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