I am curious about this ProdecoTech Investor

[pdm777]

Not sure what effect this will have on current and future sales / parts availability.
Maybe someone who knows more will post.

annual report released 7/17/2018:
https://ih.advfn.com/p.php?pid=nmona&article=77882120&symbol=PAYM

On March 19, 2018, the Company approved a plan to discontinue any and all operations related to its prior electric bicycle and apparel businesses.
The disposal of this business will have no effect on the Company’s continuing operations related to its Basalt America business.

In October 2015, HLM Paymeon launched a retail store located in Fort Lauderdale, Florida to sell ProdecoTech and other electric bicycles, as well as other alternative transportation products (such as “hoverboards”) and related products and accessories at our retail location. Effective November 18, 2016, the Company assigned all of its interests in Prodeco Technologies, LLC, held by Ebike, LLC and A Better Bike, LLC to Tavone Family Holdings, LLC in consideration of a total cash payment of $30,000 pursuant to an Assignment and Assumption Agreement dated November 18, 2016. The Company owned its Prodeco Technologies LLC interests through its 100% ownership of Ebike, LLC and A Better Bike, LLC. The Company sold its interests as part of its changing focus. The Company has discontinued its light electric vehicles business and is shifting its primary focus to its Basalt America business .

 

[Ann M.]

HOLD ON! @pdm777, and don't start disbursing misinformation. That company, HLM Paymeon only held a 15% in ProdecoTech and all they were discussing was their plans for their shares, NOT the whole ProdecoTech company.

 

[Ann M.]

@Timpo, you are out of line here. ProdecoTech has been around for a number of years and like almost every big brand name ebike (take your pick) sources Parts from Asia and other places. All final assembly from the frame up (no component arrives installed) is done by ProdecoTech.

SO HALT these off-hand speculations; it is totally unfair to a good company. I am calling ProdecoTech now and will post an update.

 

[pdm777]

I contacted Prodecotech in April about buying their soon-to-be-announced Bafang mid drive full suspension bikes.
They have not yet released those new models as of July.

I own a Prodeco bike, love it.
Hope that their brand survives in this crazy market, with big time competition coming on.

 

[pdm777]

Ann M. -- I'm not disbursing misinformation. All quotes from annual report.

 

[Ann M.]

@pdm777, yes you are misleading people. That annual report is from a company that holds a minority set of shares. It is NOT PRODECOTECH. Be clear on this. Just got off the phone with ProdecoTech and what you say is a non-issue. Companies sell shares of other companies all the time without any of them shutting down. You are misreading the annual report. That annual report is NOT for ProdecoTech, it's for a company that invested in ProdecoTech.

 

[Ann M.]

Timpo, those bikes are not so complex; however, they are designed to reach a market looking for a good quality ebike at a more reasonable price and with US based production and human being support. If you read their company info, the reason they found that doing assembly of all the components in the US allowed them to have a competitive price with the goal of getting more folks on ebikes.

 

[pdm777]

OK, so here's the hot poop.

I just called Prodecotech, Mike in sales confirmed that a minority shareholder (Paymeon) was dropping it's 15% interest in Prodecotech.
NO CHANGE IN PRODECOTECH BUSINESS is expected.

Prodecotech is planning on offering a full suspension mtn bike with Bafang 1000W Max Ultra Mid Drive 'very soon' !!!
I've been waiting months for the Bafang Ultra full suspension... frustrating at best.

I did request that Prodecotech management provide an update to EBR to clarify the situation and reassure customers.

 

[J.R.]

OK, so here's the hot poop.

I just called Prodecotech, Mike in sales confirmed that a minority shareholder (Paymeon) was dropping it's 15% interest in Prodecotech.
NO CHANGE IN PRODECOTECH BUSINESS is expected.

Prodecotech is planning on offering a full suspension mtn bike with Bafang 1000W Max Ultra Mid Drive 'very soon' !!!
I've been waiting months for the Bafang Ultra full suspension... frustrating at best.

I did request that Prodecotech management provide an update to EBR to clarify the situation and reassure customers.

You, the thread creator, have the ability to change the thread title to add the clarity you desire.

 

[J.R.]

ProdecoTech offers a quality product for the price. They use RockShox forks, SRAM drive components, Avid hydraulic brakes and Panasonic battery packs. My first ebike in 2014 was a ProdecoTech Phantom X3. I still have it with 7500+ miles on it. It's no longer my daily rider, but runs great and the only thing that ever broke were a few spokes. I hope everyone gets as good a first ebike as a ProdecoTech.

 

[ebikemom]

Plz change the thread title or delete the thread so folks aren't misled.

 

[Ann M.]

Agree & done @ebikemom

 

[Luiscsr]

Hello Everyone. My name is Luis and I work here at Prodecotech in the service department. I wanted to confirm that we are not going anywhere or discontinuing our products. Paymeon is no longer a part of Prodecotech. YES we build/assemble our bikes in the USA. YES we use high quality components from all around the globe. YES we also get parts from the USA, and that does include the parts that we make ourselves in-house. We appreciate those that chimed in with good information in the posts above. Lastly, here is a picture of me wearing my uniform shirt standing in front of our assembly line, to serve as proof that I am not an impostor and that I am here at Prodecotech as I write this. Thank you all for your interest and discussion on Prodecotech! Feel free to check out our site and call us if you have any questions.

 

[Mikey-]

I've heard so many silly stories that it leads me to ask: What is it that attracts bad press for Prodecotech?

 

[Luiscsr]

Hello @Mikey- ,

Thank you for the question. Prodecotech is a relatively new(ish) company. Our very beginnings go back to 2008. There is a lot of noise in the ebike industry and it remains highly competitive in thepast we even caught 2 competitors posting negative reviews, as far as I know that is no longer happening). I personally feel that a lot of the negativity can be associated to growing pains. Because our company is in the USA, and we also manufacture here, we do everything ourselves. That includes designing the bikes, marketing, building, ordering from many (MANY) different suppliers. On top of that we warehouse and ship our own product, set up our own dealers, and we even run our own website in house, do our own sales, and provide out own customer service. None of these tasks are outsourced. The point of it all is we are so much more involved than most other ebike companies, and what we do is not easy. We have had rough patches like any other business. For instance, in 2013 we experienced a battery shortage due to one of our battery suppliers experienced delays in getting battery cells. When they were delayed, it caused us to be delayed. NOT GOOD! We had some customers that we're not happy with us that year If we were in China (which we never will be), not only could we get parts quicker, but if we had an issue like the shortage, we'd have a line out the door of suppliers ready to take over our battery production at the snap of a finger. Our company has worked with some very good businesses to ensure we always get the best components for our bikes. While Prodecotech is pretty popular at this point, we still run into some similar issues here and there, however it is MUCH less common these days. We've learned to be less dependent on suppliers and have much tighter control over our inventory with updated systems that basically alert us when a specific part is getting low on stock. Additionally we have improved our bikes to the point where any failure is minimized and if one should occur, there is a fast and easy fix available. While we love hearing from customers that love their Prodecotech e-bike, we feel it is important to pay very close attention to any criticism we may also receive. This as a good learning tool. All feedback negative and positive is used to further improve our bikes and grow our company.

 

[pdm777]

Thanks for posting, Luiscsr.

You have great products and potential, I did became concerned when
the mid-drives were promised in May, yet unavailable in July.

I am a very happy Prodecotech customer and have 'sold' several bikes by showing
my 2013 Phantom 500W to curious folks. Quality, Price and Great customer service!

I wish Prodeco all the best, hoping you get an Angel and avoid flaky small time investors (Paymenow) !

 

[ebikemom]

While it sounds like a lot is done in the US, I think their bikes, like all other e-bikes are mostly made of components made in China or other countries abroad. I doubt there is much manufacturing of bike components in the US, is there?

 

[J.R.]

While it sounds like a lot is done in the US, I think their bikes, like all other e-bikes are mostly made of components made in China or other countries abroad. I doubt there is much manufacturing of bike components in the US, is there?

I understand that sentiment and agree it's a shame, but looking at Prodeco from a glass half full viewpoint, they are doing more in the US than any other ebike company by far. In recent years they used frames for one model made in the US, they build there own wheels here and install every part they buy onto frames in Florida. We need to encourage our US ebike companies to do more here at home. Trek, Specialized and Pedego are all US ebike companies, they could do more in the US. Up until 2009 every Cannondale bike was manufactured here in Pennsylvania. Actually manufactured. In 2008 the company had record profits, yet they still moved manufacturing to Asia.

 

[AlanDB]

I don't know how Prodecotech wants their name pronounced, but if you split it with some hyphens and think of it as 3 words, the name seems to have better flow IMO: Pro - Deco - Tech. Or is it Prod - Eco - Tech?

 

[J.R.]

I don't know how Prodecotech wants their name pronounced, but if you split it with some hyphens and think of it as 3 words, the name seems to have better flow IMO: Pro - Deco - Tech. Or is it Prod - Eco - Tech?

The latter I believe. Product Eco (friendly?) Technology.

If memory serves, the company was started by a retired GM executive and a retired aerospace engineer. It's been a while since I read that, so I could be wrong.