DALLAS, April 14, 2010 (GLOBE NEWSWIRE) -- The Green Automotive Company Inc., (Pink Sheets:GACR) announced today that the company has signed a Letter of Intent (LOI) with Promotora Turistica Sin Limito, S.A. (a private corporation in Mexico) to be the exclusive distributor for the Country of Mexico of the 100% all-new all-electric Sport Utility Vehicle (SUV) manufactured in China.
The Agreement will call for the development of 25 new markets over a three year term, with each location responsible for a minimum of 30 SUV sales per month in order to maintain their distributorship. At a fully optimal level, this could lead to potentially 5,000+ SUVs sold for approximately $137,500,000 in gross sales.
Jesus Osuna, the Chief Operating Officer of Promotora Turistica Sin Limito, stated, "There is a huge need for Electric Vehicles in Mexico for consumer and commercial use. We intend to use our vast database of contacts in government and automobile sector to aggressively market the cars and make Mexico the number one market."
The following locations will be targeted for the Electric SUV: Mexico City, Mazatlán, Tijuana, Puebla, Guadalajara, Juárez, Monterrey, Mexicali Baja California, Mérida, Culiacán, Toluca, Chihuahua, Naucalpan, Querétaro, Aguascalientes, San Luis Potosí, Hermosillo, Morelia, Acapulco, Guadalupe, Saltillo, and Cancún. Mexico City is the second largest city in the world with a population of 18,131,000.
Marcelo Ebrard, Mexico City's would-be "green mayor," is convinced that modern electric taxis – properly done – can be successful in Mexico City, where the average cabby drives about 200 km per day and cold winter weather isn't as much of a challenge. Working in cooperation with the RUTAS UNIDAS association of bus and cab operators, his colleagues at Electro Autos Eficaces de Mexico (EAE) – led by Mr. Luis Pérez Quintana – and Azure Dynamics (AZD) – headed by their new CEO Scott Harrison – plunged into the development of a Nissan Sentra taxi conversion powered by an AZD 20kW AC Direct Drive and Kokam energy packs.
David W. Crane, President & CEO, NRG Energy, Inc., stated in a testimony before the U.S. Senate Committee on Environment & Public Works on October 28, 2009, "Electrification of our transport sector is, of course, not just a major step forward in our effort to decarbonize American society, it means much more in terms of the enhancement of national security and the preservation of national wealth."The Electrification Coalition is a nonpartisan, not-for-profit group of business leaders committed to promoting policies and actions that facilitate the deployment of electric vehicles on a mass scale in order to combat the economic, environmental, and national security dangers caused by our nation's dependence on petroleum. For more info, visit www.electrificationcoalition.org
The Zotye Electric SUV Vehicle has: A/C and Heat, Power windows/Power locks, DVD Audio System, Integrated electric system monitoring screen (Monitor battery status, vehicle speed, charging status), Regular On Board Charging and fast charging port, Automatic transmission (8:1 ratio), Five Door 4 seats Electric SUV (Lithium Ion Battery), Max Speed: up to 75 mph, with a range of up to 250 miles. The Vehicle comes with an 185,000 Mile Warranty. Info: (www.zotyeglobal.com).
About Green Automotive Company Inc:
Green Automotive Company is an import/distributor of Electric Cars/SUVs to North America. For more information visit: www.usaelectricauto.com
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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 Inc., 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.