Partnership agreement between
Velec Inc. and Hero Eco

VELEC INC. BECOMES EXCLUSIVE DISTRIBUTOR FOR CANADA OF
HERO ECO’S A2B AND FAST4WARD ELECTRIC BICYCLES

MONTRÉAL, August 28, 2012 – Velec Inc., the most important distributor of electric bicycles in Québec, and Hero Eco Ltd, the British manufacturer of electric bicycle models A2B and Fast4ward, have reached a partnership agreement. Following this agreement, dated August 22, 2012, Velec Inc. becomes exclusive distributor of Hero Eco Ltd electric bicycles for Canada. This important business association will provide Hero Eco with good access to the Canadian market and will be enhanced by Velec’s expertise as a solidly established Québec electric bicycle company renowned for its after sales service and the technical help it provides to dealers and customers.

With a yearly output of over 250,000 electric bicycle motors sold in some twenty-five countries worldwide, Hero Eco Ltd, with headquarters in London, is happy to present its A2B and Fast4ward products to Canadians while being assured, through the Velec association, of obtaining the best representation of its products on the Canadian market, and the certainty of being able to provide excellent technical service to dealers and consumers in Canada.

Hero Eco Ltd. is owned by Hero in India, which is one of the leading two wheeler companies in the world selling in excess of 5 million bicycles and 7 million motorcycles. The family owned Hero group of companies has total yearly revenues of $6 billion and sells in 80 different countries. In January 2012, they acquired the brands A2B and F4W from Ultra Motor in a move to expand their presence in 25 markets and step-up their commitment to E-Bikes, in particular, and the electric two wheeler business in general.

For its part, already well known for the quality of its Canadian-designed electric bicycles, its retail customer service and its excellent technical assistance to dealers (a network of over eighty dealers in Québec and Ontario), Velec Inc. is proud to be the exclusive Canadian distributor of A2B and Fast4ward electric bicycles, which are very popular throughout the world. According to Michel Leblanc, the president of Velec Inc, this partnership will help his company expand from the Atlantic to the Pacific and he is convinced it will be beneficial for both partners. “Our association makes us one of the most important players in the Canadian electric bicycle industry”, he stated.

Finally, the president of Velec Inc., Michel Leblanc, and Hero Eco’s Global General Manager, Fernando Küfer, invite all interested parties to the BTAC Expo Cycle in Toronto, next September 9th and 10th. This will be the perfect opportunity to discover the A2B and Fast4ward product lines and to learn about all the advantages that will become available to Canadian dealers and customers following the Velec Inc. and Hero Eco partnership agreement.

Press Release.

For further information:
Michel Leblanc, President of Velec Inc.
Tel.: 514-991-8353 extension 205 . Fax: 514-656-9595
E-mail: mleblanc@velec.ca

Fernando Küfer, General Manager of Hero Eco
Tel.: 011 44 7585 793828
E-mail: fernando.kuefer@heroeco.com