- Vmoto (VMT) signs strategic partnership and investment agreements with experienced European automotive entrepreneurs, Giovanni Castiglioni and Graziano Milone
- The Castiglioni family have more than 30 years of history in the motorcycle industry, having previously owned some of the most iconic and successful motorcycle brands
- Vmoto’s agreement with Mr Castiglioni will include a direct investment in the company
- Mr Milone has been appointed Vmoto’s Chief Marketing Officer and President of Strategy and Business Development
- VMT shares steady at 40 cents
Electric vehicle company Vmoto (VMT) has signed strategic partnership and investment agreements with experienced European automotive entrepreneurs.
The company said the agreements were entered into with Giovanni Castiglioni and Graziano Milone.
Vmoto said the Castiglioni family had a 30-year-plus history in the motorcycle industry, having previously owned some of the most iconic and successful motorcycle brands and companies worldwide such as the MV Agusta.
Vmoto’s agreement with Mr Castiglioni will include a direct investment in the company and an adviser being appointed to Vmoto’s board of directors.
Mr Milone, already a joint venture partner in Vmoto’s Italian distribution company Vmoto Soco Italy (VSI), has been appointed Chief Marketing Officer and President of Strategy and Business Development.
Vmoto said Mr Milone was an experienced entrepreneur with a proven history of success in numerous sectors, including the distribution of motorcycles.
He has successfully developed and increased sales for a number of renowned international trading and manufacturing groups in Italy and Europe, according to Vmoto.
Alongside the investment in Vmoto, Mr Castiglioni will make an investment in VSI, which will see both entrepreneurs each owning 25 per cent of VSI.
“(Giovanni Castiglioni’s) experience and impressive track record in the global motorcycle industry gives me great confidence in his ability to support Vmoto in delivering unprecedented growth and success,” Vmoto Managing Director Charles Chen said.
“I am also thrilled to consolidate my friendship and collaboration with Graziano Milone who, in addition to playing a strategic and important role for Vmoto, has increased his stake in the company as a demonstration of the trust he places in Vmoto.”
VMT shares were steady at 40 cents at 10:42 am AEDT.