Green Automotive to Move to Pink Sheets "Current Information" Tier
07 Dezembro 2010 - 9:00AM
Marketwired
Green Automotive Company Corporation (PINKSHEETS: GACR) announced
that, following the closing of the market yesterday, it received
notice that
Pink OTC Markets finished
processing the Company's financials, updated disclosure documents
and attorney letter for the period ending September 30, 2010, and
intends to move the Company to the Pink Sheets "Current
Information" tier before the opening of the market today.
Green Automotive President Steve Aust stated, "We have been
working aggressively to become fully reporting and make sure that
our financials and compliance are up to date. This is in line with
our goal of becoming a fully reporting company in 2011."
Dan Elliott, Green Automotive Chairman & CEO, added, "In the
past few months we have worked hard to increase the quality of our
reporting, we are really excited about this business. This was one
of the obstacles we had to overcome, but with this behind us, and
with the recent additions to our management team, and the
institution of better operational and financial controls, our
forecasts of $90 million in EBITA by December 2011 has a greater
chance of success."
The clearance by Pink OTC Markets follows
the Company's announcement Monday that, in anticipation of
rolling-out its first Zotye SUV in the early next year, it has
hired industry veterans in vehicle compliance and certification to
include compliance experts David Edgar, Yooncho Park and Julia
Winter. "With a combined 60 years of automotive safety and emission
certification experience, these three individuals together add to
our current depth of experience and knowledge," said Mr. Elliott,
"and should remove all doubts that we are not only serious about
becoming one of the leaders in this emerging Electric Vehicle
market, but we are capable of producing a product line that should
certainly be first tier and represent one of the best Electric
Vehicle lines the industry has to offer."
About Green Automotive Company Inc: Green
Automotive Company is a U.S. public company and the exclusive
importer/distributor of Zotye Electric Cars/SUV's 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 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 Inc. 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.
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