March 14, 2022 – On today’s show we welcome special guest, ElectraMeccanica Vehicles CEO Kevin Pavlov. ElectraMeccanica is a Canadian designer and manufacturer of electric vehicles. The company’s flagship vehicle is the single-seat electric vehicle called the SOLO.
On the podcast, Kevin discusses:
- The story behind the unique, three-wheel design of the SOLO
- How they plan to scale the electric vehicle company
- Why they use an asset-light contract manufacturing model
- The competitive environment and how ElectraMeccanica vehicles stand out
- And more
Transcript:
Welcome investors to The Absolute Return Podcast. Your source for stock market analysis, global macro musings and hedge fund investment strategies, your hosts, Julian Klymochko, and Michael Kesslering aim to bring you the knowledge and analysis you need to become a more intelligent and wealthier investor. This episode is brought to you by Accelerate Financial Technologies. Accelerate because performance matters. Find out more at accelerateshares.com.
Julian Klymochko: Hey, Kevin, welcome to the show. How are you today?
Kevin Pavlov: How’s it going, Julian. Nice to talk to you.
Julian Klymochko: Doing fantastic. Thank you. So, you are the CEO of ElectraMeccanica vehicles and electric vehicles have been all the rage. The company produces super unique products, which I really want to dive into today prior to getting into that. Can you walk us through your background in the automotive industry and what you are up to prior to becoming the CEO of ElectraMeccanica?
Kevin Pavlov: Sure, sure. I’ve got about 30 years in automotive. I did a stint with Ford. I was part of the Visteon spinoff ways back; you guys remember that. I did a stint after that in venture capital world. So, I was doing a bunch of different entrepreneurial ventures. I had several startups that got sold, great exit strategy pieces. One of them particularly was bought by Magna International. I spent 10 years at Magna International. I was the President of electronics division and then I moved into ECAR, which was a joint venture, arm’s length joint venture with Frank Stronach and the company. So that whole exercise, we created several EVs for the market European, North American. After about 10 years, we moved forward into the side of the business where we were doing investments.
So, Magna was getting very well into the world themselves of doing, we’ll call them initial investments to fit the five-year business plan. So wrote a nice strategy with that. Where can in hand with [Inaudible 00:01:41] category who’s now their CEO. Don Walker was the CEO at the time, it was great. Then I moved to another company called Eco-Fueling. I ran that, we built it up over a couple years and then we had a really nice exit strategy on that one. We triggered it and then I moved to Karma Automotive. We were making electric vehicles at Karma. The Karma situation after several months we stepped forward decided, all right, let’s go into a car company. So, I took over a COO position here and now CEO. I got electric vehicles.
Julian Klymochko: Yeah, and speaking of electric vehicles, there’s been a number of new startups over the past decade or two. You mentioned Karma, there’s other, you know, Tesla Lucid, et cetera. I was wondering how did ElectraMeccanica come about and why did you join?
Kevin Pavlov: So, ElectraMeccanica started out about four or five years ago and they had a wonderful idea, and it was trying to bring a purpose-built vehicle to market an EV that solved a whole lot of urban mobility challenges. A couple of different versions of the vehicle were made and they contained more and more content. But what happened was, just in the last couple years, there was a big push where we said, hey, we’re going to position this vehicle right between micro mobility and cars. And it was an unserved space. So, we took a vehicle as classified as an electric motorcycle. And we brought it as close as possible to a full driving vehicle, a car, with all those attributes. Blended the micro mobility and the car attributes together to really solve that urban mobility challenge. What’s really happened. Been really flourishing was the last mile delivery micro parcel delivery. That market has been, been really, really ramping up. And it so happens that we created a single passenger vehicle that has plenty of cargo in it. It’s the ultimate for campus security. There’s always an individual security person driving around. It’s great for small parcel deliveries because it’s fully enclosed, it’s got heating, cooling, backup camera, all the safety features. So, what we’re seeing now is a big trend in the commercial and fleet side, strong interest because the whole car was based on a premise of what you do alone and most people, and this is real facts, you can look them up. There’s about 120 million people in the U.S. that drive to work and back by themselves. There’s about 20 million people that carpool.
So, we thought we’d look at the 120 million people, give them a chance to have a super-efficient that drives in an HOV lane. It does full highway speeds. It’s fully enclosed, just like driving a car, all the buttons, steering wheel, brake pedals, very, very familiar territory, but more like getting into a formula one race car, and you sit in the center of it. You’ve got a tremendous feel to the road, it’s super stable. So, we thought, okay, well this is really nice. And we’ve got this nice cargo area and the cargo area with a hatch behind. It gives you the attributes, those European attributes of going into the trunk or having the storage behind you. So, we had to make sure you could put your tennis rackets or your gym bag, or you know, four or five things of groceries in it. And lo and behold, we were surprised to find out we could hold about 12 pizzas back there, and four two-liter bottles of Coke. So, it’s starting to become a real fit for a lot of different areas. Most recently, Mesa City has bought a couple of our vehicles. They’re using them for parking enforcement and also campus riding. So, we’re more and more surprised every day we’re all these possibilities are showing up. And I kind of capture it with one seat, three wheels, endless possibilities because we just keep seeing them. So hopefully I was answering your question on that.
The very last part of your question was what brought me there. And you know, when I first stepped in, I saw the uniqueness of the vehicle. I also saw something else, and it’s not just an EV, what this vehicle does is it gets rid of all the unused four passenger elements. So, when you’re driving all alone, you usually have an oversight power train. When you’re driving alone, there’s three empty seats, maybe four or five, depending on what you’re in. And when you’re driving your trunk is usually empty. Sometimes you use a seat for your trunk, but really the key here is, when you heat and cool a vehicle, the space around a single passenger is small enough that you’re quite comfortable in it. But when we turn on the heater or the air conditioning, we get a very, very quick response and you don’t use a lot of extra energy heating the space that’s not used. So, while we are sitting here with one quarter of the battery of a normal EV, and we get a hundred miles, which is the same charge, and we get charge times that are even faster, because we don’t have a lot of battery, we actually don’t need a lot of battery, which is kind of nice. So, with those features in hand, we have convenience and all the outside charge point chargers, fast charge. We can get in on the level two chargers everywhere. We’re actually registered with Charge Point and certified on all the external chargers. It just became a super convenient item. I loved all the possibilities on it. And then we looked at that platform and I asked myself, what else could we do with this? So maybe we’ll share a little of that later in the podcast.
Julian Klymochko: So, I want more information about the Solo, which is your flagship electric vehicle, and you described it nicely, one seat, three wheels. And when people look at these, whether, you know, online or in the streets, it’s a very unique vehicle. So, a single seat, electric vehicle, one passenger, and it looks more like, you know, those Trike you see, but as you indicate, it is fully enclosed. So really interesting proposition, but it’s radically different than what you see out of the main electric vehicle companies Lucid, Tesla, they all kind of look like Audi or Mercedes-Benz, your offering is significantly different. And when it’s a dramatically different product, people always are wondering, you know, what’s the catch or what’s different about it? So, I was wondering like, how does the Solo perform as a vehicle?
Kevin Pavlov: Honestly, if you didn’t know there was three vehicles, you wouldn’t be able to tell. It’s very stable. Like I said, we were 80 miles an hour. No problem on the freeway, we have very great lane handling. There’s a unique little feature, the car shape like a tear drop. The back is actually much narrow in the front, but when you’re riding on the freeway and you get the wind buffeting, you don’t get hit the same way with the wind, because the side of the car isn’t flat against the other vehicle, pushing the wind on you. So that it’s a really dampen response and you get pretty interesting. It doesn’t shake the car around. What’s really kind of neat is, the car just under six feet wide.
And most freeways have a 12-foot-wide lane. Most urban streets are around 12 feet. So, if you don’t like the person you’re sitting next to, you can scoot over about five feet and you’re okay. So, you know, like I said, the pieces inside of the vehicle that you need are there, there’s no question about that. The mirrors, the visibility is fantastic. You can park them. I mean, we have a kind of a cost advantage. We can fit more of them on a 53-foot trailer than a most of the other large EVs. And honestly, with the other savings and the pieces that we have, and the fact that we’re less than $20,000. I mean, we’re the lowest electric vehicle out there, I believe right now. But with that, you can actually use this as your mode of transport and really have the savings, do the payoff.
And I say that in terms of like the fleet customers and our commercial customers, they’re looking at a balance between paying a part of their margin, going to a delivery company, and actually owning a vehicle. And right now, I believe, quite a few of them, we’ve delivered to over 20 different commercial customers. The business case is being made every single time. They’re, able to get the payback in a short enough period and truly start leveraging the attribute of the vehicle on however they want to have it as a rolling billboard, because it looks quite unique. And we wrap them for all of our customers in whatever native wrap we want. So, it’s got a lot of pluses and I think it really helps the consumer, the regular consumer, because you can park it almost anywhere.
I mean, you could park two of them in a parking spot. It’s, kind of convenient. So, if you use it for your daily driver, you can park it on the side of the garage and pull your bigger vehicle out and take the family to the beach, come back in, put the bigger vehicle in the garage, or vice versa, whatever you’d like, and really getting the benefits out of it. We’re finding it more and more. We’ve been giving them to outside entities, reporters, letting them drive it. They drive them around for a week, two weeks, usually it’s a week. And then they ask for more and they come back and tell us, you know, what they’ve experienced. And they write about them. So, you can see on a lot of different articles on it, but it seems to be fitting build quite nicely.
Michael Kesslering: Another thing with regards to the design, I guess that first came to mind from my perspective was, how they would perform in collisions? And then as well as, we are Canadians, how do these vehicles handle ice and snow?
Kevin Pavlov: So, we’ll take that in two steps. The vehicle we had to have, because it looks and feels and drives like a car. We had to make sure that it was going to be safe, like a car. So, we actually have front and rear crumple zones. So, they’re crush zones is how they’re referred too in the cars. We have triple beam. These are three tube metal be inside of the doors. We have a roll hoop inside of the car. We pass the roof crush test without using the hoop, but the hoop is in there in the event that there’s something that goes beyond the numbers. I don’t want to say, hey, I hope no one ever gets in a crash, but we’ve put adequate, very adequate protection in those events. And we have, you know, internally tested to this and really impressive performance in those arenas. Second piece here, you’re asking. let me start out with water. So, we’ve done a number of water [Inaudible 00:13:01] tests. This is where we go through a trough and there’s 20 inches of water in it. And the goal is, you can’t have the bow wave, the wave of water, roll up the hood and go through the windshield. So, I mean, we do 15 kph through 15 and 20 and inches of water. No problem, no water intrusion, anything like that, the car doesn’t float away. I mean, it’s 700 kilos, so it’s not like you’re riding a bathtub or anything, but because I believe how we did the lower pan on the vehicle, it really, really gets stuck to the ground well.
So, when we start looking at the snow, it’s the same thing, we’ve got almost six inches of ground clearance, which is pretty good, is pretty standard for a small car. We have a flat belly pan, so when you’re riding through the snow, if you’re going through 10 inches of snow, it’s a little bit like a snowboard, but you have the rudders as the front tires. So, it performs well our next generations, we’re adding more and more in for handling, but I will share one thing with you if you’re interested. Part of this stability and how well the vehicle performed. We were invited to head off on the E Fest. There’s a formula E Race in Vancouver and we’re instrumenting 12 vehicles and 12 of these vehicles will be the pre-race for the formula E, it’s called E Fest.
So Pro AM drivers in all of our cars are going to run the loop, the actual formula E loop. And so, if there’s a testament to stability and they’ll call it aggressive driving, this should show what we have. So, we’ve had to put a few other safety features in, five-point harnesses and things like that to make sure we’re protecting the drivers. But fundamentally I think it’s going to be really fun. That’s June of this year up in Vancouver. So not only will you get to see the road performance, or if you see them delivering pizza or other food, you’ll actually see them in a more aggressive environment.
Julian Klymochko: Digging into the business model and how you guys make money and profits in the future. ElectraMeccanica said it has an asset light contract manufacturing model. I was wondering, how does this work? What are the advantages, disadvantages?
Kevin Pavlov: Sure, sure. Let me just step back a half a step. So, we currently have a contract manufacturing out of China and the vehicles are coming in through there. Our design, we have 20 of our people sitting over there all the time. We’re making sure it follows all the quality requirements and the other pieces that come in. But when we capitalized that plant, we were leveraging outside of that plant painting and other resources. So that’s how we’re doing it today. We started doing it over there, and then we were working the supply chain over there when the tariffs and the other logistics. I mean, logistics surely doubled probably two and a half times, but about a year ago we started building a plant in North America and we put the plant together. We’ll be getting our certificate of occupancy midyear. And then we’ll be moving vehicles off the line by the end of the year, because we’re working in parallel on things, but the asset light model works like this. Again, we’re not putting a hundred million paint booth in. We have around us a significant amount of underutilized resources with regard to paint. In the Arizona area, there’s lot of other larger EV companies. They’re putting in these big paint areas. We’ve been negotiating with some of them right now. And we’ve got one small car company that’s saying, yeah, we’ll be able to run the quality standards to paint your vehicle. So, we don’t have to put the big capital in. second piece is, internally. We put the capital in around the battery and the drive line systems to make sure they’re good.
I mean really, really well thought out, charged correctly and have the right quality measures there. So, a lot of it’s assembly, our parts are tooled up. We have great North American supply chain and this vehicle that’s coming out of Mesa. It’s going to be a fully domestic product vehicle. So, it’ll be a USA domestic product. We’re not importing kits or anything like that. We’re literally sourcing everything out of the U.S., and then 75% of the U.S., there’s a couple pieces that come out Mexico, couple pieces come out Canada and we don’t want to forget our boys in Canada. So, we team up and call the right folks and we’re going to have a really nice footprint. That vehicle will have a couple extra things in it that we’re going to surprise and delight our customers with. And we’ll continue to grow on that model. I hope I answered your question.
Michael Kesslering: Yeah, that was great. In your investor presentation, you do have a really nice slide, kind of breaking down the unit economics between the Solo and some of its competitors in the EV space. And one line item that I noticed was that there isn’t a federal tax credit program for the Solo, where some of your competitors do have those tax incentives. Do you anticipate tax credits coming in the future or why there isn’t a program in place currently for your vehicles?
Kevin Pavlov: So, I’m going to answer that in two parts, we do get state tax credits across different states. The second piece is, the current administration actually has tax credits built into the build back better program. And I think what they’re doing is they’re starting to move some of the elements inside of that into other vehicles so that the government could put it through. Currently that’s written and hasn’t been passed yet is, a $7,500 tax credit for our vehicle, three wheeled electric vehicles. We’ve been asking to get on par and it’s possible that we can be put on par with cars. And the one thing that’s stopping us is, because there were a limit of 40 kilowatt hours of battery. So, a car, electric vehicle. When they wrote the legislation had 40 kilowatt hours of battery in it. Well, they were trying to keep the hybrids out, right. Most hybrids don’t have 40 kilowatt hours. They said, well, geez, I’m 17 and a half kilowatt hours, but I’m a full EV and I’m super-efficient, could you put us on par? And if we did get put on par that’s a $12,000 federal vehicle credit. So, I got a $18,500 vehicle with $12,000 credit. Okay. Let’s say it doesn’t happen. I have an $18,500 vehicle, and if it passes, there’s a $7,500 vehicle credit. Still a pretty good incentive even for our classification. I hope it’s going through. Crossing my fingers, and I’ve been working with the Governor Ducey, Senator Sema, Senator Kelly, we’re working hard to move this forward. And there’s a lot of people that understand how it was written before. So yeah, I got my fingers crossed,
Julian Klymochko: No doubt though, dramatically changes the economics for customers making the product even more attractive. Now, switching gears, we have seen a number of startup and new electric vehicle companies going public recently. And one common thread that it seems to be happening is that number one, it is extremely capital intensive, and they generally underestimate the costs. And then number two, you know, production problems ramping up slower than expected. Things of that nature. Do you mitigate this risk for investors and how do you deal with those uncertainties?
Kevin Pavlov: Well, I would like to say that our plan right now on how we’re doing our import and the elements that we’re working on, the tax credits, the logistics savings, things like that. There are some really primary pieces to help there. But when we talk about our own plant, the plant and in the U.S. here in Mesa. All of our costs that we were putting into the plant were budgeted and really, truly tightly held. The way we’re building these cars. We brought a flex line in for the conveyance. Part of the flex line will allow us to build a couple of platforms. We’ll talk about those later. But part of that really, really makes us flexible and keeps our costs down.
The second piece is, I tell you, I can’t say enough to Arizona, Arizona has offered just some fantastic help for us. And I’ll tell you, as of today, we started our production in October, we’re delivering vehicles. And at this point with those vehicle deliveries, we still have 200 million, as of our last public announcement, it was 227 million in the bank. We have no debt, and we are focusing on making sure that these vehicles hit the ground on target and at costs. So, I’m not announcing any price changes right now. Everything is still on track. And that really, I think the hardest piece is, or the nicest piece for us is, we’re brand new. We don’t have any legacy systems. We’re able to jump ahead one Lilypad to the more efficient world class manufacturing tactics. We don’t have to change anything. We just put the new stuff in, and as we’re deploying the new things, they’re already geared for the kind of cost savings that you have. So really, we watched the overhead, you know, really, we’re watching the ER&D as we go forward. Everybody has launch issues. Hopefully we’ll have a flawless launch in December, I’ll cheer it up. You’ll listen for me, but kind of things are stuff that you just normally run into. And if you have all the right systems in place, you can manage it really well. If you’re really new and you forget some of the big things, it gets really tough. We’ve implemented SAP S/4 HANA. We went through wave one, wave two is going to carry all of our inventory and material handling.
So, it’s full ERP and MRP system. Fully integrated in, it’s globally connected because this is going to be global platforms that are coming out next. So, we’re connecting with China right now. We’re reaching out to make sure that all of our suppliers and our supply chains hook into it nicely. So, we can monitor with really, really fast response to things that are happening and things that are changing. We’re tied into all the raw material indices. We write our contracts; we’re making sure we have our critical raw materials. So, if they change, we have timelines on them, but keeping your eye on those kinds of elements, really, the basic blocking and tackling. I think is the strategy we’ve been deploying. And I’ve got a great board of directors that are constantly helping us and watching. We’ve got auto folks. We’ve got securities attorneys, we’ve got great finance people that have seen the story behold before, and they help us through by opening doors and great suggestions on how to manage.
Michael Kesslering: I want to go back to something that you mentioned earlier in giving us a little brief overview of your background. You mentioned that you had a stinted VC. Now I was wondering what were some of the learnings that you had in the VC world and invest that you felt were quite helpful as an operator?
Kevin Pavlov: I will tell you right now, it’s all about the business case and making it foundational. I mean, some of the things I brought along with me, if you can’t make of case, that has the positive returns that you’re expecting over the time periods that your investor base is expecting, you’re probably not going to make it. And I will say this very confidently. My job is to make sure when an investor puts their money in our company, that they’re supposed to make more money than if they put their money somewhere else. So, from a relative standpoint, that’s the goal all the time, right. Make sure the investors are going to get a better return here than if they put their dollars somewhere else, and that’s the driving factor. I can give you a hundred examples of, you know, everything from the folks at Kleiner Perkins, Sale Venture Partners, all these guys, but it always boiled down to make sure your products aligned. Make sure that your investments are going the right place and understand what your return looks like. If you really don’t have a grip on that, that dog probably doesn’t hunt.
Julian Klymochko: Makes a lot of sense. So, there’s this 1950 style throwback vehicle, The Roadster. Tell us about that Concept?
Kevin Pavlov: It’s really neat. ElectraMeccanica purchased a company called Intermeccanica. Intermeccanica has been building gasoline powered Roadsters. 1959, 356 style vehicle, it’s retro, it’s right to the details, even the color matching and interiors. And what we’ve done is we’ve taken the gasoline engine business. We’ve converted the vehicle and tried to hold as true as possible and created an electric vehicle out of it so that you get all the same wonderful driving experience with the same feel of the road. But you get the upgraded fanciness of Bluetooth. I mean, we have [Inaudible 00:26:33] in the vehicle, safety systems that really weren’t there prior, were able to shoehorn them in and hide them underneath the body panels so that you get a really, really good experience. Our target is to bring it out in 23. We’re probably have a few of them rolling around. You may have seen them before if you haven’t just keep your eyes peeled. But yeah, that’s going to be a really fun and there’s one right on the heels of that Tofino, which is actually a beach in Vancouver, but that vehicle will be a little more adrenaline fueled, still on electricity, but that one will probably give you a great adrenaline injection.
Julian Klymochko: And the Roadster’s a cool concept because you get that vintage styling without the carburetor blowing up and the oil leaking everywhere.
Kevin Pavlov: That’s right.
Julian Klymochko: So, it’s super cool to see and very differentiated and speaking of differentiation. So, wondering, you know, when you look at the marketplace, what do you think of your competitors specifically? What do you think of a company like Tesla?
Kevin Pavlov: You know, there is what I call the herd model. There’s a lot of folks bringing a new technology EVs into the space. GM announcements are out there, Tesla’s, you know, set the stage, they’re all electric. You hear Volkswagen, you hear a lot of folks that are going full electric. Yes, there’s government incentives. There’s a migration toward this, there’s cities that are declaring, you know, after 2035 no more gasoline sale vehicles. There’s a bunch of other things that are helping us along. But what I’ve seen in the past was, when you wanted to get technologies refined and affordable, you have multiple platforms out there. So, I look at it always is, those are all moving the technology forward, getting it smaller, lighter, less expensive, same thing with the infrastructure because with more of those vehicles out there, there’s more need for infrastructure and therefore, folks can use them better.
I mean, lots of gas station was a charging station. The people would worry a lot less about range and whatnot. I’m not so worried about them because they’re not in our competitive space. Like I said, we’re really trying to focus on everything you do alone, driving solo. What are you doing? What else do you need? Even if you drive solo and you want to bring other things with you. We’ve got a couple of answers that are about to come out just in case you want to drive solo and bring something big. So, we’re got something really cool on the books. Just wait for it, you’ll hear the announcements. But you know, the whole idea in our space is, I think there’ll be other competitors sizing themselves and creating the efficiencies that we’re creating because it’s the right answer. And I’m not worried about competition. If there’s no competition, there’s no market. But if the folks see that this niche is really proliferating correctly and the utility is there, I have a feeling that there’ll be a bunch more folks coming in, which is okay, it’s not bad for the space.
Julian Klymochko: Yeah. It is an exciting space and say, a customer wants to go and try a Solo, where can they go and do that?
Kevin Pavlov: So, we’ve got a number of kiosks or points of information that you can go to. I think we’re 25 or something like that. Around five states right now, we’re starting on the west coast. We started out Southern California, LA primary, urban delivery side of things, you know, urban commuters. Solve those problems, but we’re going up California and we’re heading east. We’re moving pretty quickly actually. Sales and reservations are building toward the middle of the United States and heading toward the east side. So, you can go to our website, number one, electrameccanica.com, you can see where our kiosks are. They’re usually in a malls, you know, really nice centrally located area. So, you can go down and see the car, touch the car, get in the car. Those kiosks also scheduled test drives.
So, there are Saturday, Sunday events that you can come down, put your name on the list and we’ll allow you to go drive around, nice lead follow thing, get a feel for the car. And then, you know, it’s really just purchase online right now. We help you through that. We help you through picking the right insurance. Each state can classify the vehicle differently. It’s kind of interesting. We’re a three-wheel electric vehicle that can be termed as a Trike. It can be termed as a three-wheel motorcycle. It can be term as an EV small EV, so each state has a different way of handling those. So, we try to help our customers through that. And we also train them on how to use the vehicle in the best possible way if you’re looking for really efficient pieces. And honestly, they’re really fun to drive guys. I can say anything that I want, but I will tell you when you get out of the vehicle, you’ll remember how that vehicle made you feel. Comfortable, save fun. I would say go take a test drive. It’s worth every second, just to try one.
Julian Klymochko: Well, there you have it. ElectraMeccanica is a public company. Trading on the NASDAQ, ticker symbol, SOLO, like your main product. So, wish you the best of luck and perhaps I’ll be driving one soon. We’ll see there.
Kevin Pavlov: Yeah. Everybody drives SOLO. It’s fun.
Julian Klymochko: All right. Thanks, Kevin. Wish you the best of luck.
Kevin Pavlov: Thanks Michael. Thanks Julian. Have a great day.
Julian Klymochko: Alright, take care. Bye everybody.
Kevin Pavlov: All right. Bye-Bye.
Thanks for tuning in to the Absolute Return Podcast. This episode was brought to you by Accelerate Financial Technologies. Accelerate, because performance matters. Find out more at www.AccelerateShares.com. The views expressed in this podcast to the personal views of the participants and do not reflect the views of Accelerate. No aspect of this podcast constitutes investment legal or tax advice. Opinions expressed in this podcast should not be viewed as a recommendation or solicitation of an offer to buy or sell any securities or investment strategies. The information and opinions in this podcast are based on current market conditions and may fluctuate and change in the future. No representation or warranty expressed or implied is made on behalf of Accelerate as to the accuracy or completeness of the information contained in this podcast. Accelerate does not accept any liability for any direct indirect or consequential loss or damage suffered by any person as a result relying on all or any part of this podcast and any liability is expressly disclaimed.
