With more than $1bn in annual sales, Alta Equipment Group joins Cyngn's Dealer Network

Rhea-AI Summary

Cyngn (Nasdaq: CYN) has announced the inclusion of Alta Equipment Group in its dealer network, enabling Alta to sell Cyngn's autonomous DriveMod Tugger. This partnership leverages Alta's extensive North American reach and robust sales record. The DriveMod Tugger integrates Cyngn's autonomous vehicle tech with Motrec's MT-160, known for its high towing capacity.

This move follows Cyngn's recent launch of the DriveMod Tugger and the Cyngn Dealer Network in fall 2023 and the addition of RobotLab. The decision came after a successful summit at Cyngn's Menlo Park headquarters. Cyngn aims to further grow its dealer network with more partners.

Positive

• Cyngn expanded its dealer network to include Alta Equipment Group.
• Alta Equipment Group boasts over $1 billion in annual sales.
• DriveMod Tugger integrates Cyngn's tech with Motrec's MT-160.
• Extensive dealer coverage across North America through Alta.
• Growing dealer network includes RobotLab with over 10,000 robots deployed.

Negative

• None.

MENLO PARK, Calif., July 11, 2024 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN) today announced the expansion of its dealer network to include Alta Equipment Group. The purveyor of both construction and material handling equipment will begin selling Cyngn's autonomous DriveMod Tugger. The DriveMod Tugger bundles Cyngn's autonomous vehicle technology with Motrec's MT-160.

"Alta has an impressive record of sales, and we are thrilled to have Cyngn's autonomous vehicles included in their catalog," said Lior Tal, CEO of Cyngn. "Motrec's industrial vehicles are renowned for their high towing capacity and reliability. With their extensive dealer coverage across North America, we are excited to equip Alta with the tools and training needed to offer our self-driving industrial vehicles to their customers. Their success is integral to our success."

This announcement follows two significant milestones for Cyngn: the launch of the DriveMod Tugger and the Cyngn Dealer Network in the fall of 2023. Cyngn has continued to grow its Dealer Network, including the recent addition of RobotLab, a robotics company with over 10,000 robots deployed.

Alta's decision to join Cyngn's Dealer Network came after a successful summit at Cyngn's Menlo Park headquarters, where key decision-makers experienced the company's autonomous mobile robots (AMRs) firsthand.

"We know of several customers who would greatly benefit from the DriveMod Tugger," said Marc Breton, Motrec's Vice President of Sales. "Autonomous industrial vehicle technology is already making a significant impact at manufacturing and logistics facilities, and we've gotten a great response from our sales channels to introducing an automated version of a tried and true high-tow capacity vehicle like the MT-160 that is known for its quality."

Cyngn plans to continue expanding its Dealer Network by adding more distribution and integration partners in the future.

About Alta Equipment Group Inc. Alta owns and operates one of the largest integrated equipment dealership platforms in North America. Through our branch network, the Company sells, rents, and provides parts and service support for several categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, other construction equipment and allied products. Alta has operated as an equipment dealership for 40 years and has developed a branch network that includes over 85 total locations across Michigan, Illinois, Indiana, Ohio, Pennsylvania, Massachusetts, Maine, Connecticut, New Hampshire, Vermont, Rhode Island, New York, Virginia, Nevada and Florida and the Canadian provinces of Ontario and Quebec. Alta offers its customers a one-stop-shop for their equipment needs through its broad, industry-leading product portfolio. For more information, visit the website.

About Cyngn. Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.

Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

Find Cyngn on:

• Website: cyngn.com
• Twitter: twitter.com/cyngn
• LinkedIn: https://www.linkedin.com/company/cyngn
• YouTube: https://www.youtube.com/@cyngnhq

Investor Contact:
Don Alvarez, CFO
investors@cyngn.com

Media Contact:
Luke Renner, Head of Marketing
media@cyngn.com

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.

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SOURCE Cyngn

FAQ

What company joined Cyngn's dealer network?

Alta Equipment Group joined Cyngn's dealer network.

When did Cyngn expand its dealer network to include Alta Equipment Group?

Cyngn expanded its dealer network to include Alta Equipment Group on July 11, 2024.

What product will Alta Equipment Group begin selling for Cyngn?

Alta Equipment Group will begin selling Cyngn's autonomous DriveMod Tugger.

What is special about Cyngn's DriveMod Tugger?

The DriveMod Tugger integrates Cyngn's autonomous vehicle technology with Motrec's MT-160, known for its high towing capacity.

What recent milestones did Cyngn achieve before this announcement?

Cyngn recently launched the DriveMod Tugger and the Cyngn Dealer Network in fall 2023 and added RobotLab to its network.

Who is Cyngn's partner in the DriveMod Tugger?

Motrec is Cyngn's partner in the DriveMod Tugger, providing the MT-160 vehicle.

What did Marc Breton say about the DriveMod Tugger?

Marc Breton, Motrec's VP of Sales, indicated high customer interest and significant impact on manufacturing and logistics facilities.