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Elio Motors Builds on its Core Product Development Team with Three Key Hires | Press Release

Staff additions to help startup vehicle manufacturer successfully complete validation testing, move toward commercial production

PHOENIX, May 12, 2016 /PRNewswire/ — Elio Motors, Inc. (OTCQX: ELIO), the startup vehicle manufacturer planning to launch a three-wheeled vehicle that will get up to 84 MPG with a targeted base price of $6,800, today announced the hiring of three key staff members who will help drive the company’s preparations for commercial production of its Elio vehicle. The new hires include Phil Kosarek, Director, Safety Engineering, Occupant Restraints; Leslie Madden, Program Manager, Engineering; andHeather Wilson, Manager, Logistics.

“As we move from our development phase through testing and validation into commercial production, we need a strong, experienced team that can blaze a pathway to quality and consistent manufacturability,” said Jeff Johnston, Vice President, Engineering for Elio Motors. “Phil, Leslie and Heather, who will play key roles, all excel in entrepreneurial environments and will help insure the success of our developing Production and Supply-Management systems.”

Kosarek serves as director of Safety Engineering and Occupant Restraints for Elio Motors, where he is responsible for the overall safety performance and crashworthiness of the Elio vehicle. Before joining Elio Motors, he was with Altair Engineering of Troy, Mich., for almost 18 years, where he served in a progression of engineering and program management roles, leading global teams in product development, engineering and validation. He earned both Bachelor and Master of Science degrees in Civil Engineering Structures from the University of Michigan. Kosarek is the owner of two patents and has authored numerous automotive technical papers. He holds membership in the American Society of Civil Engineers and the Society of Automotive Engineers.

Madden is a program manager over Engineering. She will have responsibility for managing the cost and delivery of engineering services provided by suppliers to Elio Motors’ eight Product Development Teams. She began her career working for General Motors as a project engineer, then as an advanced manufacturing engineer at the company’s Saturn Corporation. After working briefly on a small-car structural program with engineering consulting firm Hartwick Professionals, she returned to Saturn Corporation, where she served in a product planning role in its HVAC, audio and electrical group and in a consumer marketing capacity.

Wilson has been named logistics manager for Elio Motors, a position with responsibilities that include overall management of the company’s supply chain in directing and optimizing the transportation, timely delivery, stock levels and warehousing of components for the company’s Shreveport, La., manufacturing facility. Before Elio Motors, she was with Allied, Inc., an Ann Arbor-based supplier of rotary and hydraulic lifts to the automotive and service industries, where she managed the company’s service function. Prior to that, she was with Jmarc Engineering & Sales of Wixom, Mich.

Elio Motors, has achieved several milestones so far this year. The startup crossed the 50,000-reservation threshold for its Eliovehicle, and the company’s shares began trading on the OTCQX Best Market. The company also has finalized engineering designs for the engine cradle, interior, body panels and chassis for its E-Series testing vehicles.

About Elio Motors

Founded by car enthusiast Paul Elio in 2009, Elio Motors Inc. represents a revolutionary approach to manufacturing an ultra-high-mileage vehicle. The three-wheeled Elio is engineered to attain a highway mileage rating of up to 84 mpg, while providing the comfort of amenities such as power windows, power door lock and air conditioning, accompanied by the safety of multiple air bags and an aerodynamic, enclosed vehicle body. Elio’s first manufacturing site will be in Shreveport, Louisiana.

Forward-Looking Statements
Certain statements in this press release are “forward-looking statements.”  These statements involve risks and uncertainties, and the Company undertakes no obligation to update any forward-looking information.  Risks and uncertainties that could cause actual results to differ materially from planned operations include, without limitation, delays in receipt of adequate financing, delays in commencement of production, decreased consumer interest in the Company’s products, downturn in general economic conditions, increased production costs and availability of raw materials, competition, and unfavorable market and regulatory conditions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s control.  Readers are referred to the Company’s periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.  The information contained in this press release is a statement of the Company’s present intentions, beliefs or expectations and is based upon, among other things, the existing business environment, industry conditions, market conditions and prices, the economy in general and the Company’s assumptions.  The Company may change its intentions, beliefs or expectations at any time and without notice, based upon any changes in such factors, in its assumptions or otherwise, and it undertakes no obligation to revise or update publicly any forward-looking statements for any reason.  The cautionary statements contained or referred to in this press release should be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on its behalf may issue.

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