Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Green Automotive to Join Forces with Niyato Industries

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

January 17, 2012 10:43 AM Eastern Time

NEWPORT BEACH, Calif.–(EON: Enhanced Online News)–Green Automotive Company (OTC: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.

“I see this venture generating tremendous value for both companies”
.
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.

Niyato Industries has the license to convert domestically produced Ford Fusion and Ford Escape models into 100% all-electric vehicles and to market them under the Niyato brand. Recently, President Obama issued a directive to find ways to cut petroleum-based fuel usage. As a result, the General Services Administration (GSA) is now looking to convert the federal fleet of nearly 600,000 gas-powered vehicles to all-electric or alternative fuels by 2015.

Niyato’s plan calls for manufacturing vehicles beginning in July of this year. Green Automotive is headquartered in California, which is a strategic location for both manufacturing and distributing Niyato all-electric vehicles to the Western United States.

“Niyato is uniquely qualified to help meet this challenge by using their electric vehicle technology and special manufacturing license from the US Department of Transportation (US DOT). The company will not outsource jobs. Niyato respects Ford Motor Company’s legacy, and will do everything it can to help to keep America’s work force employed. Niyato is building this company to look out for the little guy,” says Kathi Hanley, COO of Niyato Industries.

The Niyato marketing plan calls for their all-electric vehicles to be both retailed to consumers and to be sold to the US government to help fulfill its quota of fleet conversions to all-electric/alternative fuels by 2015.

“I see this venture generating tremendous value for both companies,” stated Fred Luke, President of Green Automotive, “along with a significant number of jobs for American workers with a specific focus on hiring Veterans. It is important to understand that Niyato is using Ford platforms that have already complied with all of the DOT Federal Motor Vehicle Safety Standards (FMVSS). This means that the Ford models converted by Niyato to all-electric drive are road ready, which places us in the market that much sooner with a very safe and reliable vehicle.”

About Green Automotive Company: Green Automotive Company is a US 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 involved in assessing a number of All-Electric and alternate fuel vehicles including an All-Electric Municipal Bus and School Busses, for introduction to the US market beginning in late 2012. 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 Niyato Industries: Niyato Industries is a NHTSA Licensed US DOT Automobile manufacturer. The company will convert gasoline vehicles to all electric cars under the Clean Air Act SEC. 247. VEHICLE CONVERSIONS. The company will not outsource jobs. Niyato respects Ford Motor Company’s legacy, and will do everything it can to help to keep America’s work force employed. For more information visit www.niyato.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 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.

Contacts

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

Recent Stories from Green Automotive Company
Source businesswire.com

Share

Leave a Reply