Green Automotive Signs Agreement to Acquire Liberty Electric Cars
29 Junho 2012 - 7:50PM
Green Automotive Company (OTC:GACR) announced today that it has
signed an agreement to acquire Liberty Electric Cars Limited
(www.liberty-ecars.com). Liberty Electric Cars is a
state-of-the-art vehicle design, engineering and manufacturing
company, driving innovation in the use of leading edge zero and low
emission technologies to satisfy growing demand for environmentally
friendly transport solutions around the world. Liberty also
provides a unique after sales program for electric vehicles across
Europe, maximizing the life-time value of clean transport
solutions.
Green Automotive will purchase all of the issued and outstanding
stock of Liberty Electric Cars Ltd. and its subsidiary LEC 2,
Limited, in exchange for 39,172,178 shares of Green Automotive
Company common stock.
Liberty, through its E-Tech division, is involved in a number of
advanced research programs for developing next generation EV
solutions, many in partnership with Tier 1 automotive
manufacturers. These include the prestigious "Deliver" project
where Liberty is working together with Volkswagen, Fiat and
Michelin to develop a pure electric commercial vehicle. In addition
the "Motore" project in which Liberty is partnered with Cranfield
University, Rolls Royce Electric Machines and Protean aims to
develop a "rare earth" free electric motor technology. Moreover
Liberty's engineers have invented, IP-protected, innovative
electric vehicle (EV) drive train technologies, that can be
employed in a wide variety of vehicle platforms (trucks, buses,
4x4, SUV, MPV and pickup trucks) as reveled in its flagship
technology demonstrator, the Liberty E-Range – the worlds first,
pure electric, luxury 4x4.
"Liberty's technically rich team and their focus on larger
platforms from 4x4 through to commercial vehicles is completely
consistent with the our business objectives and direction" said
Fred Luke, President of Green Automotive. "I believe that producing
dependable small to mid-size electric buses is an emerging market
of mammoth proportions and there is no doubt that Liberty's
technical team gives us a big advantage."
Liberty, through its E-Care division, has pioneered the creation
of after sales support for Electric Vehicles, by providing the most
comprehensive maintenance program throughout Europe for electric
trucks and cars. This E-Care service delivers properly trained,
highly skilled engineers equipped with new and unique diagnostic
tools; experience in safe intervention for high voltage systems and
access to the right parts to affect quality repairs. Liberty's
E-Care clients include UPS, FedEx, Navistar, Veolia, Tesco and many
more.
About Green Automotive Company: Green
Automotive Company is a US public company involved in the
Conversion, 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 through a
combination of converting piston engine vehicles and importing
existing EV's. The Company is currently involved in assessing a
number of All-Electric and alternate fuel vehicles including an
All-Electric Intra-City and Municipal Mass Transit Bus and School
Bus, for introduction to the US market. The Company maintains its
Corporate Office in Newport Beach, California. 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.
About Liberty Electric Cars Limited: Liberty
Electric Cars Limited was incorporated on November 10, 2006 in
England and Wales. Liberty Electric Cars Limited currently designs,
develops, manufacturers and markets electric vehicle technologies
for use in its own converted vehicles and for sale to OEM's for
incorporation into their production. It provides a full aftermarket
program to electric vehicle users to ensure the longevity of their
vehicles and has partnership arrangements in other European
countries. The Liberty team, can count on over 200 man years of
experience in the Automotive industry and specifically 70 plus man
years in the EV sector covering some 2,500,000 miles
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 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
Info@firstmarketservices.com
US Toll Free: 877.843.4081
International: +702.987.6161
Direct: +214.556.6302
Fax: +214.276.1675 info@firstmarketservices.com
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