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."