RIVERSIDE, Calif.--(BUSINESS WIRE)--Green Automotive Company (OTCQB: GACR), a state-of-the-art niche vehicle design, engineering, manufacturing, and sales company, driving innovation in the use of cutting edge zero and low emission technologies, today announced that it has retained the services of Securities Compliance Group Ltd in Chicago, Illinois to create a 144A bond for GACR that will be sold to QIBs (qualified institutional buyers). The bond will be sold by several broker dealers globally and will be used in the implementation of Green Automotive’s future growth and acquisitions.
The GACR bond will carry a 7.5% annual coupon rate with a 10 year maturity. Rule 144A Securities Act of 1933 provides a safe harbor from the registration requirements of the Securities Act of 1933 for certain private transactions of minimum $500,000 units of restricted securities to QIBs (qualified institutional buyers), which generally are large institutional investors that own at least $100 million in investable assets.
Securities Compliance Group is a leading provider of legal services, compliance and capital markets consulting to micro, small to mid-sized private and public entities. Comprised of skilled, experienced attorneys, capital markets consultants and investor relations professionals, CSG ltd., has been instrumental in successful capital raises in various industries.
Adam S. Tracy, Securities Compliance Group's managing attorney stated. "We are excited to have an opportunity to collaborate with a promising company like Green Automotive. The electric vehicle industry is growing at a rapid pace and we believe the company is at forefront of that growth. He added, "Our firm having represented a multitude of small and micro cap issuers in financing transactions, I believe that the contemplated bond offering is an attractive financing alternative for this growing company."
"We’re delighted to be working with Securities Compliance Group, who have demonstrated their professionalism and experience in this area of investment activity. This form of financing is particularly attractive for us as it moves away from a strictly stock based investment vehicle, to a debt based instrument. With this offering we can benefit from current low-cost financing opportunities in the convertible market and to secure attractive long-term financing that our Company needs. The funds raised will be used to expand our existing business including the development of next generation EV technology, and to roll out our GoinGreen and E-Care programs. It will also support our acquisition strategy which will see us consolidate in the emerging electric vehicle sector," stated Ian Hobday, CEO of Green Automotive Company.
About Green Automotive Company visit www.thegreenautomotivecompany.com.
Forward Looking Statements - This release includes forward-looking statements. For a copy of the Company’s full statements regarding forward-looking statements please click here Safe Harbor Statement » Green Automotive Company