Green Automotive Signs Agreement to Acquire Liberty Electric Cars
NEWPORT BEACH, Calif., June 29, 2012 (GLOBE NEWSWIRE) -- 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
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