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Canoo’s Oklahoma City Manufacturing Facility Achieves Final Activation as First Automotive Foreign-Trade Zone in the State of Oklahoma

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Canoo’s Oklahoma City Manufacturing Facility Achieves Final Activation as First Automotive Foreign-Trade Zone in the State of Oklahoma


Canoo, Inc.

Canoo, Inc.
  • FTZ activation insulates Canoo from import tariffs and allows for deferments and exemptions as the company expands its global presence

  • The approval of Canoo’s FTZ allows other vendors and partners to relocate into Canoo’s user-driven site thereby broadening the benefits to Canoo and its partners

  • Effective immediately providing a 5% reduction in BOM costs for imported parts significantly improving margins

JUSTIN, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) —  Canoo Inc. (NASDAQ: GOEV), a high-tech advanced mobility company, announced today that the U.S. Customs and Border Protection (CBP) has officially approved final activation of Canoo’s Oklahoma City operations as a Foreign-Trade Zone (FTZ), becoming one of the largest FTZs in the State of Oklahoma.

This activation status qualifies Canoo to take advantage of FTZ benefits, effective immediately. This final designation will allow Canoo to significantly streamline its operations, offering financial and logistical benefits as the company scales production of its modular electric commercial vehicles for customers in the U.S., the United Kingdom, Europe, and the Middle East.

Canoo has worked for approximately a year with the U.S. Customs and Border Protection for approval and activation of the FTZ. Initial approval was received in March 2024 and over the last several months Canoo completed this final activation milestone for this facility, which includes having the necessary infrastructure to activate the site.

“We thank Oklahoma City Customs Port Director Pequano and the Dallas U.S. Customs and Border Protection Area Port office for the work, support and direction for the activation approval. It’s great to get this milestone completed as it’s part of a larger strategy with more to come,” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo.

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This is a significant first step in harmonizing Canoo’s supply chain and insulating the company from the standard practices in other countries, providing stability against the ever-changing tariffs landscape.

For more information on Canoo please visit www.canoo.com.

About Canoo
Founded in 2017, Canoo Inc. (NASDAQ: GOEV) is an automotive tech company that manufactures electric cargo vehicles, built to deliver, for large commercial, government and fleet customers globally. The company has developed design-forward innovative electric vehicles with steer-by-wire technology on its common modular platform with end-to-end software plus power solutions. Canoo’s platform is purpose-built to maximize the vehicle interior space and is customizable to support a wide range of business and government applications. Headquartered in Justin, Texas, Canoo has teams located in California, Michigan and Oklahoma with world-class vehicle and battery facilities in Oklahoma City. For more information please visit www.canoo.com and investors.canoo.com.

Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward- looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements about our plans, expectations and objectives with respect to the results and timing of the reverse stock split and the effect the reverse stock split will have on the Company’s ability to regain compliance with the Nasdaq Listing standards. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; Canoo’s ability to access future capital, via debt or equity markets, or other sources; the rollout of Canoo’s business and the timing of expected business milestones and commercial launch; future market adoption of Canoo’s offerings; risks related to Canoo’s go-to-market strategy and manufacturing strategy; the effects of competition on Canoo’s future business, and those factors discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Canoo’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 1, 2024, as well as its past and future Quarterly Reports on Form 10-Q and other filings with the SEC, copies of which may be obtained by visiting Canoo’s Investors Relations website at investors.canoo.com or the SEC’s website at www.sec.gov. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Canoo does not presently know or that Canoo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Canoo’s expectations, plans or forecasts of future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo’s assessments to change.

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However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Media Contact
press@canoo.com

Investor Relations Contact
IR@canoo.com



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Oklahoma

Oklahoma audit says OTA operated unchecked for decades; lawmakers seek reforms

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Oklahoma audit says OTA operated unchecked for decades; lawmakers seek reforms


A new investigative audit of the Oklahoma Turnpike Authority is fueling renewed calls at the state Capitol for lawmakers to rein in an agency the state auditor says has operated “unrestrained and unchecked” for nearly 80 years.

The state auditor and inspector said the problems highlighted in the audit can only be solved by amending legislation.

Among the issues cited: “handpicked contractors naming their own prices,” according to the report’s findings.

The reaction is also coming from Pike Off OTA President Amy Cerato, who said she is filing two lawsuits against the OTA over the Southern Extension project, which she said would level more than 70 homes. “The Legislature has no excuse not to bring this up in session,” Cerato said.

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Cerato said the larger issue is a lack of accountability in state law. “My problem is that we don’t have a state law to hold anybody accountable so they could say too bad too sad and keep going on for the next 70 years,” she said.

The state auditor said it is up to the Legislature to make changes.

State Sen. Mary Boren, a Democrat representing District 16, said she is willing to “continue to empower Oklahomans to hold their government accountable.”

Boren also warned about the potential cost to drivers if the agency remains unchecked. “The way it could be going, people could be paying $200 bucks a month to get to work on a toll road,” Boren said.

State Sen. Shane Jett, a Republican representing District 17, said the audit reflects a broader issue in state government. “There is a rampant problem of state agencies that have more sway and more influence on the legislative process than the taxpayers who are footing the bill,” Jett said.

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Boren and Jett both voted yes on a bill authored by Lisa Standridge that would eliminate the transfer of property to a state agency taken by eminent domain.

Still, the lawmakers said change will not begin until some candidates serving on committees are voted out.

Jett urged people to run for office, pointing to upcoming filing dates. “If you are sick and tired of people representing state agencies or industries instead of taxpayers, well the filing deadline is April 1, 2, and 3. Run for office,” Jett said.

Boren echoed concerns about whose interests are being represented. “We have people that are there to stick up for Oklahomans, and we have people that are there to stick up for the people making a lot of money off of Oklahomans,” she said.

The state auditor said the audit took so long because of a backlog of investigative audits with 25% fewer employees.

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The audit covers the last four years out of the last 79.

The OTA released a statement after the audit findings were revealed Wednesday.

“The Oklahoma Turnpike Authority would like to thank the State Auditor and Inspector’s office for their in-depth, extensive work on this first-of-its-kind investigative audit of the Authority. During the past three years, the auditor’s office has been inquisitive and intentional, learning as much about the OTA as possible to allow them to complete this investigative audit. While OTA has an annual financial audit conducted by an independent, nationally recognized firm, we were glad to collaborate with the State Auditor’s office for its examination of whether OTA complies with state law. OTA is pleased to have this independent confirmation that the agency follows all state statutes and there is no evidence of non-compliance with Oklahoma law. OTA will review the audit in more detail, and it is committed to considering how and where we can strengthen our policies and improve the documentation of our procedures and internal controls.”

ADDRESSING ENGINEERING CONTRACT SELECTION

“Even with the breadth and scale of construction programs like ACCESS Oklahoma, which is the largest reinvestment and expansion project in OTA’s history, we have been deliberate about keeping OTA staffing levels relatively flat. Instead, the Authority uses professional services contracts to procure engineering and construction management services through one of two lawful solicitation methods as allowed by Oklahoma Title 69-1708.2. OTA may use a project-specific solicitation focused on that individual project. OTA also may use an on-demand solicitation for specific types of professional services. This lawful and intentional administrative choice helps OTA keep construction costs at a minimum, manage changing project details, staffing capacity, and timing while still relying on a competitive, qualifications-based selection process. The method selected depends on project maturity, scope, and operational efficiency. It’s important to note that these contractors are selected by an internal review committee. This committee does not include the executive director, which was mistakenly stated Wednesday and incorrectly reflected in the audit report. As a matter of policy, that does not happen. We have policies and procedures in place to ensure that all work approved by OTA staff has been completed on time and on budget and to the highest standards of safety. We remain focused and committed on safely operating and maintaining Oklahoma’s turnpike system while responsibly managing infrastructure investments.”

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Oklahoma

The Spring adds immersive walkthrough to annual Encounter Hope gala in Sand Springs, Oklahoma

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The Spring adds immersive walkthrough to annual Encounter Hope gala in Sand Springs, Oklahoma


A Tulsa-based nonprofit is adding an immersive, walkthrough experience to its annual fundraising gala, aiming to give attendees a closer look at what survivors of domestic violence and human trafficking face — and how support services can help.

The Spring, which provides services to people impacted by domestic violence and human trafficking, will feature the walkthrough as part of Encounter Hope, its annual gala set for April 9 at the Arvest Convention Center.

The experience is designed to guide guests through the story of an abuse survivor across four stages of interaction with The Spring: the inciting incident, the crisis call, time at the emergency crisis shelter, and moving into safety.

“The idea is really to put you in the shoes of the people that we serve every day,” Allison Wells,

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The Spring’s events and environments coordinator, said. “It’s easy to throw out stats about violence and trafficking in Oklahoma, throw out our service numbers each year, but these are really peoples’ lives. We want to put our attendees in the mindset of one person, one story. What would you do if you were facing this?”

After the walkthrough, attendees will have the opportunity to assemble move-in kits for The Spring’s shelter guests and write personal notes of encouragement.

The program portion of the evening will include a panel discussion hosted by Karen Larsen, an Emmy Award-winning journalist who anchored Tulsa’s Channel 2 for almost 30 years.

“Tulsa is an incredibly charitable city, and we know that these kinds of gala events aren’t rare here,” Leslie Clingenpeel, The Spring’s CEO, said. “Our goal is to go beyond the model of these fundraising-only type events. More than anything, we want people to understand what we do, to know that we’re here, to know what our frontline advocates are doing every single day. Domestic violence and trafficking are hard to look away from once you’re aware of them. We want to build that awareness to the people of this city.”

Individual tickets and table packages are available for purchase.

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Attendees are encouraged to register before April 1 because space is limited.

More details and purchasing information are available at www.thespringok.org/encounterhope.

The Spring is a Tulsa-based nonprofit offering services to those affected by domestic violence, sexual assault, stalking, and human trafficking.

The organization provides emergency crisis shelter, transitional living, and non-residential services.

More information is available at www.thespringok.org.

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Oklahoma State outlasts UCF in overtime, Houston next

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Oklahoma State outlasts UCF in overtime, Houston next


ORLANDO, Fla. –

The Oklahoma State Cowboys men’s basketball bounced back in a big way Tuesday night.

Anthony Roy scored 27 points and Kanye Clary added 23, including seven in overtime, as Oklahoma State defeated the UCF Knights men’s basketball 111-104 in Orlando.

The Cowboys controlled the extra period, finishing overtime on an 11-4 run and outscoring UCF 17-10.

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Clary played a major role in closing it out. He hit a key 3-pointer and went 4-for-4 from the free throw line in overtime to help seal the win.

The victory moves Oklahoma State to 18-12 overall and 6-11 in the Big 12, and gives the Cowboys two wins in their last three games after snapping a five-game losing streak. UCF, now 20-9 (9-8 Big 12), has dropped two straight.

Roy and Clary led a balanced offensive effort. Jaylen Curry and Christian Coleman each added 16 points, while the Cowboys shot 49% from the field (35-of-72) and 80% from the free throw line (32-of-40).

Themus Fulks led UCF with 22 points, while Riley Kugel added 18.

Late-game drama forces overtime

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The final seconds of regulation were chaotic.

With 24 seconds remaining, Isaiah Coleman threw down a dunk to give Oklahoma State a 94-91 lead.

But UCF answered quickly when Chris Johnson hit a 3-pointer with 11 seconds left, tying the game at 94-94.

Oklahoma State had a chance to win it at the buzzer, but Jaylen Curry missed a shot, and John Bol blocked Roy’s attempt, sending the game to overtime.

Cowboys respond after tough loss

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The Cowboys showed resilience after Saturday’s lopsided loss to Cincinnati.

The team traveled directly to Orlando following that defeat and was pushed through two intense practices by head coach Steve Lutz and the coaching staff.

The response was clear.

Led by Roy’s scoring and Clary’s clutch overtime performance, Oklahoma State delivered a gritty win and swept the season series against UCF

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