Green Automotive Submits Offer to Purchase Assets of StarPoint USA Inc.

DALLAS--(BUSINESS WIRE)--Green Automotive Company Corporation (OTC:GACR) (www.usaelectricauto.com) announced today that it has submitted an offer to purchase the assets of StarPoint USA Inc., the successor company to Daewoo Motor America, Inc., and former importer of nearly 200,000 passenger vehicles into the US from South Korea.

“With over 300 retail automotive dealerships covering a large number of the major metropolitan markets”

In announcing the offer submitted to the management of Starpoint, Fred Luke, President of Green Automotive, said, “Our interest in StarPoint USA has not been a secret. We have been working with the company for over six months now in the testing and qualification of the All-Electric Sport Utility Vehicle in preparation for introduction to the U.S. market during the fourth quarter of this year. “Our relationship with Starpoint and its personnel,” said Mr. Luke,” has convinced us that a business combination between the two companies would result in significantly increasing the value to the shareholders of both companies.”

According to Mr. Luke, “Green Automotive personnel discussed a business combination with Starpoint management earlier in their relationship, but elected to get to ‘get to know the company’ better through a contractual relationship before taking the next step. Now, after getting to know the company’s personnel and capabilities better I’m convinced that a ‘marriage’ between the two companies will improve significantly Green Automotive’s strategic capabilities in the areas of vehicle import, homologation, distribution, and dealership development.”

“With over 300 retail automotive dealerships covering a large number of the major metropolitan markets”, said Mr. Luke, “StarPoint also has a Vehicle Distribution System, consisting of proprietary hardware and software, originally developed at a cost of over $100 million, used to manage and track all transactions relative to the importation and distribution of vehicles including post-sales parts, service, warranty and customer relations management. The addition of Starpoint to the Green Automotive organization has the potential to timely leverage StarPoint’s existing dealership infrastructure and nationwide dealership network to enable us to enter the market on time, or perhaps sooner than originally expected, with a very potent pre-existing dealer presence.”

Mr. Luke went on to say, “This proposed ‘marriage’ is still in its infancy, and I suspect that it may take a week or so for the Starpoint management to evaluate the value of the proposal, but I feel like the combination of our respective businesses as we’ve proposed will create a significantly stronger and more valuable company”

About Green Automotive Company Corporation: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles in the U.S. The Company has an exclusive importer/distributor agreement to market the All-Electric SUV and MPV All-Electric vehicles throughout the United States. The Company's shares are on the OTC Market Tier--OTC Pink Current under the symbol "GACR". Visit www.usaelectricauto.com or write to [e-mail].

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