New York, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Fly-E Group, Inc. (Nasdaq: FLYE) (“Fly-E” or the “Company”), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, electric scooters, and related accessories, today announced that its flagship e-bike model, the Fly-11 PRO, has been officially selected by the New York City Department of Transportation (“NYC DOT”) as the official e-bike for the E-Bike Trade-In Program (the “Program”). NYC DOT expects to distribute approximately 400 e-bikes during the pilot period.

This Program underscores New York City’s commitment to improving safety and sustainability by replacing uncertified e-bikes and lithium-ion batteries with models meeting UL 2849 safety standards and featuring UL 2271-certified batteries. The Fly-11 PRO was chosen for its advanced safety features, including UL-certified components, an advanced battery management system, and superior durability and range. With its commitment to quality and innovation, Fly-E is expected to equip NYC delivery workers with safer and more efficient transportation options. In addition, this isn’t Fly-E’s first collaboration with NYC. The Company previously supported the Equitable Commute Project (ECP), and had accumulated valuable expertise in e-bike replacement programs and community engagement.

Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, commented, “At Fly-E, safety and sustainability are at the heart of everything we do. The Fly-11 PRO was specifically designed with advanced UL-certified components, a robust battery management system, and exceptional durability to prioritize user safety. We are proud to support NYC’s efforts to create a safer, more sustainable future for delivery workers and communities alike. This selection highlights our unwavering commitment to quality, innovation, and environmental responsibility, and we remain committed to driving long-term growth and success for our company.”

About Fly-E Group, Inc.

Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand "Fly E-Bike." The Company's commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. For more information, please visit the Company's website: https://investors.flyebike.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and that the forward-looking statements contained in this press release are subject to the risks set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the section under "Risk Factors" of its most recent Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed with the SEC on June 28, 2024. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

For investor and media inquiries, please contact:

Fly-E Group, Inc.
Investor Relations Department
Email: ir@flyebike.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com