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PEBL 2.0

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PEBL 2.0

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better.bike

265 Greenfield Road,

South Deerfield, MA, 01373,

United States

1-866-615-8173 support@better.bike

Hours

We write to you to provide you a status report on this company. There are various creditors and customers who have been patient with Better Bike, LLC, and are owed an obligation of candor and transparency.

To be upfront, Better Bike, LLC has terminated operations, and must report that it has exhausted opportunities to fund any future operations.

The last few years have been difficult. Although it was able to manufacture vehicles in Deerfield, Massachusetts facility prior to the pandemic, manufacturing issues made it impractical to produce vehicles in that facility or in the United States – costs were simply too high. Initial efforts seemed to be productive, but were delayed by the pandemic. Once the pandemic subsided, efforts were restarted, but efforts needed to start from the beginning. This meant producing a prototype, overseas, initially in Holland and Germany. And, although we were promised a prompt schedule for this prototype, this process took over one year, with eventually our project simply being shelved by the companies involved as they proceeded to focus on larger, pandemic created backorders. This created of course another lengthy delay, given the search for another company, the negotiations of a contract, and the actual assembly of a prototype – the latter, itself, approached nearly a year, with yet more unexpected delays.

We were also hampered by negative social media comments, and, most recently, tariff issues, particularly with China, as multiple component parts are produced there. The latter made it increasingly difficult to secure funding, as potential manufacturing partners questioned the ability to sell vehicles in the United States at a competitive price.

The prototype was finalized about 6 weeks ago. We were most hopeful that a financing partner could be retained at that time, we had been in talks for several months, but the worsening economic climate made it impossible to obtain financing, particularly in the last two weeks.

We anticipate a filing of a Chapter 7 petition in this case within the next 4 weeks. We do not anticipate a significant distribution of funds in the Chapter 7, but that will be a matter of the Chapter 7 trustee. We wish we could provide you a more optimistic report, but candor requires us to report the preceding.

You may contact our counsel, Louis S. Robin, Esq., of the Law Offices of Louis S. Robin, 1200 Converse Street, Longmeadow, MA 01106, (413) 567-3131; louis.robin@prodigy.net, although he will likely be only able to repeat the preceding.

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