CHICAGO--(BUSINESS WIRE)--JNS Holdings Corporation (OTC Markets Group: JNSH) today announced that its subsidiary JNS Power & Control Systems, Inc. (“JNS Power”) has received notice from the City of Chicago that the City accepts the terms and conditions set forth in its April 17, 2013 Asset Purchase Agreement with 350Green, LLC (“350Green”). Under the terms of the Asset Purchase Agreement, 350Green, an owner and operator of electric vehicle (“EV”) charging stations throughout the country, must deliver to JNS Power its chargers and license agreements with property owners, all of which are located in the Chicagoland area. The Asset Purchase Agreement gives JNS the largest EV charging system in the third largest market in America.
“We are thrilled that the City of Chicago has accepted the terms of our Asset Purchase Agreement with 350Green so quickly. We appreciate their confidence in our firm and we look forward to working with the City and the property owners where the chargers are installed. We believe we can provide efficient EV charging station service to the whole Chicago metropolitan area,” said Brian Howe, Chief Executive Officer. “JNS expects to satisfy all of the conditions of the U.S. Department of Energy First Amended Grant with the City by the December 31, 2013 deadline,” Howe said.
With regard to the lawsuit recently filed by one of its competitors, Car Charging Group, Inc. (CCGI), in the United States District Court for the Northern District of Illinois, Mr. Howe stated, “A similar lawsuit was filed by CCGI in New York and subsequently dismissed. Like the New York lawsuit, the Illinois lawsuit is without merit. We intend to vigorously defend these baseless claims and are confident that the Illinois lawsuit also will be dismissed.”
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.