Wednesday, 16 October 2019
TOMCAR Australia Set for Expansion & ASX Listing
Austmine Limited
/ Categories: Press Releases

TOMCAR Australia Set for Expansion & ASX Listing

Australia’s soon-to-be sole vehicle manufacturer, Tomcar Australia Pty. Ltd is delighted to announce it has entered into a binding Memorandum of Understanding (MOU) with UXA Resources Ltd, to realize expansion of its business and progress to an ASX IPO listing.
 
With 11 years and significant private investment to date, Tomcar Australia Pty Ltd. commenced manufacturing it’s range of petrol and diesel powered off-road vehicles in Melbourne late 2011, in a strategic partnership with tier-one automotive component supplier MTM Pty Ltd.
 
Tomcar Australia is the first Original Equipment Auto Manufacturer (OEM) to set up operations in Australia for over 30 years, and sees highly skilled niche production, as the future for this country.
 
In addition to its current range Tomcar has created, developed and continues to test and refine the nation’s first electric car, which has been recognised for its foresight, resilience and innovative achievements.
 
Production is scheduled to commence in late 2017.
 
Having initially invested over one million dollars in Tomcar Australia, as part of this agreement, UXA’s Resources management expertise and access to capital, will set Tomcar Australia on a sustainable growth path.
 
Tomcar Australia Co-Founder and CEO David Brim said: “This is giant leap into our future.
 
“Joining with UXA gives us access to financial markets, corporate expertise and their mining sector knowledge, which dovetails perfectly with our aspirations and forecast growth paths for our emissions free EV vehicle, that has already received significant interest amongst mining organisations”.
 
It is also proposed that UXA will merge with Tomcar for a structure for ASX listing. UXA intends to separate its existing mineral assets.

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