SANTA MONICA, Calif., July 25, 2012 (GLOBE NEWSWIRE) -- http://www.ecologictranspo.com/">Ecologic Transportation, Inc. ("Ecologic Transportation" or the "Company") (OTCBB:EGCT) announces today that it has settled all disputes with its former CEO William Plamondon and his business advisory company R.I. Heller & Co., LLC.
The Company's Chairman & Founder Edward W. Withrow III stated, "We are pleased that we could reach a mutually amicable agreement and closure on this chapter of our Company's history." Mr. Withrow added that he and the Company's Board and management are "mindful and appreciative of the role Bill Plamondon played in the development of Ecologic. Bill's influence on the Company's business plan and direction is significant, and viewed by the company as an important contribution to the company's future success."
The Board and management look forward to benefiting from the legacy of Bill's broad understanding of the car rental and automotive industry as it moves to the next stage in its development.
ABOUT ECOLOGIC TRANSPORTATION, INC.
Headquartered in Santa Monica, CA, Ecologic Transportation, Inc., is a holding company with wholly owned subsidiaries all dedicated to environmentally friendly transportation products and services. The Company encompasses two separate but integrated operations that address the environment and transportation holistically: Ecologic Car Rentals and Ecologic Products. This innovative company has an unbiased approach to green cars and clean fuels by providing a business platform for all emerging environmental transportation technologies. For more information: you can visit http://www.ecologictransportation.com/">www.ecologictransportation.com.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.