TUGA Receives DTC Eligibility for US Investors

VANCOUVER, British Columbia and LISBON, Portugal, May 04, 2022 (GLOBE NEWSWIRE) -- TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF) (“TUGA Innovations,” or the “Company”), developers of the TUGA, a new type of electric vehicle (“EV”) solution for urban mobility challenges, is pleased to announce that its US-based OTC Markets quotation under the symbol “TUGAF” has received approval from the Depository Trust Company (“DTC”) to make the Company’s common shares eligible to be electronically cleared and settled through DTC (“DTC Eligibility”) services.

DTC is a subsidiary of the Depository Trust and Clearing Corporation, a United States company that manages the electronic clearing and settlement of publicly traded companies. DTC Eligibility incorporates an electronic method of clearing securities that speeds up the receipt of stock and cash, and thus accelerates the settlement process for certain investors. DTC is a member of the U.S. Federal Reserve System, a limited-purpose trust company under New York State banking law and a registered clearing agency with the U.S. Securities and Exchange Commission.

In addition to trading in the United States, TUGA Innovations’ common shares continue to trade on the Canadian Securities Exchange (CSE) under the symbol “TUGA” and the German Börse Frankfurt (FRA) exchange under the symbol “DQ5”.

Company CEO John Hagie adds, “Today’s news is a vital milestone towards extending our market presence across the United States to engage with this large and important shareholder audience. DTC eligibility allows Tuga’s current and prospective shareholders a cost-efficient and timely method for the clearing and settlement of our common shares. Today’s news positions Tuga to engage with confidence, purpose, and consideration with current and future investors across the USA.

On behalf of the Board of Directors,
Sincerely,

~John Hagie~

John Hagie
Chief Executive Officer & Director
TUGA Innovations, Inc.

About TUGA Innovations, Inc. (CSE: TUGA) (FRA: DQ5) (OTC: TUGAF)

TUGA Innovations is a development-stage electric vehicle company undertaking the conception, design, and production of specialized EVs to improve the urban mobility experience. The Company is looking to reduce urban mobility difficulties by developing a three-wheeled, fully electric fore-and-aft 2-seat vehicle. The vehicle will be no wider than a motorcycle for agility and will have a patent pending expanding rear axle for high-speed stability and a proposed patent pending expandable chassis and body length for passenger comfort. The vehicle will offer advanced connectivity technology to maximize safety, performance, environmental impact, comfort, maintenance, and navigation. The TUGA vehicle is being designed to deliver an estimated 160 km range, have an estimated top speed of 140km/hour with the comforts of a car, and with more protection than a motorcycle in an interchangeable multi-body, multi-function platform. Find out more at: https://tugainnovations.com/.