E-Cite Motors Executes Stock Lockup Agreement Eliminating 90% of Potential Conversions, Strengthening Capital Structure and Protecting Shareholders

90% of Potential Conversions Wiped Out as Largest Investor Commits to One-Year Lockup, Signaling Strong Belief in E-Cite’s Future, Eliminating Dilution Threat and Securing Long-Term Growth Support Clearing the Path for Cleaner Capital Structure and Accelerated Growth

BOTHELL, WASHINGTON / ACCESS Newswire / September 30, 2025 / E-Cite Motors Group, Inc. (OTCID:VAPR), a leader in low-volume electric vehicle manufacturing, today announced that it has executed a lockup agreement with its largest noteholder, Capital Consulting, Inc., effectively eliminating approximately 90% of any potential conversions that could impact the Company’s share structure over the next twelve months.

Under the terms of the agreement, Capital Consulting has committed to a one-year lockup period prohibiting any conversions of existing or future notes. During this period, E-Cite intends to proactively retire its outstanding obligations, beginning with notes carrying the lowest conversion rates and working systematically upward.

“This lockup agreement is the single greatest step we could take to protect and enhance shareholder value,” said Barry Henthorn, CEO of E-Cite Motors. “We are very thrilled to have the support of our largest investor, who has demonstrated their commitment to put the position of the Company and its shareholders first. Their belief in the long-term viability of E-Cite, especially given our recent developments, is a critical endorsement and a major vote of confidence for our future.”

Mark Schaftlein, Principal of Capital Consulting, Inc., stated:
“As VAPR’s largest noteholder, we believe it is imperative to support the Company in achieving the most advantageous capital structure possible for its shareholders. By entering into this lockup agreement, we are reinforcing our confidence in E-Cite’s long-term vision and its ability to execute on recent milestones. Our commitment ensures that management can focus on growth and capital development while shareholders are protected from unnecessary dilution. We are proud to stand alongside E-Cite as it continues building a stronger future for the Company and its investors.”

The Company emphasized that this action demonstrates its commitment to aligning long-term financing strategies with the best interests of its shareholders. With nearly all potential unrestricted conversions now off the table, dilution risk is reduced to an absolute minimum-if not eliminated entirely.

Regulatory Advantage: Why E-Cite Stands Apart from Traditional OEMs

Unlike traditional automakers such as Tesla (TSLA), Ford (F), General Motors (GM), and Toyota (TM), which are subject to lengthy and costly full-scale crash testing and certification processes, E-Cite benefits from a significant regulatory advantage under the Low Volume Manufacturers Act.

This exemption allows E-Cite to design, produce, and sell vehicles without the same barriers that traditional OEMs face, accelerating time to market, reducing costs, and enabling far greater flexibility in design and innovation. This unique positioning gives E-Cite an unprecedented competitive edge in bringing distinctive electric vehicles to market rapidly and efficiently, while still maintaining compliance with U.S. safety and emissions regulations.

This regulatory advantage, combined with the Company’s strengthened capital structure, underscores why E-Cite represents a powerful opportunity for investors seeking exposure to the future of electric mobility.

About E-Cite Motors

E-Cite Motors (OTCID:VAPR) is an innovative low-volume electric vehicle manufacturer that has secured exemptions under National Highway Traffic Safety Administration (NHTSA) regulations, allowing it to produce unique electric sports cars and specialty vehicles not subject to conventional crash-testing requirements. By combining cutting-edge technology with classic automotive design, E-Cite is redefining what’s possible in the EV space. From modernized classic sports cars to record-breaking electric trucks, E-Cite is committed to “leading the EV evolution through innovation, agility, and intelligent design”. The company is headquartered in Bothell, Washington, and is majority owned by Innovative EV Technologies, Inc.

Contact:

Innovative EV Technologies, Inc. dba E-Cite Motors
Email: ceo@ecitemotors.com
Website: www.ecitemotors.com

SOURCE: Innovative EV Technologies dba E-Cite Motors

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