SOLANA BEACH, Calif., March 29, 2007 (PRIME NEWSWIRE) -- Armor Electric Inc. (OTCBB:ARME) is pleased to announce that the company has successfully restructured the terms and conditions of the previously announced agreement with their Electric Propulsion Systems (EPS) partner for the continuing development and manufacturing of several distinct electric powered vehicles. Crucially, the agreement provides Armor with unencumbered rights for the national and international sales of these commercially ready vehicle lines. The agreement also establishes a shared strategic vision for the cooperative development, sales and manufacturing of future innovative electric powered vehicles.
Included in the agreement is the electric powered pedi-cab, which Armor and its EPS partner have developed into a commercially viable vehicle over the past year. Armor and its strategic partner will jointly own the previously announced contract concerning pedi-cab sales to the BIMO GROUP of Mexico City. Armor intends to update shareholders soon about the progress made in Mexico City and other areas of Mexico.
Merrill Moses, President of Armor Electric Inc., said, "I have conducted business with this dynamic organization for a number of years and have always been impressed with their innovative approach to EPS applications. Armor is committed to continuing our partnership in the development, production and sales of electric powered vehicles with this organization and I believe that the products we jointly will bring to market will meet the demands of the rapidly changing need for alternative transportation."
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.
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