NEWPORT BEACH, Calif.--(GACR) announced today that it has entered into detailed discussions with Liberty Electric Cars Limited (www.liberty-ecars.com), a UK-based developer of Electric Drive Trains, unique Battery Management Systems and provider of full support programs for all types of Electric vehicles. These discussions will lead to Liberty technology being used to convert conventional internal combustion engine driven vehicles into zero emission electric vehicles. Liberty, formed in 2006, was the first company in the world to successfully convert the Range Rover into a high speed pure electric 4x4 capable of 200 miles on a single charge and driven by 4 individual motors. The Liberty Electric Range Rover was hailed as the world’s best luxury EV in 2010 and provided the most telling example of the company’s capabilities. Liberty’s expertise will serve as Green Automotive’s foundation for its expansion into the European Electric Vehicle market as well as provide the technology for the conversion activities planned for the North American market.)--Green Automotive Company (OTC:
“As I disclosed in several of our past public announcements, and in greater detail in our First Quarter March 31, 2012 Information and Disclosure Statement filed with OTCMarkets.com”
“As I disclosed in several of our past public announcements, and in greater detail in our First Quarter March 31, 2012 Information and Disclosure Statement filed with OTCMarkets.com”, said Fred Luke, President of Green Automotive Company, “we have elected to not make the Company’s primary business that of importing, performing the homologation, and then competing against a host of others now entering the market of retailing Electric Passenger Vehicles. Putting the last 2 years of import and homologation knowledge in the proper prospective, it is clear to us that our fastest and least expensive path to revenues from the Electric Vehicle (EV) will be to focus on the conversion of conventional internal combustion engine-driven vehicles of all types, particularly Mass-Transit and passenger vehicles which have already passed the US Federal Motor Vehicle Safety Standard (FMVSS) tests, to make them into zero emission vehicles”.
According to Mr. Luke, this move comes following disappointing test results during the homologation program and failing negotiations with Zotye for as to the Zotye Sport Utility Vehicle (SUV). “It was determined by management and our independent engineers, at Roush Industries“, said Mr. Luke, “that the Zotye SUV would struggle to pass the stringent crash tests required by the DOT, FMVSS and NIHSTA, without substantial expenditure and time. At which time the Company began seeking alternatives to replace the Zotye vehicles with automobiles that the Company could bring to market in a more expeditious and efficient manner.”
On January 17, 2012 the Company announced that it signed a Letter of Intent pursuant to which it would join forces with Niyato Industries in an effort to accelerate the plans of both companies to bring domestically manufactured Electric Passenger Vehicles to the US market this year. However, Ford’s announcement that it would be rolling out its own line of EV’s, beginning with the Focus and Fusion http://inhabitat.com/ford-announces-2012-ford-focus-electric-will-get-extra-2500-in-tax-credits-in-california/ made it very difficult for us to justify going any further with the Green Automotive-Niyato joint venture. In the process of due diligence on Niyato, the Company’s management determined that it was not in its best interest to continue with Niyato as Niyato did not appear to have the immediate manufacturing facility for the proposed conversion of the vehicles it represented to have under contract to “convert” to EV’s, nor did it have a prototype upon which to develop reasonable manufacturing costs, and it appeared to be under-capitalized to finance its plans, requiring the Green Automotive to provide the necessary capital.
Taking into consideration the costly and time consuming (24 to 36 months) efforts to move the Zotye Vehicles through the stringent import tests required by the DOT and NIHSTA, and the capital position of Niyato, negotiations with Niyato were put on hold and alternate solutions were sought.
The first of the Company’s new partnership targets was Liberty Electric Cars Limited, a UK-based “conversion and EV support” company which currently designs, develops, manufactures and markets electric vehicle drive trains for use in its own converted vehicles and for sale to OEM’s for incorporation into their production. Their focus is on larger platforms from 4x4 through to commercial vehicles, where they operate in a niche market with few competitors. Liberty Electric Cars Limited also supplies after sales support, training, and upgrades for electric vehicle users throughout Europe and Middle East.
Liberty, through its E-Tech division, is involved in a number of advanced research programs for developing next generation EV solutions, many in partnership with Tier 1 automotive manufacturers. The E-Tech engineering team can count over 2,500,000 miles of EV expertise, and were the first people to design and build a ground up electric truck. In addition, they own the UK’s largest EV retail company, which has sold over 1400 electric vehicles and they supply, through their E-Care division, a comprehensive after-market EV support program throughout Europe for electric trucks and cars.
Their clients include such high profile names as UPS, Fed-ex, Navistar, Veolia, Tesco and many more.
In November 2010 Liberty entered and successfully completed the Royal Automobile Club's first annual "Future Car Challenge" where 2 Liberty Pure Electric Range Rovers drove from Brighton to London, with 5 people in each car including a film crew in one, ending with an exciting public display on Regent Street in the centre of London. In addition to Liberty’s expertise in engineering solutions for electric vehicles, and providing the most comprehensive after market program for electric cars and trucks, Liberty also offers a range of exciting electric transport solutions.
About Green Automotive Company: Green Automotive Company is a US public company involved in the Conversion, 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 through a combination of converting piston engine vehicles and importing existing EV’s. The Company is currently involved in assessing a number of All-Electric and alternate fuel vehicles including an All-Electric Intra-City and Municipal Mass Transit Bus and School Bus, for introduction to the US market. The Company maintains its Corporate Office in Newport Beach, California. 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 firstname.lastname@example.org.
About Liberty Electric Cars Limited: Liberty Electric Cars Limited was incorporated on November 10, 2006 in England and Wales. Liberty Electric Cars Limited currently designs, develops, manufacturers and markets electric vehicle drive trains for use in its own converted vehicles and for sale to OEM’s for incorporation into their production. It provides a full aftermarket program to electric vehicle users to ensure the longevity of their vehicles, and it retails a range of electric product both manufactured in-house and bought in. It also has a range of niche vehicles in the 4x4 sector which provide overland expedition solutions and which it is developing into hybrid products. Liberty operates from 4 sites in the UK (London, Peterborough, Coventry and Newton Abbot), and has partnership arrangements in other European countries.
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 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.