Sunny Isles Beach, Florida--(Newsfile Corp. - May 21, 2024) - Elektros (OTC Pink: ELEK) ("Elektros" or "the Company"), an emerging leader in the electric mobility industry, announced today it has made tremendous progress on its Multi-Port Charging Assembly and lithium mining capabilities in West Africa, a region ripe with potential business opportunities.

Elektros's Multiplug charger represents a paradigm shift for electric vehicle manufacturers and owners. With patents pending, a provisional patent application has been submitted to the U.S. Patent and Trademark Office (USPTO) to grant Elektros exclusive rights to use, sell, or license its groundbreaking Multi-Port Charging Assembly.

For consumers, the ability to utilize multiple charging features in an electric vehicle (EV) is not necessarily about using them all simultaneously but about having flexibility and convenience in different scenarios. Our Multi-Port Charging Assembly offers this flexibility and convenience, catering to various charging needs. For instance, level 1 charging is convenient for overnight home use, Level 2 is better for quicker daily top-ups, and DC fast charging is essential for long trips. Our Multi-Port Charging Assembly will provide infrastructure availability since not all charging stations support every type of charging. Having an EV that can use multiple charging standards means users can charge their vehicles at a wider variety of locations, increasing the practicality and range of the vehicle.

Elektros management has been in discussions to acquire a high-grade lithium deposit in the West African country of Sierra Leone. The Company expects to reach an agreement for a letter of intent (LOI) in the coming months. This potential LOI is a significant step towards securing a strategic resource for Elektros, Inc., as lithium is crucial to the EV market. It is a critical component in producing lithium-ion batteries, the primary power source for EVs due to their high energy density and long cycle life. Lithium availability and cost directly impact electric vehicles' efficiency, range, and affordability.

The Sierra Leone government has adopted a mining-friendly stance, actively reforming policies to effectively attract and regulate the mining industry. This approach is evidenced by the recent enactment of the Mines and Mineral Development Act of 2022, which addresses environmental concerns, improves employment practices, and emphasizes the importance of local community development. Establishing the National Minerals Agency (NMA) and the Environment Protection Agency (EPA) as part of the regulatory framework underscores the government's efforts to manage the sector better and align with international standards. This favorable regulatory environment enhances the feasibility and sustainability of Elektros, Inc.'s potential business ventures in Sierra Leone.

Elektros, Inc. CEO Shlomo Bleier said, "Elektros will continue to advance its efforts towards patenting its innovative Multi-Port Charging Assembly Technology for electric vehicles and moving towards a LOI on the high-grade lithium deposit in the West African country of Sierra Leone. As Elektros enters this important stage of its business plan, the Company has a 100% equity cap structure with no convertible securities. Elektros is debt free, which allows the Company to invest its funds for future growth, instead of servicing debt." Mr. Bleier added, "Elektros intends to hire a capable investor relations firm to help us better communicate with shareholders. We appreciate our shareholders' confidence and look forward to continued success."

About Elektros, Inc.

Elektros is an American electric transportation company that innovates mobility solutions for consumers and businesses. Over the next decade, the automotive landscape faces existential disruption to reach carbon neutrality. Elektros, Inc. is committed to addressing this paradigm shift with mobility technologies that not only support sustainability but also offer a transformative user experience. Our solutions are designed to reduce carbon emissions and promote the use of clean energy, contributing to the global effort to combat climate change.

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This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential," and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Elektros, Inc.'s products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time to time in Elektros Inc.'s filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs, and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting Elektros Inc., please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. Elektros, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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