News
Green Automotive to provide vehicle distribution and other related services under an exclusive License for sales of all Niyato Electric Vehicles in Western United States
NEWPORT BEACH, Calif., Jan 17, 2012 (BUSINESS WIRE) -- Green Automotive Company GACR ( www.usaelectricauto.com ) and Niyato Industries ( www.niyato.com ) jointly announced today that they have signed a Letter of Intent in an effort to accelerate the plans of both companies to bring domestically manufactured all-electric vehicles to the US market this year.
The terms of the Letter of Intent are focused on granting Green Automotive the exclusive license to distribute Niyato's vehicles initially in the Western United States including the States of Washington, Oregon, California, Nevada and Arizona in exchange for an undisclosed amount of Green Automotive common stock. Another aspect of the LOI involves the companies negotiating terms related to the operation of a Niyato vehicle manufacturing center that may be located in California...
Company To Make "Successor Election" To Become Fully-Reporting Following the Closing
NEWPORT BEACH, Calif., Nov 30, 2011 (BUSINESS WIRE) -- Green Automotive Company (OTC:GACR) announced today that it will be merging into the Company's wholly owned subsidiary, Matter of Time I Inc., immediately following the completion of the Company's audit of its financial statements for the years ended 2009 and 2010, and a review of the statements for the nine months ended September 30, 2011. Upon completion of the merger, the Company will succeed to the reporting obligations of Matter of Time I Inc. and will become a fully reporting issuer.
As announced last month, the Company acquired all of the issued and outstanding voting securities of Matter of Time as part of its plan to have its shares registered under the Securities Exchange Act of 1934.
"This method of becoming a reporting issuer", said Fred Luke, President of Green Automotive, "is well established and conforms to applicable securities laws and regulations, and is does not result in any dilution for our shareholders. Following the merger, Matter of Time I Inc. will cease to exist and the surviving corporation will be Green Automotive Company. Additionally, the Company will request a new Cusip Number and file a 'Super 8-K' with full registration statement level disclosure of its business and financial statements. All shareholders holding certificates which read 'Green Automotive Company, Inc.' will be required to submit those certificates to the Company's new Transfer Agent, Action Stock Transfer, for re-issuance. The contact information for Action Stock Transfer can be found on the OTCMarkets.com web site at http://www.otcmarkets.com/stock/GACR/company-info. Following the merger the Company will begin filing all financial and other material information with the Securities and Exchange Commission, which can be found on the SEC's web site www.sec.gov/edgar/searchedgar/companysearch.html. Until the Company's audit is completed, Matter of Time I Inc. will remain a wholly-owned subsidiary of the Company."
Company Negotiating On Possible Site For Vehicle Assessment Center in Shanghai To Open As Early As the First Quarter of 2012
NEWPORT BEACH, Calif., Nov 23, 2011 (BUSINESS WIRE) -- Green Automotive Company (OTC:GACR) announced today that it has identified and is proceeding with negotiating terms on its planned Vehicle Assessment Center in Shanghai and, by year end, intends to lease and begin staffing the facility.
According to Mr. Fred Luke, Green Automotive President, "Company Director Ben Rainwater will return to China in mid December to decide on the optimal location for our GAC Vehicle Assessment Center. Together with Mr. Jack Tian, the Company's Chief Representative for China and Vice President of China Operations, Mr. Rainwater will also be meeting with other notable China-based vehicle manufacturers who are developing electric vehicles and who have expressed a strong interest in distributing their products in North America, including the manufacturer of the all-electric mini-van, also referred to as a multi-purpose vehicle or 'MPV.'"
As the Company announced in September, the Shanghai Vehicle Assessment Center will be managed by the Company's subsidiary, GAC Automotive Services, and will be opened under the name "GAC Vehicle Assessment Center" to perform Phase 1 - Vehicle Assessment and other evaluation work on Chinese manufactured vehicles, and to advise the manufacturers on how best to proceed with vehicle development necessary to meet U.S. Federal Motor Vehicle Safety Standards prior to shipping vehicles to the U.S. for further testing.
"As I stated in September," said Mr. Rainwater, "I believe that a Company facility in the Shanghai area should increase our presence and make an important statement to the Chinese vehicle manufacturers with whom Jack Tian and I have been meeting, that we fully intend to be in a position very soon to assess and deliver additional services related to their vehicles at a more efficient cost. I further believe that this on-the-ground presence will greatly assist us in the development of potential business partnerships with other Chinese automobile manufacturers and other automotive-related service companies."
According to Mr. Luke, "This up-coming trip to China will be followed by periodic trips during the first quarter of next year to monitor the Company's progress on the build-out of the new facility and follow-up meetings with vehicle manufacturers."
About Green Automotive Company: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles. The Company is presently planning to bring All-Electric and other Eco-friendly vehicles into the United States market. The Company is currently testing an All-Electric SUV and an all-electric MPV for introduction to the U.S. market in 2012. The Company maintains its Corporate Office in Newport Beach, California and its Dealership Services Office in Lewisville, Texas. Green Automotive Company shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR". For more information visit www.usaelectricauto.com or write to info@usaelectricauto.com.
NEWPORT BEACH, Calif., Nov 22, 2011 (BUSINESS WIRE) -- Green Automotive Company (OTC:GACR) announced today that the Company timely filed its Quarterly Consolidated Financial Statements for the period ending September 30, 2011 with OTCMarkets.com together with the related Interim Financial Report for the same period.
The Company reported a loss of $982,930 or $.05 per share for the quarter ended September 30, 2011, bringing the total loss for the Company since inception to $3,259,355 or $.01 per share which, according to Fred Luke, Green Automotive Company President, "is in line with our projected budget and primarily reflects our investment in vehicles and the expenditures required to properly test vehicles we intend to introduce into the U.S. market to make sure they meet or exceed the Department of Transportation and Federal Motor Vehicle Safety Standards."
"Since the beginning of the summer," said Mr. Luke, "we have made considerable progress on our homologation activities, expansion of the Company's business segments beyond simply importing and distributing foreign-made vehicles, and our move forward to become fully reporting with the Securities and Exchange Commission. We've also completed the first phase of our "crash testing," our re-incorporation in Nevada became effective for accounting purposes on September 30th, and, in early October, we closed on the acquisition of Matter of Time I Inc., which is now a wholly-owned subsidiary of the Company along with GAC Automotive Services Inc. and GAC EV Motors Inc. Additionally we licensed the rights to manufacture and distribute an all-electric commercial deliver truck. With these additional aspects of our business foundation in place, we intend to move forward with our homologation activities, the development of a Vehicle Assessment Center facility in Shanghai, and finalizing additional target acquisitions."
"We intend to have Green Automotive fully reporting before the end of the year," said Mr. Luke, "as this will provide greater transparency to our shareholders and is one of the last remaining conditions to move forward with several of the private equity investment firms, both in the US and Asia, who have made new equity investment proposals, which collectively exceed $20,000,000 in new equity."
About Green Automotive Company: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles. The Company is presently planning to bring All-Electric and other Eco-friendly vehicles into the United States market. The Company is currently testing an All-Electric SUV and an all-electric MPV for introduction to the U.S. market in 2012. The Company maintains its Corporate Office in Newport Beach, California and its Dealership Services Office in Lewisville, Texas. Green Automotive Company shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR". For more information contact us.
Company to Change Domicile from Delaware to Nevada Effective this Month: Closes on Purchase of Matter of Time I Inc. as It Plans to Become a Fully-Reporting Company
NEWPORT BEACH, Calif., Oct 11, 2011 (BUSINESS WIRE) -- Green Automotive Company Corporation (www.usaelectricauto.com) (OTC:GACR) announced today that a majority of its shareholders approved a change of domicile from Delaware to Nevada and the purchase of 100% of Matter of Time I Inc. as part of the Company's plans to register its shares under the Securities Exchange Act of 1934 and become fully reporting with the Securities and Exchange Commission.
According to Mr. Fred Luke, President of Green Automotive, "The purchase of Matter of Time I Inc. closed Monday, October 3rd followed by our Form 8-K and Form 3 filings. Until the Company's audit is completed, Matter of Time I Inc. will remain a wholly-owned subsidiary of the Company."
"The effective date of the change of domicile from Delaware to Nevada, originally set for September 30, 2011," said Mr. Luke, "will become effective within the next week as we have finally resolved the Cusip and Symbol issues relating to the move from Delaware to Nevada and dropping the word 'Corporation' from the Company's name: FINRA and Cusip have allowed us to retain the same Cusip number and the same symbol. Shareholders are not required to submit the certificates they are currently holding as new certificates reflecting the change of domicile and shortened name will automatically occur when a shareholder submits a certificate for transfer or deposits a certificate with a brokerage firm."
About Green Automotive Company: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles. The Company is presently planning to bring to the United States market late this year an All-Electric SUV and, in 2012, an all-electric MPV. The Company maintains its Corporate Office in Newport Beach, California and its Dealership Services Office in Lewisville, Texas. Green Automotive Company shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR". For more information, visit www.usaelectricauto.com or write to contact us.
CONTACT:
First Market Services, Inc. Peter Sherman US Toll Free: 877.843.4081 International: +702.987.6161 Direct: +214.556.6302 Fax: +214.276.1675 info@firstmarketservices.com
Newport Beach, California, September 21, 2011 (BUSINESSWIRE) - Green Automotive Company Corporation (www.usaelectricauto.com) (OTC:GACR) announced today that it is planning to begin testing of an all-electric mini-van, also referred to as a multi-purpose vehicle or "MPV", which has been determined to have both the size and the utility to quickly become a sales volume leader for GAC in both the retail and fleet buyer segments.
"Part of the purpose of our trip to China last April was to visit with various vehicle manufacturers to preview their all-electric vehicle model line-up to determine which of their existing EVs had the best US market potential. We also were able to look at additional vehicles in their gas powered vehicle line-ups to determine which of those vehicles might be suitable candidates for conversion into an EV for inclusion in Green Automotive Company's all electric vehicle line-up." Ben Rainwater, Director.
"As we consider the process required to ensure compliance with DOT FMVSS regulations, GAC will begin with a "hands-on" physical assessment of the MPV EV with the list of FMVSS Crash Avoidance Standards and Crash Worthiness Standards driving the activities related to this in-depth and thorough assessment. The physical vehicle engineering evaluation process will be performed by a select group of engineers provided by GAC's strategic technology partners. With elapsed time being a major consideration, GAC should have the option of performing the MPV EV Phase I – Vehicle Assessment either here in the US or in China at GAC's Vehicle Development Center contingent on short term availability." Fred Luke, President
Green Automotive Company Corporation Corporate Office is located at 23 Corporate Place, Suite 150, Newport Beach, California 92660; Green Automotive Company Corporation Dealership Services Office is located at 720 Valley Ridge Suite 5, Lewisville, Texas 75077.
About Green Automotive Company
Green Automotive Company Corporation is U.S. public company involved in the import and distribution of Eco-friendly vehicles in the U.S. The Company's shares are on the OTC Market Tier--OTC Pink Current under the symbol "GACR". Visit www.usaelectricauto.com or contact us.
Safe Harbor Statement - This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Green Automotive Company Corporation incorporates by reference its disclosure and financial statements posted on www.otcmarkets.com, and does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
CONTACT:
First Market Services, Inc.
Peter Sherman
Toll Free: 877-843-4081
Tel: 214-556-6302
Fax: 214-276-1675
info@firstmarketservices.com
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Green Automotive Company Corporation (OTC:GACR.ob - News) announced today that it is planning to open a vehicle assessment center in Shanghai, China.
"The Shanghai vehicle evaluation facility will be managed by the Company's subsidiary, GAC Automotive Services, and will be opened under the name ‘GAC Vehicle Assessment Center,'" said Fred Luke, Green Automotive President. "Our intention here is to provide Chinese vehicle manufacturers with a local facility, similar to those here in the U.S., which we and other U.S. vehicle importers and distributors currently utilize in the process of evaluating and testing vehicles for compliance with U.S. Department of Transportation and Federal Motor Vehicle Safety Standards prior to entering the U.S. market."
"The Company's investment in a vehicle assessment and development center based in Shanghai," said Company Director Ben Rainwater, "will increase our presence while making an important statement to the Chinese vehicle manufacturers that we have been in contact with and are already in the process of assessing several of their vehicles. In addition to strengthening our Company's presence in China, this strategic move allows us to deliver additional services at a more efficient cost, which in turn will facilitate the development of relationships with China's major automobile manufacturers including JAC, Brilliance, Great Wall and others."
In addition to the Company's personnel, Mr. Luke indicated that GAC Automotive Services will continue to work with top U.S.-based engineering companies on a contractual basis to provide the technical services required for the assessment of vehicles, assist with importation, and utilize relationships with U.S. Dealers to assist in sales and marketing of those vehicles which meet U.S. standards.
Highly Sought-After Industry Expert Re-Joins the Company's Board
NEWPORT BEACH, Calif., Sep 08, 2011 (BUSINESS WIRE) -- Green Automotive Company Corporation (OTC:GACR:PK) announced today that Mr. Ben Rainwater has agreed to re-join the Company's Board of Directors, and take the helm of the Company's wholly-owned subsidiary, GAC Automotive Services Inc. "It's great to have Ben back on the Board," said Fred Luke, President Green Automotive. "Even after stepping off in January during the Company's re-structuring, as our Chief Automotive Consultant for the past nine months he has continued to lead us, from vehicle homologation to long-term corporate planning."
"Ben is a recognized industry expert, with a long, impeccable and envious successful history in building U.S. automotive import and distribution companies from the ground up', said Mr. Luke. "Beginning with Mitsubishi Motor Sales of America where he was recruited to bring the Mitsubishi brand and vehicle line-up to the U.S., designing and implementing the brand introduction and promotion, and the U.S. support network, Ben has been at the forefront of the launch and development of foreign-made vehicles in the U.S. Daihatsu America, Inc., watching him build Mitsubishi's U.S organization, recruited him to be part of their team that introduced the Daihatsu brand and vehicle line-up to the U.S. market. Following Ben's successful ground-up development of Daihatsu's U.S. operations, Ben was recruited by Kia Motors America, Inc., where he assisted in the hugely successful introduction of their brand and vehicle lineup to the American market. Most recently, Ben served as Vice President, National Parts & Service Division, Director for Daewoo Motor America, Inc. where, once again, he was successful in bringing the Daewoo brand and vehicle line-up to the U.S. market. Ben's employment with Daewoo led to him becoming President & CEO of StartPoint USA, the company created to support 185,000+ Daewoo vehicles and more than 300 Daewoo retail dealers with Daewoo Parts and Warranty Administration and, in the roll-out period of about 30 months sold almost 200,000 Daewoo vehicles."
About Green Automotive Company: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles. The Company is presently planning to bring to the United States market late this year an All-Electric SUV and, in 2012, an all-electric MPV. The Company maintains its Corporate Office in Newport Beach, California and its Dealership Services Office in Lewisville, Texas. Green Automotive Company shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR". For more information visit www.usaelectricauto.com or write to info@usaelectricauto.com.
Company Plans to Become Fully-Reporting
NEWPORT BEACH, Calif., Aug 22, 2011 (BUSINESS WIRE) -- Green Automotive Company Corporation (OTC:GACR:PK) announced today that it recently retained the law firm of Guzov Ofsink LLP as Securities Counsel and the accounting firm of Anton & Chia, LLP as its independent auditor as the Company moves forward to register its shares under the Securities Exchange Act of 1934 and become fully reporting with the Securities and Exchange Commission.
"We have planned to become fully reporting for some time now as part of our commitment to provide greater transparency to our shareholders as well as reach new investors," said Fred Luke, Green Automotive President. "Work has already commenced and I anticipate the entire process, including our required audit, to take approximately 60 to 90 days. Once we become reporting, we anticipate that our shares will be authorized for quotation on the OTC Bulletin Board."
About Green Automotive Company: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles. The Company is presently planning to bring to the United States market late this year an All-Electric SUV and, in 2012, an all-electric MPV. The Company maintains its Corporate Office in Newport Beach, California and its Dealership Services Office in Lewisville, Texas. Green Automotive Company shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR". For more information, visit www.usaelectricauto.com or write to info@usaelectricauto.com.
NEWPORT BEACH, Calif., Aug 10, 2011 (BUSINESS WIRE) -- Green Automotive Company Corporation, announced today that it has retained CantorCO2e L.P. to market the Zero Emission Vehicle ("ZEV") credits and carbon credits resulting from the sale of Green Automotive vehicles in North America.
Following the Company's announcement last June that it was developing a carbon credit forward sale program which could result in an infusion of up to $60,000,000 or more into the Company this year, today the Company announced that it has retained CantorCO2e L.P as its sole and exclusive agent to market the Company's ZEV and Carbon Credits to CantorCO2e's clients who are prospective buyers.
"CantorCO2e has represented to us that they are a leading global provider of financial services to the world's environmental and green energy markets since 1992 -- longer than any other emissions broker," said Green Automotive President Fred Luke, "and have been offering transaction services, access to finance, advice and technology, and assisting its customers to participate in over 100 air credit and waste water markets to clients across the world, brokering trades with values in excess of a billion dollars. With this resume, CantorCO2e is well positioned to assist us in quickly penetrating the ZEV and Carbon Credit markets and monetizing the Company's credits."
About Green Automotive Company: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles. The Company is presently planning to bring to the United States market late this year an All-Electric SUV and, in 2012, an all-electric MPV. The Company maintains its Corporate Office in Newport Beach, California and its Dealership Services Office in Lewisville, Texas. Green Automotive Company shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR." For more information visit www.usaelectricauto.com or write to info@usaelectricauto.com.
NEW YORK, Aug. 9, 2011 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP), ("BGC Partners" or "BGC"), a leading global brokerage company primarily servicing the wholesale financial markets, today announced the launch of BGC Environmental Brokerage Services following the acquisition of Cantor Fitzgerald's North American environmental brokerage business CantorCO2e, L.P. Established in 1992, CantorCO2e is a leading environmental brokerage company that has brokered trades with a market value exceeding $10 billion.
Headquartered in New York, BGC Environmental Brokerage Services will focus on environmental commodities, offering brokerage, escrow and clearing, consulting, and advisory services to clients throughout the world in the industrial, financial and regulatory sectors. The business will be led by Samantha Unger Katz, Managing Director and Head of BGC Environmental Brokerage Services. Ms. Katz is a leading professional in the environmental brokerage marketplace and joins BGC from Evolution Markets where, as a partner and director of Western US Environmental Markets, she generated over $250 million in environmental products transactions.
"We are delighted to enter the environmental brokerage market, which broadens our portfolio of services to clients and represents an area of exceptional opportunity," said Shaun Lynn, President of BGC. "We welcome Samantha and her team with their wealth of industry knowledge, experience and connections. I am confident they will make a tremendous addition to our talented pool of brokers."
Side Impact Test Performed To Determine Baseline
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Green Automotive Company Corporation (OTC:GACR:PK) announced that vehicle testing and evaluation is continuing on its All-Electric SUV.
"After the Phase I Vehicle Assessment test which was completed for Green Automotive in February," said Ben Rainwater, Executive Consultant to the Company, "it was determined that the All-Electric SUV should be subject to a side impact test and in particular the Federal Motor Vehicle Safety Standards (FMVSS) part 214 Oblique Pole Test primarily because it is the more stringent of three (3) separate side impact tests that are required to comply with FMVSS 214. Additionally, the decision was made to perform this test without a side curtain or side air bag installed in the vehicle. In this configuration, we would have a baseline from which additional vehicle engineering assessment and development would be performed, which included side curtains and side air bags. In addition, a going forward plan was to be developed."
In Mr. Rainwater's report to the Company, he indicated that the side impact test was performed last week and the preliminary test data indicates the vehicle was well within the performance standards for two (2) of the six (6) test parameters, while the results for the four (4) other parameters exceeded. "This was expected," said Mr. Rainwater, "because the vehicle was tested without a side curtain or side air bag. After a very preliminary review of the test data and an initial consultation with an air bag supplier, it appears that properly developed and installed side curtains and side air bags will greatly improve the test results and may bring the vehicle into compliance with FMVSS 214 requirements, which will be confirmed by additional testing.
"Now that the Company has performed this side impact test and has recorded this baseline test data for the All-Electric SUV," continued Mr. Rainwater, "we have a solid understanding of where we are now and where we need to be in relationship to compliance with FMVSS 214, and the Oblique Pole Test in particular. Next, we will continue to develop a complete solution for this specific side impact test result as we also continue other testing related to compliance with the DOT FMVSS requirements."
According to said Fred Luke, President of Green Automotive, the Company is making every effort to stay on track toward meeting its goal of launching retail sales of the All-Electric SUV in the US through a network of selected dealerships by the end of this year. "This particular test," said Mr. Luke, "and those we will be doing on an ongoing basis, will ensure this vehicle is fully compliant with all DOT FMVSS requirements before we introduce it to the US market."
Green Automotive Company Corporation Corporate Office is located at 23 Corporate Place, Suite 150, Newport Beach, California 92660; Green Automotive Company Corporation Dealership Services Office is located at 720 Valley Ridge Suite 5, Lewisville, Texas 75057.
Company Believes Carbon Credits May Result in a Lower Priced Car
NEWPORT BEACH, Calif., Jun 09, 2011 (BUSINESS WIRE) -- Green Automotive Company Corporation (OTC:GACR:PK) announced today that it is developing a carbon credit financing program which could result in an infusion of $60,000,000 or more into the Company this year.
"As I outlined in our announcement last month", said Mr. Fred Luke, "under newly enacted CO2 emissions regulations, companies whose products emit CO2 have a limit on the amount of greenhouse gas that their products can emit. The company, or "emitter", must have an "emissions permit" for a certain amount of CO2 it releases into the atmosphere. These permits set an enforceable limit, or "cap", on the amount of greenhouse gas pollution that the emitter is allowed to emit. To reward those emitters who are below the regional maximum emission standards, or in our case, a 'non-emitter' whose products do not produce any CO2 , receive 'credits'. Known as 'Carbon Credits', these credits are designed to incentivize industry to migrate in the direction of less carbon intensive processes and lower or eliminate an emitters carbon footprint."
"At this point our research and predicated upon third-party calculations", said Mr. Luke, "the Company should qualify for a significant amount of Carbon Credits based upon its projected sales of electric vehicles, as each electric vehicle that Green Automotive puts on the road reduces the emission of CO2 by an amount equal to the CO2 emissions of a vehicle of similar size powered by a conventional internal combustion engine."
Mr. Luke continued, "I should mention that a Carbon Credit has become a tradable commodity representing a credit against the emission of one ton of carbon, CO2 or CO2 equivalent, around which a market is developing. "As I pointed out last month", said Mr. Luke, " large-scale emitters of CO2 who are unable to meet their regional maximum emission standards in the time allotted, see purchasing Carbon Credit as cost-effective alternative to the penalties and fines potentially imposed for not being in CO2 emission compliance within the prescribed timeframe. An example of how the process is working is the recent sale by Tesla to Honda of over $13 Million of Carbon Credits Tesla received related to its electric vehicles. We are now planning on using the revenue generated by a successful carbon credit program, as in the example of Tesla, to lower the price of our vehicles to the consumer, and as a source of additional working capital for the Company. It's a unique opportunity and one that Green Automotive will continue to aggressively pursue."
As announced last month, Green Giant Venture Fund was retained by Green Automotive to assist in the development of the Company's carbon credit initiative, and the Company says that Green Giant Venture Fund is already in discussions with potential buyers to pre-purchase the Carbon Credits for which the Company anticipates qualifying, and anticipates signing Letters of Intent within the next 60 days.
Company also plans to expand Board, and its presence in Shanghai and in the Middle East
DALLAS, Jun 07, 2011 (BUSINESS WIRE) -- Green Automotive Company Corporation (OTC:GACR:PK) completes the relocation of its corporate office from Dallas, Texas to Newport Beach, California, and initiates plans for other facilities. Following the Company's announcement in February that the Company intended to relocate its Headquarters to Southern California and take other action to move its regional office in Dallas, Texas, establish a distribution center near its new Corporate Headquarters, and open representative offices in Shanghai and the Middle East, today Fred Luke, President of Green Automotive, announced that "almost all of our planned re-structuring is now done or about to be competed in within the next 30 days."
"Our new Corporate Headquarters has been relocated to 23 Corporate Plaza, Suite 150, Newport Beach, California 92660," said Mr. Luke, "and our new Southwest Regional Office has been moved to 720 Valley Ridge, Suite 5, Lewisville, Texas 75057.
"However," said Mr. Luke, "while our proposal to acquire the operations of StarPoint USA Inc. remains open we are holding off on picking the exact location of our proposed Distribution Center, but it will likely be in the Long Beach or southern Los Angeles area. We are currently working closely with StarPoint and utilizing, as necessary, its existing warehouse and offices, located in the south Los Angeles area, a short distance from the Port of Long Beach.
"I am hopeful that the StarPoint Board approves our proposal," said Mr. Luke, "as it would serve to speed-up the Company's development of its national vehicle distribution operations by preventing us from having to build from scratch a vehicle distribution, warranty administration, parts tracking and retail dealership information system, as StarPoint already has a system in use with its existing 300 plus retail dealership network: an operational structure which has operated for many years in the U.S. market importing, distributing and supporting over 185,000 vehicles manufactured in Asia."
According to Mr. Luke, "Long Beach will likely be the port of entry for the Company's vehicles and parts coming in from China, making the Los Angeles area an ideal location for national distribution operations. It is also important to note that California represents the largest and most promising market for Electric Vehicles. So it becomes logistically convenient for our management team and most of our Directors to have our Corporate Headquarters in Orange County, with distribution facilities near the Port of Long Beach, as it creates a more efficient operational structure."
Company Also Addresses Considering Litigation Against Reporter and Resulting Short-Selling
DALLAS--(BUSINESS WIRE)-- Green Automotive Company Corporation (OTC:GACR:PK) yesterday released its Financial Statements and Statement of Operations for the Company’s 1st Quarter ended March 31, 2011 together with its quarterly updated discussion of its operations.
According to information posted this morning on www.otcmarkets.com the Company reported a loss of $202,952 for the quarter ended March 31, 2011 compared to a loss last year of $883,831 for the quarter ended March 31, 2010, an improvement of $680,879 over 2010. The loss resulted in a reduction in the Company’s Stockholders’ Equity of $202,952 but the Company’s Total Assets increased by $225,468 to $1,523,354.
"Overall," said Fred Luke, President of Green Automotive, "the reduction of our overhead and re-direction of resources to the continued homologation of the SUV, is in line with our revised budget and timeline for final testing and delivery to the market. And, as the Company has disclosed in our all its filings, the on-going homologation and creation of the necessary distribution infrastructure takes a sizeable investment, with virtually no off-setting income. However, due to our niche and choice to be an importer/distributer as opposed to a manufacturer, we are forecasting revenue to start very soon after the first new vehicles are imported, staged and processed and released to the Company's independent retail dealership network for sale to U.S. consumers: which is just one of the reasons we proposed to purchase the assets of StarPoint USA Inc., last month."
Mr. Luke went on to say that "recent criticism by a financial writer who represents to be closely following this newly developing Electric Vehicle industry, appears to me to be doing the subject matter and his readers a great disservice by not conducting any real due diligence, and therefore lacks the facts to substantiate his negative editorial comments. On the other hand, perhaps he did conduct the necessary investigative work but simply chose not to tell the whole story as it might undermine his agenda and, in turn, undermine his creditability. Aside from getting the Company’s name correct, and simply restating the Company's recent announcements, it appears to me that very little effort was made to conduct proper due diligence before writing such an negative article."
Green Automotive Company Corporation (OTC:GACR) announced today the engagement of Green Giant Venture Fund as part of the Company’s plans to sell forward it's expected allocation of carbon credits generated by future sales of it’s zero emission, All-Electric vehicles through the developing “Cap and Trade” commodity market.
"Carbon Credits, also known as Certified Emission Reductions," said Fred Luke, President of Green Automotive, "are the evolution of the Clean Air Act of 1990, which set out to reduce sulfur emissions that cause acid rain, but in this case the goal is to reduce the amount of carbon dioxide emitted into the environment by companies whose products emit CO 2 in excess of the applicable regulatory standards."
Under newly enacted CO 2 emissions regulations, companies whose products emit CO 2 will have a limit on the amount of greenhouse gas that their products can emit. The company, or "emitter", must have an "emissions permit" for a certain amount of CO 2 it releases into the atmosphere. These permits set an enforceable limit, or "cap", on the amount of greenhouse gas pollution that the emitter is allowed to emit. Over time, the limits become stricter, allowing less and less pollution, until the ultimate reduction goal is met.
"The newly developed Carbon Credits," said Mr. Luke, "are essentially ‘script’ issued as a reward to those companies who reduce the amount of CO 2 emitted into the environment by their products. These credits, known as Carbon Credits, are becoming a commodity in which a world-wide market seems to be developing, and those large-scale emitters of CO 2, who are unable to meet the regional maximum emission standards in the time allotted, see purchasing as cost-effective alternative to the penalties and fines potentially imposed for not being in CO 2 emission compliance within the prescribed timeframe."
Green Automotive Co. submitted an offer to purchase the assets of StarPoint USA Inc., the successor company to Daewoo Motor America Inc., and former importer of nearly 200,000 passenger vehicles into the U.S. from South Korea.
"Our interest in StarPoint USA has not been a secret," said Fred Luke, president of Green Automotive, a Dallas-based importer and distributor of eco-friendly vehicles. "We have been working with the company for over six months now in the testing and qualification of the All-Electric Sport Utility Vehicle in preparation for introduction to the U.S. market during the fourth quarter of this year."
According to Luke, Green Automotive personnel discussed a business combination with StarPoint management earlier in their relationship, but elected to get to "get to know the company" better through a contractual relationship before taking the next step.
"With over 300 retail automotive dealerships covering a large number of the major metropolitan markets, StarPoint also has a vehicle distribution system, consisting of proprietary hardware and software, originally developed at a cost of over $100 million, used to manage and track all transactions relative to the importation and distribution of vehicles including post-sales parts, service, warranty and customer relations management," Luke said. "The addition of StarPoint to the Green Automotive organization has the potential to timely leverage StarPoint's existing dealership infrastructure and nationwide dealership network to enable us to enter the market on time, or perhaps sooner than originally expected, with a very potent pre-existing dealer presence."
Luke went on to say, "This proposed 'marriage' is still in its infancy, and I suspect that it may take a week or so for the StarPoint management to evaluate the value of the proposal, but I feel like the combination of our respective businesses as we've proposed will create a significantly stronger and more valuable company."
May 17th, 2011
Green Automotive Company Corporation (OTC:GACR) last night confirmed its initiation of a 20 MPH FMVSS 214 Oblique Pole Side Impact test on its All-Electric SUV, and plans to continue testing as part of the Federal Motor Vehicle Safety Standards testing required before the Company’s planned launch of its All-Electric vehicle line late this year.
Green Automotive and vehicle manufacturer representatives met with Roush Industries' engineers late last week to discuss and to assist with preparations of the SUV for the initial test, the Oblique Pole Side Impact test. As a result, it was determined that additional preparation work will need to be done to ensure the vehicle meets all of the pre and post test criteria mandated by the testing facility. "With the full support of the vehicle manufacturer, and working closely with the test facility, the engineers at Roush Industries plan to complete the additional vehicle preparation, work quickly and in time to perform the side impact test the first week in June," said Ben Rainwater, Green Automotive’s on-site Consultant.
"While this short delay was a surprise, our testing time-line has several weeks built-in for contingencies like this," said Fred Luke, President of Green Automotive, "so I don’t expect this to be any more than a minor interruption in our ongoing vehicle testing and evaluation efforts necessary for the launch of the SUV by year-end. We are anxious to get through these tests as quickly as possible, but our first priority is to ensure all of the data collected is accurate and complete, and that the tests are conducted safely and in full accordance with all of the FMVSS criteria."
May 12th, 2011
"With over 300 retail automotive dealerships covering a large number of the major metropolitan markets"
Green Automotive Company Corporation (OTC:GACR) ( www.usaelectricauto.com) announced today that it plans to showcase its Company’s All-Electric Sport Utility Vehicle (SUV) at the Orange County Technology Influencer Mixer and Summit on May 16, 2011 at the Atrium Hotel in Irvine, California. Green Automotive management and Company Spokesperson, Smokey Robinson, are expected to attend the event, and attendees will have the opportunity to test drive the Company’s SUV prior to the launch of retail sales expected later this year.
Tech Coast Venture Network is hosting the OC Technology Influencer Mixer & Summit 2011, an historic two-day event with partners CompTIA, the world’s largest technology association, the Technology Leadership Political Action Committee and Ingram Micro. Representatives from a wide spectrum of companies that conduct business in the area, including accounting, legal, marketing, investment banking, and technology are expected to attend the summit.
"The events will commence Monday, May 16 th," said TCVN Chairman Ciaran Foley, "with an exciting evening networking mixer open to the public at the Atrium Hotel in Irvine, California. We’ve invited guest luminaries from the start-up, entrepreneurial, funding, technology and political worlds who are expected to discuss the current state of small business innovation and advancement in Southern California with local entrepreneurs and business leaders. The event will feature light hors d’oeuvres and drinks will be served poolside to the beats of a local DJ. OC Cigars of Laguna Niguel will be serving ARSEN Connoisseur Selection 2010 Dominican cigars exclusively for participants of the event."
May 11th, 2011
"With over 300 retail automotive dealerships covering a large number of the major metropolitan markets"
DALLAS--Green Automotive Company Corporation (OTC:GACR) (www.usaelectricauto.com) announced today that it has submitted an offer to purchase the assets of StarPoint USA Inc., the successor company to Daewoo Motor America, Inc., and former importer of nearly 200,000 passenger vehicles into the US from South Korea.
In announcing the offer submitted to the management of Starpoint, Fred Luke, President of Green Automotive, said, "Our interest in StarPoint USA has not been a secret. We have been working with the company for over six months now in the testing and qualification of the All-Electric Sport Utility Vehicle in preparation for introduction to the U.S. market during the fourth quarter of this year. "Our relationship with Starpoint and its personnel," said Mr. Luke," has convinced us that a business combination between the two companies would result in significantly increasing the value to the shareholders of both companies."
According to Mr. Luke, "Green Automotive personnel discussed a business combination with Starpoint management earlier in their relationship, but elected to get to ‘get to know the company’ better through a contractual relationship before taking the next step. Now, after getting to know the company’s personnel and capabilities better I’m convinced that a ‘marriage’ between the two companies will improve significantly Green Automotive’s strategic capabilities in the areas of vehicle import, homologation, distribution, and dealership development."
"With over 300 retail automotive dealerships covering a large number of the major metropolitan markets", said Mr. Luke, "StarPoint also has a Vehicle Distribution System, consisting of proprietary hardware and software, originally developed at a cost of over $100 million, used to manage and track all transactions relative to the importation and distribution of vehicles including post-sales parts, service, warranty and customer relations management. The addition of Starpoint to the Green Automotive organization has the potential to timely leverage StarPoint’s existing dealership infrastructure and nationwide dealership network to enable us to enter the market on time, or perhaps sooner than originally expected, with a very potent pre-existing dealer presence."
Mr. Luke went on to say, "This proposed 'marriage' is still in its infancy, and I suspect that it may take a week or so for the Starpoint management to evaluate the value of the proposal, but I feel like the combination of our respective businesses as we’ve proposed will create a significantly stronger and more valuable company"
May 2nd, 2011
Roush Industries Continues Vehicle Testing to Qualify All-Electric SUV for Year-end U.S. Sales Launch.
DALLAS--Green Automotive Company Corporation (OTC:GACR) is in the process of testing and confirming that its All-Electric SUV meets or exceeds all Federal Motor Vehicle Safety Standards. In this respect, the Company announced today that Roush Industries is now proceeding with further testing of the Green Automotive All-Electric SUV, which includes mapping vehicle data acquired in various tests (including crash tests) against the required safety standards contained in the Roush homologation database. All vehicles sold in the United States must go through this comprehensive testing process to confirm that they meet or exceed all Federal Motor Vehicle Safety Standards; this process is known in the automotive industry as vehicle "homologation."
In late February, Roush Industries conducted an extensive vehicle assessment and evaluation of the Green Automotive All-Electric SUV. This initial assessment involved an engineering review of vehicle construction with special attention paid to safety features to include airbags, seat belts and other safety design elements.
To support ongoing vehicle testing and evaluation, the Company has shipped two (2) All-Electric SUVs to Detroit where Roush Industries will supervise a 20 MPH FMVSS 214 Oblique Side Impact Test and also conduct a post test vehicle teardown and evaluation in mid May. Representatives from Green Automotive and the vehicle manufacturer along with experts from supplemental restraint suppliers will be present to observe the test and participate in follow-up meetings to discuss the results and supplemental restraint system integration plans.
"We are excited to move forward with Roush on this next step of vehicle testing," said Fred Luke, President of Green Automotive. "We intend to stay on track toward meeting our goal of launching retail sales of the All-Electric SUV in the U.S. through a network of selected dealerships by the end of this year."
April 27th, 2011
CHINESE CAR NEWS, SHANGHAI AUTO SHOW
Remember Zotye? Small privately owned fish are easy to forget when they are swimming in a sea of state owned sharks, but Zotye have managed to keep themselves independent and even steer themselves away from the mighty consolidation nets that were cast out by the central government, rumor has it that Zotye pushed away Beijing Auto Industry Corp’s advances in favor of staying independent, but Zotye tell us that they were just working with BAIC on their electric car projects.
Zotye appear to have worked an incredible amount on their new range of cars that were shown for the first time last week. The Fiat Palio based model was on show, but obviously not the highlight of the Zotye stand – the range of concepts that Zotye had on show this year were quite impressive. The easiest to spot was obviously the reskinned 5008 SUV, but the other platforms are new models introduced to widen the Zotye range away from the current SUV and MPV offerings.
Zotye are going to have a good future if and when they get these cars into production, especially as they have quietly become one of the leading pure electric vehicle companies in China over the past few years.
Shanghai Auto Show
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COMPTON, Calif.--(BUSINESS WIRE)-- Green Automotive Company Corporation (GACR.PK) announced today that it hosted an event at StarPoint USA’s distribution center located in Compton, California to showcase its most recent shipment of electric vehicles, including the new Multi-Purpose Vehicle ("MPV"), and to film a promotional video with official company spokesperson and legendary Motown recording artist, Smokey Robinson.
"Smokey Robinson is genuinely excited about Green Automotive because he understands this electric car can help reduce our dependence on foreign oil, create jobs in the community and leave our children with a much better environment because people will have more options to drive automobiles that don’t pollute the air," stated Steve Wells, VP Product Development.
During the event, Compton City Officials and representatives of the City of Los Angeles Community Development Department were invited to drive the vehicles and discuss informally the long term benefits to the local economy of Green Automotive continuing to locate its main vehicle and parts distribution facility in Compton. Going forward, Green Automotive projects to create 300 new jobs at its distribution facility and 100 or more jobs in other parts of the country.
DALLAS, Mar 30, 2011 -- Green Automotive Company Corporation (GACR.PK) announced today the arrival of nine new All-Electric vehicles from its vehicle manufacturer based in China. According to the Company the vehicles have cleared Customs and have been delivered to its temporary holding facility in Southern California.
The Company took delivery of the new fleet that included a brand new All-Electric Multi-Purpose Vehicle (MPV). The vehicles will continue to undergo rigorous U.S. testing and evaluation related to Federal Motor Vehicle Safety Standards (FMVSS) and other vehicle quality and market research activities before being introduced to the U.S. market later this year. The vehicles will be kept at StarPoint USA’s facility near the Port of Long Beach under the supervision of Green Automotive Consultant, Ben Rainwater.
Mr. Rainwater, President and CEO of StarPoint USA, Inc., has been with StarPoint/Daewoo Motor America since August 1997. Mr. Rainwater, a recognized automobile industry professional, has over 35 years of experience in all phases of wholesale/retail parts and service business environments. "As a key member of the start-up teams for four separate automobile manufacturer/distributors including Mitsubishi, Daihatsu, Kia and Daewoo, Rainwater has significant knowledge and experience in creating, designing, developing, implementing, and growing an entire automobile distribution business from design to Dealership," said Steve Wells, a Company Director and VP of Product Development.
The Company also announced that recent marketing research conducted on its All-Electric SUV indicates that the SUV has a very high U.S. Consumer acceptance level. "The Electric Vehicle Sector is gaining great momentum from Wall Street to Main Street," said Mr. Wells. "As a result of rising gasoline prices and the current economics and political uncertainly of the global economy, the consumer is becoming painfully aware of the need for gasoline-alternative vehicles."
March 16th, 2011
Research Provides Profile of Green Auto's Target EV Buyers
DALLAS, Mar 16, 2011 (BUSINESS WIRE) -- Green Automotive Company Corporation (OTC:GACR) announced today that AutoPacific, Inc. (www.autopacific.com) has recently completed an in-depth U.S. market review and analysis for Green Automotive.
AutoPacific has been conducting automotive industry specific market research for over 25 years. Serving as an independent automotive industry research firm, it has developed an extremely comprehensive automotive database which provides the company with information ranging from consumer preferences to automotive vehicle comparisons. AutoPacific, recognized as an authority on the future state of the industry, assists its clients in finding the answers they need to stay competitive. AutoPacific's long list of clients includes most auto industry OEMs and Tier 1 suppliers.
"It is advantageous that we gain as much insight into the U.S. market segment related to electric vehicles as we can. Green Automotive needs to know where the industry is today, where it's going to be in the future and what consumers of electric vehicles consider important. AutoPacific's market research gives Green Auto important consumer information, which is vital to us just like it is for Chevrolet's Volt, for Nissan's Leaf, and for Tesla's Roadster, as we are each early entrants into this new Electric Vehicle market space. We need to know who our prospective EV car buyers are, and most importantly, what they expect in an Electric Vehicle," observed Ben Rainwater, Consultant to Green Automotive.
"We were impressed with the scope and quality of the research, the results of which were presented to Green Auto's management by George Peterson, AutoPacific's President and his team of industry experts. It is easy to understand why AutoPacific is so highly regarded in the industry. Because of their extensive experience and market expertise, I am confident we will continue to use their services in the future," stated Steve Wells, VP Product Development.
March 14th, 2011
Green Automotive Company Corporation (OTC:GACR) ( www.usaelectricauto.com) announced today that on February 26, 2011, it loaded and shipped nine (9) additional vehicles to increase its available fleet for both Federal Motor Vehicle Safety Standard (FMVSS) testing and other vehicle evaluation purposes. This recent shipment, consisting of eight (8) All-Electric Sport Utility Vehicles (SUV) and one All-Electric Multi Purpose Vehicle (MPV), originated from Shanghai, China and is expected to arrive this week in the Port of Long Beach, California.
According to Fred Luke, President of Green Automotive, the Company purchased the nine (9) additional vehicles for the express purpose of ensuring compliance with all U.S. DOT Federal Motor Vehicle Safety Standards ("FMVSS") requirements. "The purchase of these additional vehicles," said Mr. Luke, "is in keeping with our plans to perform full compliance testing here in the U.S., which will ensure that the Company brings to market a full electric vehicle that is also fully compliant with all U.S. safety standards."
Green Automotive announced late last year that it expects to initially enter the U.S. motor vehicle market before the end of 2011 with its All-Electric SUV, and recently plans to add the MPV to its planned fleet in 2012.
March 9th, 2011
Texas-based Green Automotive Company Corporation has announced today that Roush Industries has been chosen to provide structural and vehicle engineering support as the company begins the process of testing and confirming that its All-Electric SUV meets or exceeds all Federal Motor Vehicle Safety Standards.
"Engineers from Roush have recently finished four days of initial inspections here in California, performing an engineering review of the All-Electric SUV," said Fred Luke, President of Green Automotive. "We intend to stay on track toward meeting our goal of launching retail sales of the All-Electric SUV in the U.S. through a network of selected dealerships by the end of this year."
With that in mind, Green Automotive is getting really close to bringing the first all-electric SUV to the roads of the United States.
Known as the GAC Zotye SUV, 27KW DC motor that produces 162 lb-ft of torque. The five-door four-seater SUV weighs in at 2,640 ponds and can hit a top speed of 70 mph. Fueled by a 320V lithium-ion battery pack, the GAC Zotye SUV can travel a total of 150 miles before needing to be recharged.
- By: Omar Rana
March 7th, 2011
Green Automotive Company Corporation (OTC:GACR) announced today that Roush Industries has been retained to provide structural and vehicle engineering support as the Company begins the process of testing and confirming that its All-Electric SUV meets or exceeds all Federal Motor Vehicle Safety Standards.
"Engineers from Roush have recently finished four days of initial inspections here in California, performing an engineering review of the All-Electric SUV," said Fred Luke, President of Green Automotive. "We intend to stay on track toward meeting our goal of launching retail sales of the All-Electric SUV in the U.S. through a network of selected dealerships by the end of this year."
Roush Industries ( www.roush.com) is a premier provider of automotive engineering and systems integration solutions, with over 2,500 employees in facilities around the world. The broad scope of engineering expertise at Roush, which includes areas such as advanced composites, body design and engineering, paint and trim services, fabrication and instrumentation, positions the Company to provide seamless support during the entire vehicle testing cycle.
January 31, 2011
Company Also Confirms Resumption of Negotiations With Chinese Auto Manufacturer to Modify Import and Distribution Agreement
DALLAS -- (BUSINESS WIRE) -- Green Automotive Company Corporation (OTC:GACR) President Fred Luke announced today that the Company has been selected to be featured on Million Dollar Entrepreneur, a new Reality TV Series devoted to telling the behind the scenes story of the issues management of emerging, start-up or development-stage companies experience to become successful.
The first segment of the new weekly-aired TV series is scheduled to preview early this summer, and will follow four to five rapidly growing companies in new, emerging industries from start-up to present day.
The selection of Green Automotive as one of the first companies to be showcased follows a year-long period of growth and change for the Company, beginning in early 2010 when the Company landed an exclusive import and distribution agreement involving Chinese made All-Electric Vehicles.
"The Company is a perfect candidate for this type of "Reality TV' program," said Alan Edwards, President of Million Dollar Entrepreneur Inc., a US subsidiary of Navitas Ltd. "The show is scheduled to air on the ION channel, which currently reaches 98 Million households, and will take the viewers back-stage in the daily activities, the personnel and financial struggles, the negotiations and the process of coming up with the solutions that face practically every company with new technology, or a new ‘mousetrap’ they are trying to get to market ahead of larger, better capitalized and/or established competitors."
Jan. 24, 2011
President Also Announces Vehicle Purchase Transaction and U.S. Vehicle Compliance Plans
DALLAS -- Green Automotive Company Corporation (OTC:GACR.PK) President Fred Luke announced today that the Company is in discussion with Mr. Ben Rainwater to re-join Green Automotive as a member of its Board of Directors, and with Mr. Jack Tian who the Company has asked to join as an officer.
"There are a number of rumors floating around concerning the recent restructuring of our Board, and the Extension Agreement with Zotye", said Mr. Luke. "As Steve Wells, the Company’s co- founder, Vice-President and Director, said a few weeks ago, the Company is continuing to move forward with its corporate development plans and product launch. In this regard, I have been in discussion with Mr. Rainwater to re-visit his involvement and the possibility of re-joining the Company with the opportunity to have a greater impact on the Company's overall business. We are also in discussion with Mr. Jack Tian in an effort to have an experienced and capable liaison on the Green Auto Team responsible for our U.S. / Chinese business activities. Both have agreed to continue discussions through next week."
"Also, in a major milestone event, Green Automotive Company has just completed a significant transaction with Zotye to purchase a number of vehicles (9 total) that will be imported for the express purpose of ensuring compliance with all U.S. DOT Federal Motor Vehicle Safety Standards ("FMVSS") requirements. Mr. Luke said, "The purchase of these additional vehicles is in keeping with our plans to perform full compliance testing here in the U.S. using highly qualified companies with extensive FMVSS compliance testing backgrounds and experience, which will ensure we bring to market a full electric vehicle that is also fully compliant with all U.S safety standards." Mr. Luke also stated that Green Auto is in the process of reviewing a number of high profile U.S. based companies that have the requisite DOT FMVSS backgrounds and plans to "announce which company Green Auto has engaged for this important work as soon as next week."
Jan. 14, 2011
(Datamonitor via COMTEX)
Green Automotive Company Corporation, a distributor of electric cars and sport utility vehicles, has appointed Fred Luke as its new president and a director.
Mr Luke replaces Stephen Aust as president and director, who resigned earlier. He has served as a director, chairman, chief accounting officer, president and CEO of over 100 public and privately-held companies.
Earlier the company accepted the resignations of Dan Elliott, Ben Rainwater and Thad Balkman as directors.
Dec. 22, 2010
Agreement includes Joint Venture for final assembly plant stateside
DALLAS--Green Automotive Company Corporation (Pink Sheets:GACR) announces signing a 10-year extension to their Exclusive Sole Agency Agreement with China-based Zotye. The detailed agreement includes a joint venture target in 2012 whereas Zotye and Green Auto anticipate opening a plant in the States for final assembly of the all-electric SUV. Mr. Wu Aibing from Zotye will work directly with Green Auto on this project in the U.S.
Green Auto signed the Agreement in Shanghai after a week of talks in China with Zotye, auto industry, and battery industry executives. Dan Elliott, CEO Green Auto, states, “A whirlwind visit to four cities in five days with numerous meetings was quite successful for Green Auto. We have obviously proven our ability to capture market share in the U.S. by landing this huge 10-year extension. We are going to be their sole agent in the States for the next decade. This partnership is significant to Green Auto and Zotye; they are as excited about this as we are. More importantly, it will have a broad effect on job creation both here and in China as the first high quality Chinese vehicles enter the premier U.S. market.”
“Green Auto together with Zotye will work to open a final assembly plant in the States under the Joint Venture. Zotye agrees with us: once the assembly line starts producing all-electric SUVs, once they hit the road, we can begin to realize our plan for high-end Green vehicles becoming the norm in the U.S. The Company expects our under $35K attractive all-electric SUV to be the most popular on the road because of its performance, mileage radius, and dealer focus,” notes Ben Rainwater, COO Green Automotive.
Dec. 15, 2010
Green Automotive Company Corporation (Pink Sheets:GACR) announces CEO Dan Elliott’s recent radio interview for the Tampa and Little Rock markets will be aired Thursday, December 16. Elliott compares the new Zotye all-electric SUV with traditional gas-guzzling SUVs and explains how any driver can easily charge up the vehicle.
| 7:45 AM | KLRG 880 AM | Little Rock AR | (Imus in The Morning) | |||
| 3:00 PM | WTAN 1340 AM | Clearwater FL | (The Alex Jones Show) | |||
| 3:00 PM | WDCF 1350 AM | Dade City FL | (The Alex Jones Show) | |||
| 3:00 PM | WZHR 1400 AM | Zephyrhills FL | (The Alex Jones Show) |
About Green Automotive Company Corporation
Green Automotive Company is a U.S. public company and the exclusive importer/distributor of Zotye Electric Cars/SUVs to North America. The Company's shares are traded on the Pink Sheets under the symbol GACR. For more info visit www.usaelectricauto.com or write info@usaelectricauto.com
Safe Harbor Statement - This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from those projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Green Automotive Company Corporation does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Dec. 08, 2010
Electric SUV to Begin Sales in Summer of 2011 in Major Markets
DALLAS, TX--(Marketwire - 12/08/10) - Green Automotive Company Corporation (PINKSHEETS: GACR) announced that senior representatives from Zotye, the manufacturer of the All Electric SUV coming to market in Summer 2011, began touring select US Auto Dealerships in preparation for the vehicle launch.
Mr. Wellgen Dong and Mr. Wu Aibing of Zotye will spend several days with the executives of Green Automotive meeting with premier dealerships to discuss floor planning and product placement for the new vehicle line. Some of these Dealerships include the Family Automotive Group (Family Classic Cars) in San Juan Capistrano, CA; Galpin Motors in the San Fernando Valley; and Century West BMW in North Hollywood, CA. "We are really pleased with the overwhelmingly positive response we are receiving from the nation's premier dealerships," said Dan Elliott, Chairman and CEO of Green Automotive. "Dealer principals such as Najib Khoury, Dennis Lin and others are very excited to be able to offer the only Electric SUV in the market next year."
December 1, 2010
Green Automotive Completes Third Quarter Financial Disclosure
DALLAS, TX--(Marketwire - 12/01/10) - Green Automotive Company Corporation (PINKSHEETS: GACR, News) announced today that the Company has submitted its third quarter financial report and necessary disclosure requirements with Pink Sheets for its ongoing compliance and reporting.
Green Auto Chairman & CEO Dan Elliott stated, "We are pleased to report the third quarter financials as well as other pertinent information to Pink Sheets as part of our compliance. Our goals are to become a fully reporting company in 2011 after we complete our FYE ending 2010 on 12/31/10. The Company has aggressive growth and financing plans and upon completion and available for public disclosure -- this info will be made available to all shareholders."
November 16, 2010
Green Automotive Warns of Spam Mail/Email on its Stock
DALLAS, TX – (MARKETWIRE) - Green Automotive Company Corporation (Pink Sheets: GACR) announced today that the Company’s Chairman & CEO, Daniel J. Elliott issued a stern notice to any individual or organization found guilty of spamming the Company stock -- will be prosecuted.
Green Auto wants to go "On the Record" to state that the Company has NO knowledge of any individual and or organization that has or is issuing any notice or news that has not been authorized by the Company. Furthermore, Green Auto is working with Pinks Sheets Compliance to investigate any of this activity and will fund the prosecution of any individual or organization that can be found and prosecuted for this type of illegal behavior. The members of management and the investment community are dedicated to building this company in a proper and prudent manner and will not tolerate under any circumstance any attempt to harm or discredit this company for personal gain.
November 7, 2010
Green Automotive Completes Rebuilding of Management Team: Stephen Aust Joins as President and Advisory Board Finalized Electric Vehicle Importer Gets "Stamp of Approval" From California Voters With Resounding "No" vote on Proposition 23
DALLAS -- (BUSINESS WIRE) -- Green Automotive Company Corporation (Pink Sheets:GACR) announced today that Stephen Aust, Chairperson of the Company's Advisory Board, will now wear two hats as he agrees to also serve as the Company's President. In addition, Aust reported that his Advisory Board will be complete by November 15, 2010.
Aust agreed Wednesday to accept the offer to serve as the Company's President, following the emphatic crushing by California voters of Proposition 23, sending a clear "No" message aimed at suspending a landmark law - the Global Warming Solutions Act - mandating reducing carbon emission output by 25% to 30% by 2020.
The Act became California law in 2006 and should now proceed to take effect in 2012.
November 2, 2010
Green Automotive Company Expands Board and Appoints New CEO
DALLAS--(BUSINESS WIRE)-- Green Automotive Company Corporation (PINKSHEETS: GACR, News), an emerging leader in clean technology vehicles for consumers in North America, this morning announced at its Special Shareholders Meeting several changes in the company’s management, including the addition of Mr. Ben Rainwater and Thad Bachman to its Board of Directors, the approval of all three proposals submitted to the company’s shareholders, and the results of management's recent trip to China as it positions itself for a nationwide launch of its all-electric vehicles in North America.
Speaking at the company’s Special Meeting this morning, Daniel J Elliott, the newly appointed Chairman of the Board and Chief Executive Officer of the Company, presented to attending shareholders a very exciting overview of the upcoming plans and strategic alliances developed by the company based on recent developments from their October trip to China, together with the results of the vote on several proposals submitted to the shareholders, including expanding the company’s Board of Directors from three to five, approving a new financing for the issuance of 200,000,000 shares at not less than $.50/share, and approving the increase of the company’s authorized shares of capital stock from 700,000,000 to 1,000,000,000.
October 13, 2010
Green Auto Announces Special Shareholders Meeting
Green Automotive Company Corporation (PINKSHEETS: GACR, News) announced today that the Company will have a Special Shareholders Meeting on Monday, November 1st, 2010 at the Addison Conference Center, Addison, TX for shareholders of record as of September 30th, 2010.
The Company will have several items listed in the Proxy for shareholder approval; one of these being the election of the Board of Directors. The proposed slate includes Steven Fly, Steve Wells, Daniel J. Elliott, Ben Rainwater, and Thad H. Balkman.
Steven E. Fly -- Mr. Fly is the CEO of Green Auto. In the automobile business for over 25 years, Fly started selling cars and worked his way up to General Sales Manager for one of the top five Chevrolet dealerships in the country producing an unprecedented net profit of $8 million per year. Steve Fly took a position in Big D Kia in 2003 and as managing partner brought the dealership to profitability selling to a conglomerate in 2006. Mr. Fly joined Fiesta Toyota in 2007 as General Manager and immediately led them to profitability after 5 straight years of losing money. The dealership also went from #20 in its group of 20 Toyota dealers to the #1 position within one year while posting a net profit of $1.5 million for that year.
October 04, 2010
Daniel Elliott Joins Green Automotive Board of Directors
Green Automotive Company Corporation (PINKSHEETS: GACR) announced today that the Company has added Daniel J. Elliott to the Board of Directors.
Daniel J. Elliott, an 18 year veteran of sustainable energy, brings extensive experience and technical depth to advanced vehicle development, production and marketing. Elliott began his career in 1991 working on the Ecostar battery electric vehicle of the Ford Motor Company.
Mr. Elliott was the previous CEO of Phoenix Motorcars, Inc., one of the early entrants in the Electric Vehicle segment of the U.S. automotive industry. While with Phoenix Motorcars Mr. Elliott generated private equity investments in excess of $35 million, created a management team of nationally recognized automotive professionals, developed 10 fully functional prototype vehicles. When Mr. Elliott left Phoenix Motorcars in 2009, the company had a $40 million backlog of vehicle orders from public and private fleet operators, including NASA, PG&E, the U.S. Department of Corrections, the State of California, Maui Electric Corporation, the U.S. Military/TARDEC, and many other public and private fleets.
Sept. 20, 2010
Green Auto Electric SUV Could Be an American Manufactured Vehicle
DALLAS, TX, Sep 20, 2010 -- Green Automotive Company Inc. (PINKSHEETS: GACR) announced today that the company recently hosted a special USA visit with top executive delegates from Zotye International China that toured a number of facilities in the State of California, Texas and New York for potential sub manufacturing facilities of the all-new all-electric Sport Utility Vehicle (SUV).
According to Mr. Wu Aibing, spokesperson for Zotye China, "We are very committed to the USA market of our Electric Vehicles and our future with Green Auto. We recently completed a VIP tour of several cities in the USA where we are exploring the possibility of establishing a USA Manufacturing facility for our vehicles. We understand the importance of creating new jobs in America and the pride of products having the stamp of 'Made in the USA' and hope to accomplish this here."
Steven Fly said, "We have been working diligently with the factory in China as well as our USA Dealers to determine the optimal method of manufacturing and distribution and I am excited at the steps that our manufacturing partners in China are making to help streamline this process and increase our efficiency." Fly added, "There are still great state and federal opportunities here in America and we are exploring all options to determine the next best step for the company, its shareholders, dealers and consumers awaiting the delivery of our Electric Vehicles."
by Tony Sagami on September 15, 2010
In 2009, the world bought 61 million cars and almost all of them were powered by internal combustion, gasoline engines. That’s going to change in a big way.
J.D. Power predicts that the world will buy 2 million electric vehicles by 2020. The researchers at HSBC are shooting much higher and expect the world to buy 9 million EVs (electric vehicles).
When it comes to hybrid and electric cars, the Asians are rapidly becoming the global leaders in technology and sales.
Korean auto giant Hyundai unveiled its first all-electric car last week, the BlueOn, which combines an efficient electric motor with the newest generation of lithium-ion polymer battery technology.
The BlueOn can reach speeds as high as 81 miles per hour and can travel up to 80 miles.
The car has two charging docks: One for household 220-volt outlets and a 380-volt industrial-strength power for quick recharging. The household plug takes six hours to fully charge, while the industrial charge can deliver an 80% charge in 25 minutes.
Sept. 1, 2010
100% All Electric Zero Emissions SUV Brings on the Stars
DALLAS, TX, Sep 01, 2010 (MARKETWIRE via COMTEX) -- Green Automotive Company Inc., (PINKSHEETS: GACR) announced today that the company has signed an Agreement with Music Superstar Legend and Hall of Fame Artist "Smokey Robinson" as the Celebrity Spokesperson for the All-Electric Zero Emissions Sport Utility Vehicle.
Smokey Robinson discussed the Electric SUV in a news interview on KTLA TV.
KTLA: Smokey Robinson Talks New Electric Car Zotye Zero
Smokey Robinson is an American R&B and soul singer-songwriter, record producer, and former record executive. Robinson is one of the primary figures associated with Motown, second only to the company's founder, Berry Gordy. Robinson's consistent commercial success and creative contributions to the label have earned him the title "King of Motown." As an original member of Motown Records' first vocal group The Miracles and as a solo artist, Robinson delivered thirty-seven Top 40 hits for Motown between 1960 and 1987. In 1987, Robinson was inducted into the Rock and Roll Hall of Fame as a solo artist, he also received the Grammy Lifetime Achievement Award. He is also known for his hit song "Cruisin." In 2002, he was awarded the National Medal of Arts. http://en.wikipedia.org/wiki/Smokey_Robinson
Aug. 24, 2010
New 100% Electric SUV Set for Crash Test
DALLAS, TX, Aug 24, 2010 (MARKETWIRE via COMTEX) -- Green Automotive Company, Inc. (PINKSHEETS: GACR) announced today that the company has ordered ten All Electric Sport Utility Vehicles (SUV) from the manufacturer Zotye in China for the purpose of having an independent lab provide the EPA/DOT Certification and Compliance (also referred to as "Crash Testing").
The National Highway Traffic Safety Administration has a legislative mandate under Title 49 of the United States Code, Chapter 301, Motor Vehicle Safety, to issue Federal Motor Vehicle Safety Standards (FMVSS) and Regulations to which manufacturers of motor vehicle and equipment items must conform and certify compliance. FMVSS 209 was the first standard to become effective on March 1, 1967. A number of FMVSS became effective for vehicles manufactured on and after January 1, 1968. Subsequently, other FMVSS have been issued. New standards including 305 for All Electric Vehicles and amendments to existing standards are published in the Federal Register.
Jun 27, 2010
Global Market Advisors Inc. Joins Electric Car Company in Move to Position for Launch of Zotye All-Electric Vehicle in U.S.
DALLAS--(BUSINESS WIRE)--Green Automotive Company Corporation (OTC: GACR), the North American exclusive importer/distributor of the all-new all-electric Zotye Sport Utility Vehicle (SUV) today announced that it has retained Global Market Advisors Inc., a California-based organizational, marketing and financial advisory firm, as the Company prepares to begin delivery of its Zotye SUV in the United States.
"We have our Title 49 tests completed", said Steve Fly, CEO of Green Automotive Company, "and already have several Dealerships on-board to begin putting our Zotye vehicles on the road. With the announcement by the federal government that its goal is to have 50% of the vehicles on the road in 2030 powered by electricity, it’s clear that the Electric Vehicle has come of age and we intend to be one of the major players in this effort along with Nissan, Tesla and General Motors."
Jun 26, 2010
Green Car Snapshot for EVCARCO (OTCBB: EVCA). Tesla Motors (NASDAQ: TSLA), A123 Systems, Inc. (NASDAQ:AONE), Car Charging Group, Inc. (OTCBB: CCGI)
July 26, 2010 Driving Green at Investorideas.com reports on recent news and developments for green and electric car stocks as battery maker A123 Systems, Inc.(NasdaqGM: AONE) trades up over 13% on an upgrade to Overweight from Equal Weight from Barclays. The analyst increased the target price from $12 to $16.
Read and Hear Driving Green Podcast and industry commentary, part of the green investor content at Investorieas.com and Renewableenergystocks.com: Driving Green Podcasts and Commentary at Investorideas.com
July 18, 2010
Jim Ellis Automotive Dealership Group announced today that they will be the Atlanta dealer for Wheego Electric cars, and in addition to the all-Electric vehicle, is strategically moving toward Green automotive options franchise-wide.
Atlanta, GA (PRWEB) July 18, 2010 -- While customers can already test drive the low-speed Wheego Whip at the Jim Ellis Saab Atlanta location at 5862 Peachtree Industrial Blvd, Jim Ellis Automotive Group is taking greater strides to provide low-emission, fuel efficient vehicles to the greater Atlanta area.
As the sole dealer of the Wheego Electric Cars, when the Wheego LiFe rolls out in September, Jim Ellis will be the first dealer in Atlanta to offer fully certified highway-speed fully electric vehicles for commercial and retail consumers.
July 12, 2010
DALLAS, TX--(Marketwire - July 12, 2010) - Green Automotive Company Inc. (PINKSHEETS: GACR) announced today that the company signed a Ten Store Contract with the Rohrman Auto Group (www.rohrman.com) ranked as the number 15th largest Auto Dealer Groups in America, with over 36 dealerships in operation.
July 6, 2010
New 100% Electric SUV Hits California
Auto importer Green Automotive Company has debuted what it says the first all electric sports utility vehicle (SUV) in America. The company is exclusively importing to our shores from Chinese auto manufacturer Zotye a SUV that is rated 0 to 60 in 9.5 seconds and drives a maximum range of up to 250 miles on a single charge..
July 06, 2010
Tesla Motors, a manufacturer of highway-capable fully electric vehicles and electric vehicle powertrain components, recently announced its initial public offering of 13,300,000 shares of its common stock at a price to the public of $17.00 per share. After this record breaking new IPO Green Automotive Company, an import/distributor of Electric Cars/SUV's to North America, has claimed that they are in hot pursuit of Tesla.
July 1, 2010
DALLAS, TX, Jul 01, 2010 (MARKETWIRE via COMTEX) -- Green Automotive Company Inc. (PINKSHEETS: GACR) announced today that the company is hot on the trail of new Electric Car Manufacturer, Tesla Motors -- after their record breaking new IPO.
Jun 22, 2010
New 100% Electric SUV Hits California
DALLAS, Jun 22, 2010 (GlobeNewswire via COMTEX) -- The Green Automotive Company Inc., (Pink Sheets:GACR) announced today that the company will be showcasing the all-new, all-electric Sport Utility Vehicle (SUV) at the Barrett-Jackson Collector Car Auction on June 25-27 at The Orange County Fair & Events Center 88 Fair Drive Costa Mesa, CA 92626. http://www.barrett-jackson.com/events/orangecounty/.
Jun 14, 2010
Green Automotive Company and EvCarco Sign Agreement for the Distribution of the All-Electric Zotye SUV to 14 Auto Dealers in Cities in Texas, California, Nevada, Oklahoma and Florida
DALLAS, Jun 14, 2010 (GlobeNewswire via COMTEX) -- The Green Automotive Company Inc. (Pink Sheets:GACR) announced today that it has signed a Dealer Agreement with EvCarco (EVCA), which should put the all-new all-electric Zotye SUV being brought into North America under an exclusive Import Agreement with Zotye Global (www.zotyeglobal.com), in local cities and streets in the next twelve months.
May 19, 2010
Green Auto Announces New Charging Station Contract
DALLAS, May 19, 2010 (GlobeNewswire via COMTEX) -- The Green Automotive Company Inc. (Pink Sheets:GACR) (www.usaelectricauto.com) announced the signing of a new contract with GoSmart Technologies Inc.
May 5, 2010
Green Auto Electric SUV's Arrive in USA
DALLAS, May 5, 2010 (GLOBE NEWSWIRE) -- The Green Automotive Company Inc., (Pink Sheets:GACR) announced the arrival of the all-new All Electric SUV (Sport Utility Vehicles) to America from China.
New 100% Electric SUV Set to Enter New Foreign Market
DALLAS, Apr 14, 2010 (GlobeNewswire via COMTEX) -- The Green Automotive Company Inc., (Pink Sheets:GACR) announced today that the company has signed a Letter of Intent (LOI) with Promotora Turistica Sin Limito, S.A. (a private corporation in Mexico) to be the exclusive distributor for the Country of Mexico of the 100% all-new all-electric Sport Utility Vehicle (SUV) manufactured in China.
The Green Automotive Company Inc., (Pink Sheets:GACR) announced today that the company has signed a Letter of Intent (LOI) with Promotora Turistica Sin Limito, S.A. (a private corporation in Mexico) to be the exclusive distributor for the Country of Mexico of the 100% all-new all-electric Sport Utility Vehicle (SUV) manufactured in China.
Green Auto News; Balqon Corporation (OTCBB: BLQN.OB), Electrovaya (TSX: EFL), Chrysler Group, Lexus
Date Released: 03/23/2010
Driving Green; Walking Greener
Green Auto News; Balqon Corporation (OTCBB: BLQN.OB), Electrovaya (TSX: EFL), Chrysler Group, Lexus
Delta BC March 23, 2010 (Investorideas.com renewable energy/green newswire), InvestorIdeas.com and its green investor portal Renewableenergystocks.com report on recent green auto news from Balqon Corporation (OTCBB: BLQN.OB),Electrovaya (TSX: EFL), Chrysler Group, Lexus and how the global economic crisis of the past two years has resulted in greener consumers (including author).
Visit our Driving Green Podcasts and Commentary at Investorideas.com http://www.investorideas.com/dg/ By: Dawn Van Zant
Company Gets Ready for Expansion
DALLAS, TX--(Marketwire - March 1, 2010) - Green Automotive Company Inc. (PINKSHEETS: GACR) announced today that it has appointed Ian R. Stuart as the company's new Chief Financial Officer.
Green Auto CEO Steven Fly stated, "I am honored to have Ian join our team. He brings a wealth of knowledge and expertise to our firm and will provide critical financial stewardship as we move forward with our aggressive growth plans."
New 100% Electric SUV Set for Distribution
DALLAS, TX--(Marketwire - February 10, 2010) - Green Automotive Company Inc. (PINKSHEETS: GACR) announced today that the company has signed the official Exclusive Sole Agency Agreement for North America of the 100% all-new all-electric Sport Utility Vehicle (SUV) manufactured in the People's Republic of China. The Company also obtained its new trading symbol and name change from FINRA.
Ganas Corporation Acquires Go Green USA, LLC
First Major Chinese Electric SUV to Be Distributed in USA
DALLAS, TX--(Marketwire - 11/18/09) - Ganas Corporation ( Pinksheets: GACR - News) announced today the completion of its acquisition of 100% of Go Green USA LLC, the nation's premier importer and distributor of a 100% Electric Sport Utility Vehicle (SUV) with a range of up to 250 miles on a single charge and a top speed of 70 MPH. Ganas Corporation will change its name to Green Automotive Company Inc. in connection with such acquisition.
