the next 18 months, revolutionizing the electric vehicle industry, and offering a thrilling driving experience to customers across the nation,” added Mr. Frontiere.
About QM Racing, Inc.
QM Racing, Inc. is a wholly owned subsidiary of Quad M Solutions Inc., dedicated to delivering high-performance electric vehicles that combine cutting-edge technology with a passion for automotive excellence. With the acquisition of REV Technologies, QM Racing is poised to revolutionize the three-wheeled electric vehicle market.
About REV Technologies.
Our Mission is to design and market performance vehicles featuring leading race to road electrification technology under the Riley brand. Dating back to 1960, the Riley brand has been a leader in North American automotive design engineering, manufacturing, assembly, and race team operations.
Website rileyev.com
REV Technologies. Press release
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