Green Automotive Company Closes Merger with Matter of Time I Co.
26th December, 2012
December 21, 2012 08:00 AM Eastern Time
NEWPORT BEACH, Calif.--Green Automotive Company (OTC:GACR) announced that it closed its merger with Matter of Time I Co. on December 14, 2012. Pursuant to the merger agreement between the parties, at the closing of the transaction, Matter of Time dissolved into and became a part of Green Automotive, with Green Automotive being the surviving corporation. Green Automotive also announced its election to assume Matter of Time’s status as a “reporting issuer” under the Securities Exchange Act of 1934, as amended. Information regarding the merger transaction and Green Automotive’s business can be found in the Green Automotive Current Report on Form 8-K filed with the Securities and Exchange Commission yesterday
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 subsidiaries servicing these 3 segments are Liberty Electric Cars Ltd. and Newport Coachworks, Inc. Liberty Electric Cars Ltd designs and develop EV technologies for use in its own converted vehicles and for sale to OEM’s 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 10,000 buses and limousines in his career.
Green Automotive Company is a fully reporting company and its shares are currently traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR".
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 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.