COSTA MESA, Calif., Sept. 16, 2013 (GLOBE NEWSWIRE) -- www.t3motion.com - T3 Motion, Inc. (OTC:TTTM), the leading provider of EV technology to consumer, law-enforcement and government markets, announced today that its accomplished CEO William Tsumpes, has agreed to extend his commitment to complete his goal of bringing T3 Motion to profitability.
"We are very pleased to be able to retain the leadership of Mr. Tsumpes as Chairman and CEO, of T3 Motion, Inc., in a new long term agreement, to complete our plans to bring T3 to profitability. In just his first two quarters in office, Mr. Tsumpes has demonstrated his ability to aggressively mold T3 Motion in to a company destined to succeed," said Mr. Steven Healy, Board Member and Chairman of the T3 Motion Compensation Committee.
"It is with great honor that I accept the opportunity and responsibility to complete our plans and look forward to releasing some exciting news on our progress in the coming days. I've never been more confident or excited about our future, as I've demonstrated with my recent purchases of more than 2.5 million shares of T3 common stock, and, with my new agreement, which is largely based upon performance and equity incentives," said Tsumpes.
Mr. Tsumpes commented, "It's been a truly remarkable experience for me to guide the transformation of our business from one which was losing more than a million and a half dollars per quarter to an operation with a high probability of attaining profitability in the months ahead. Our days of incurring the huge operating losses of the past are clearly behind us as we grow sales and head to higher ground. We've accomplished so much in such a short period of time, including the restructuring of our debt, that we've now cleared the way to focus on the important tasks of growing the top line and delivering bottom line results."
"As we enter the next phase of our plan we will continue to improve margins and reduce costs while developing new products which will enhance the technological superiority of our products. We have more than 8 years of experience in developing and refining our patented EV technology and are aggressively preparing the launch of our next generation vehicles which will expand us in to numerous new global markets as well as deploying new innovative programs to create long term recurring revenue," said Tsumpes.
T3 Motion is the recognized worldwide leader in electric standup vehicle technology. As the inventor of the 3 wheel electric standup vehicle, we have proven our superiority in every way over other two wheel solutions as evidenced by our competitors search for ways to ride on the success of our designs, further validating the markets desirability for our products.
About T3 Motion
T3 Motion, Inc. (OTC:TTTM) designs, markets and manufactures the T3 Patroller™ and Vision™ Series Electric Stand-up Vehicles. Headquartered in Orange County, California, T3 Motion is dedicated to raising the bar on law enforcement and security capabilities utilizing personal mobility technology. More than 4,500 T3 vehicles have been deployed in over 30 countries worldwide. For more information, visit www.t3motion.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding T3 Motion's business, which are not historical facts, are "forward-looking statements" that are not guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, among others, factors associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering. For additional information concerning these and other factors that may cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Registration Statement filed on Form S-1, as amended, and in the periodic reports the Company files from time to time with the Securities and Exchange Commission.