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United EcoEnergy Corp.: United EcoEnergy Corp (UEEC) Announces Share Exchange Agreement With Shelby Supercars

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^{Published in Business and Finance on Tuesday, June 2nd 2009 at 6:09 GMT, Last Modified on 2009-06-02 06:10:23 by Market Wire}  

NEW YORK, NY--(Marketwire - June 2, 2009) - United EcoEnergy Corp (OTCBB: [ UEEC ]) today announced the signing of the definitive agreement to exchange its common shares for a 5% stake in SSC, Inc (SSC), an all-American auto manufacturer based in West Richland, WA. SSC's design and production of the Ultimate Aero returned the title of "World's Fastest Production Car" (Guinness World Records™ certified) to the United States after a 40 year absence, a title that remains unbroken.

On January 22, 2009, SSC, Inc released details of its revolutionary AESP -- All-Electric Scalable Powertrain. The AESP's scalable design produces performance from 100hp-1000hp and will be implemented into mass manufactured production line vehicles. SSC's mission to deliver electric drive systems with higher output performance, smaller form factors, & considerably lower costs has received global attention from vehicle manufacturers and U.S. legislators alike. SSC is incorporating the AESP into a current Ultimate Aero to create the Ultimate Aero EV, widely anticipated to be the "World's Fastest All-Electric Production Car." Jerod Shelby, founder of Shelby Super Cars, stated, "A unique approach is necessary to innovating groundbreaking technology in the supercar market. As the manufacturer of the world's benchmark supercar it was logical to broaden our scope to developing Green technologies. The problem solving synergies between the Green and supercar markets are strikingly identical. Philippe Harari, CEO of Sheffield International Finance Corporation, our investment banking group, was instrumental in our relationship with United EcoEnergy who will contribute to the growth of our capacity to deliver powertrains to the auto industry."

Kelly Hickel, Chairman of UEEC, said, "This is an exciting opportunity for us. SSC, Inc. has developed ground breaking green technology and new market entry that sets the world standard for years to come. Their vision and their strategy is exactly where we think the market is headed and we look forward to helping them accomplish their plan."

UEEC will issue $1 million in value of its common stock to SSC in exchange for stock in SSC, Inc, equal to 5% of SSC's total post-transaction outstanding equity. UEEC also has retained the right to acquire an additional 25% of SSC's outstanding equity in exchange for investing $5,000,000, and to receive up to an additional 5% of SSC's outstanding equity when the $5 million investment is completed.

UEEC also announced that it will launch two of its portfolio investment companies in New York City simultaneously on June 3 - 4, featuring the actual Ultimate Aero used in top speed testing and Epic Wound Care which manufactures an innovative gauze to serve the wound care market. The gauze, with both commercial and military applications, is a natural product for use in any wound site where bleeding is still present. For more information on these products please visit [ www.abcgauze.com ] and [ www.shelbysupercars.com ].

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking information 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, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.