N@N

Fred Luke Assumes Duties as President and Director of Green Automotive

^{Published on 2011-01-11 12:06:02 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--Green Automotive Company Corporation (Pink Sheets: GACR) announced today the appointment of Fred G. Luke as its new President and a Director, replacing Stephen Aust as President and Director, who resigned last week.

"This change was not due to any disagreement between the resigning Directors and the Company"

Earlier the Company accepted the resignations of Dan Elliott, Ben Rainwater and Thad Balkman as Directors. aThis change was not due to any disagreement between the resigning Directors and the Company,a said Frederick Steven Wells, the Companya™s founder and remaining Director. aThis management change is the result of the inability of the former Board members to meet the short-term objectives mandated by the group of the Companya™s shareholders who, last November, effected the expansion of the Board and election of these additional Directors.a

Wells added, aI want to clarify things and assure our investors and shareholders that the Company is continuing to move forward with our present corporate development plans and product launch.

aOver the past six months I have been working with Fred Luke, President of Global Market Advisors Inc., in an effort to restructure the Company, attract capable management, create a more effective organizational structure, improve the Companya™s Balance Sheet and attract sources of investment capital necessary to bring our All-Electric Vehicles to the US market,a said Mr. Wells.

Wells added, aOur plan involves several steps. While Mr. Luke has been successful in guiding the Company through the financial and regulatory reporting process, and in eliminating most if not all of the Companya™s debt prior to the end of 2010, other elements of our development plan remained unfinished. Following the recent return of the Green Auto Directors from China, Mr. Luke, and the Companya™s Investment Banking team mutually agreed that the Company was ready to make the transition from development-stage to pre-operational and, to enable us to attract the necessary long-term capital and execute our long-term objectives, changes needed to be made.

aFred Luke has over 40 years of experience in the domestic and international finance, mergers and the management of private and publicly held companies,a said Mr. Wells. aFred has been instrumental in the development of companies in various business segments, including assisting Green Automotive with importing Electric Vehicles, to gaming and hotel operations in Macau and North Africa, real estate development in Mainland China, and international corporate finance in Europe. He has served as a Director, Chairman, Chief Accounting Officer, President and CEO of over 100 public and privately-held companies, and has represented private and public businesses and owners from entity formation and business structuring in Asia, Europe, the United States, Canada, and North Africa in a variety of transactions, with extensive experience in multi-national corporate mergers, acquisitions, corporate finance and restructuring. He brings to the Company the strength of International business and corporate governance needed at this time.a

About Green Automotive Company Corporation:

Green Automotive Company Corporation (Pink Sheets:GACR) is an import/distributor of Electric Cars/SUVs to North America. The Company is the exclusive importer/distributor of the Zotye all Electric SUV scheduled to launch in the USA in 2011. For more information go to: [ www.usaelectricauto.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 Inc., 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.