Green Automotive Company Signs Binding Agreement to Acquire Blackhawk Manufacturing Inc. at the LCT Show in Las Vegas

RIVERSIDE, Calif.--()--Green Automotive Company (OTCQB: GACR), has signed a binding agreement to buy California and Mexico-based Blackhawk Manufacturing Inc. and its affiliated companies. Blackhawk is one of the foremost manufacturers of specialist composite materials with facilities in Bloomington CA and Tijuana Mexico and is generating sales of circa $5m per annum.

The privately owned company was founded in 1994 and operates from two production sites it owns: a 10 acre site in California (which GAC will have a binding option to purchase) and a 3 acre site in Mexico (which will be acquired when this agreement closes). The company focuses on the production of custom parts for clients throughout the USA and South America, using open mold (fibreglass) Thermoforming, injected urethane and resin infusion techniques.

It has pioneered the latest manufacturing techniques, and its use of resin infusion is a good example of this. By enclosing the mold with a rubber bag and creating a vacuum, the resin is then injected to create panels of a higher and more consistent standard, that are lighter, use 60% less resin, with virtually zero emissions when compared with more traditional techniques.

Commenting on the agreement, Ian Hobday, CEO of Green Automotive Company said: “Blackhawk has been supplying our Newport Coachworks business since we started, and we’ve been very impressed with their performance, delivery and customer support. The vertical integration of the Blackhawk business into Green Automotive secures our supply chain, offers new growth opportunities, brings skilled management to the team and provides us with room to expand as our business continues to grow. Several parts of the GAC business will benefit from the facilities that Blackhawk provides, and in addition we also anticipate good growth from their operations through the acquisition of new clients.”

Floyd Sanders, President of Blackhawk said: “This is an exciting step in the development of our business. We’re pleased to become a part of the GAC group of companies and look forward to working with them to enhance our growth opportunities. Since our facility in Bloomington is only a mile and half from GAC’s Riverside operation, we expect to have a very close working relationship with Carter Read and his team there.”

About Green Automotive Company visit www.thegreenautomotivecompany.com.

About Blackhawk Inc. visit www.blackhawkmanufacturing.net

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

Contacts

For Green Automotive Company
Public Relations:
Petra Beitl, +447791601666
Petra.beitl@liberty-ecars.com
or
Investor Relations:
Stuart Fine, 908-469-1788
stuart@carpedminc.com

Contacts

For Green Automotive Company
Public Relations:
Petra Beitl, +447791601666
Petra.beitl@liberty-ecars.com
or
Investor Relations:
Stuart Fine, 908-469-1788
stuart@carpedminc.com