Envirotech Vehicles acquires Maddox Industries for 3.1M shares plus up to $1M earnout

Envirotech Vehicles, Inc.

Acquisition of all membership interests of Maddox Industries, a Puerto Rico-based government contracting firm.
Consideration: 3,100,000 shares of EVTV common stock (subject to 19.99% cap) and up to $1M earnout on receivables.
Maddox has managed over $1B in U.S. government contracts; acquisition includes a 3-year manufacturing deal at EVTV's 580,000 sq ft facility.
Expected to create over 250 jobs in Osceola, AR; targets electric ambulances, police vehicles, school buses, and USPS vans.
EVTV plans to monetize carbon credits and leverage Maddox's drone program for defense and logistics.

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