Green Automotive Company Announces Binding Agreement to Acquire Going Green Limited, the Biggest Retailer of Electric Vehicles in Europe
NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Green Automotive Company (OTC:GACR), having recently acquired Liberty Electric Cars Ltd in Europe, announced today that it has signed a binding agreement to buy UK-based electric vehicle distributor Going Green Limited (www.goingreen.co.uk). Going Green Limited, doing business under the brand name "GoinGreen," has sold over 1400 of the highly successful G-Wiz electric vehicles, making it Europe's largest single retailer of electric vehicles and generating annual revenues in excess of $1 Million.
GoinGreen was founded in 2002 and, from the beginning, adopted the mission to minimize the effects of climate change by encouraging carbon-neutral motoring. The company pioneered electric vehicles (EV) in the UK with the G-Wiz, an EV designed in California and manufactured in India by the Indo-Reva Electric Car company.
With over 1400 vehicles distributed in the UK alone, GoinGreen has sold the highest number of EVs from a single retail point in any European country. GoinGreen has accumulated over 60 million miles of electric vehicle user experience, and developed a world-class team with more than 100 years combined EV, automotive, mechanical and electrical engineering experience.
Faced with a car market dominated by global car companies, GoinGreen revolutionized the European automotive market thanks to its innovative approach to sales and marketing: the G-Wiz became a British Icon so much so that it was featured in the European Cultural TV channel ARTE "What Brits Love" during the 2012 Olympics.
After 10 years as the leader in EVs in the UK, GoinGreen is now looking to the future as the company continually strives to improve its business, introduce new products and service options and make EVs even more accessible.
GoinGreen celebrated its 10th year in business in 2012 by embarking on a program to become the first "1 stop shop" for sales of all forms of EV transport - from electric bikes and scooters to electric motor bikes; from electric city cars to electric vans and trucks, all complemented by GoinGreen's after-sales support and service.
Commenting on the agreement, Mr. Ian Hobday, Board Director of Green Automotive Company, said, "GoinGreen adds to our Liberty business in the UK, and positions us as the UK's primary EV retailer. GoinGreen also fits perfectly with Green Automotive's ambitions to develop its EV presence both in Europe and North America. As other regions and cities adopt measures to reduce urban pollution we anticipate Green Automotive moving quickly to establish GoinGreen franchises in many areas, including the US, introducing our high quality, unique range of EVs and e-bikes, and, most importantly, providing a full range of after-sales support."
About Green Automotive Company
Green Automotive Company is a state-of-the-art niche vehicle design, engineering, manufacturing, and sales company, driving innovation in the use of cutting edge zero and low emission technologies. We also provide a comprehensive after sales program maximizing the life time value of clean transport solutions. Green Automotive Company possesses a unique portfolio of synergistic and innovative businesses that are active in 3 main market segments: Advanced vehicle technology development, engineering & design with a focus on zero and low emission solutions; Manufacturing and customization of vehicles for niche markets with the potential to be converted into low emission or electric vehicles and After sales support programs for electric or low emission vehicles including parts, servicing and repair. Our 2 main divisions servicing these 3 segments are Liberty Electric Cars Ltd and Newport Coachworks Inc. Liberty Electric Cars Ltd designs and develops EV technologies for use in its own converted vehicles and for sale to OEMs for incorporation into their production. In addition, it provides a full aftermarket program for electric vehicle users to ensure the longevity of their vehicles. The Liberty team can count on over 200 man years of experience in the automotive industry and specifically 95 plus man years in the EV sector covering some 12,000,000 miles. Newport Coachworks Inc. specializes in building high quality shuttle buses, running on a variety of energy sources from petrol and diesel though to CNG. The company is run by Carter Read, an industry leader in the bus and limo manufacturing business in North America where he has been responsible for building over 10000 buses and limousines in his career.
Green Automotive Company shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR". For further info, visit www.thegreenautomotivecompany.com.
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 incorporates by reference its disclosure and financial statements posted on www.otcmarkets.com, and 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.
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