SOLANA BEACH, Calif., Dec. 12, 2006 (PRIME NEWSWIRE) -- Armor Electric Inc. (OTCBB:ARME) announces the company has entered into a "Purchase Order Agreement" from a privately held company, Development Resources LLC, for Armor Electric to develop and deliver eleven electric powered NEV (Neighborhood Electric Vehicle) automobiles. These electric powered vehicles are to be used as demonstration rental vehicles for students on various college campuses.
Upon the successful capability and performance demonstration as rental vehicles at these college institutions, the Purchase Order Agreement provides for an additional order of up to one thousand (NEV) units to supply the first "college campus electric car rental program." This contract is expected to be in excess of $20,000,000 Million in gross receipts to Armor Electric Inc.
In addition to the income earned by Armor from the sale of these vehicles, a maintenance and operations agreement will be entered into between the parties to the Purchase Order, wherein Armor would potentially receive a residual income from a division of the net profits from the yearly campus car rental membership fees paid by the participating students and a division of the daily rental profits.
Under this new proposed program the University would also receive a division of college campus rental business profits thus giving the universities a much needed additional infusion of capital for these higher education operations.
About Armor Electric, Inc.
Armor Electric, Inc. is a leader in the design, manufacture, and distribution of electric battery power drive systems for land and water vehicles.
This information may include 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 statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed on the website might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.