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Green Automotive Company Relocates Corporate Headquarters to Newport Beach, California and Relocates Dallas Office to Lewisvill

^{Published on 2011-06-07 16:55:28 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--Green Automotive Company Corporation (OTC:GACR) completes the relocation of its corporate office from Dallas, Texas to Newport Beach, California, and initiates plans for other facilities.

"and our new Southwest Regional Office has been moved to 720 Valley Ridge, Suite 5, Lewisville, Texas 75057."

Following the Companya™s announcement in February that the Company intended to relocate its Headquarters to Southern California and take other action to move its regional office in Dallas, Texas, establish a distribution center near its new Corporate Headquarters, and open representative offices in Shanghai and the Middle East, today Fred Luke, President of Green Automotive, announced that aalmost all of our planned re-structuring is now done or about to be competed in within the next 30 days.a

aOur new Corporate Headquarters has been relocated to 23 Corporate Plaza, Suite 150, Newport Beach, California 92660,a said Mr. Luke, aand our new Southwest Regional Office has been moved to 720 Valley Ridge, Suite 5, Lewisville, Texas 75057.

aHowever,a said Mr. Luke, awhile our proposal to acquire the operations of StarPoint USA Inc. remains open we are holding off on picking the exact location of our proposed Distribution Center, but it will likely be in the Long Beach or southern Los Angeles area. We are currently working closely with StarPoint and utilizing, as necessary, its existing warehouse and offices, located in the south Los Angeles area, a short distance from the Port of Long Beach.

aI am hopeful that the StarPoint Board approves our proposal,a said Mr. Luke, aas it would serve to speed-up the Companya™s development of its national vehicle distribution operations by preventing us from having to build from scratch a vehicle distribution, warranty administration, parts tracking and retail dealership information system, as StarPoint already has a system in use with its existing 300 plus retail dealership network: an operational structure which has operated for many years in the U.S. market importing, distributing and supporting over 185,000 vehicles manufactured in Asia.a

According to Mr. Luke, aLong Beach will likely be the port of entry for the Companya™s vehicles and parts coming in from China, making the Los Angeles area an ideal location for national distribution operations. It is also important to note that California represents the largest and most promising market for Electric Vehicles. So it becomes logistically convenient for our management team and most of our Directors to have our Corporate Headquarters in Orange County, with distribution facilities near the Port of Long Beach, as it creates a more efficient operational structure.a

The Company said that the relocation of its Dallas office to Lewisville, Texas gives it an opportunity to convert limited executive space to a larger facility that will serve as a Regional Operations Office, focused on retail dealership sales, parts and service for the Southwest Region. The Company said that is also in the process of locating office space in Shanghai, China for the Companya™s China-based personnel employed to liaise with manufacturing operations to ensure high vehicle production quality and to oversee the export of vehicles to the U.S., and is considering opening a representative office in Qatar to service Middle-Eastern interests.

About Green Automotive Company: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles in the U.S. The Company has an exclusive importer/distributor agreement to market the All-Electric SUV and MPV vehicles throughout the United States. The Company's shares are on the OTC Market Tier--OTC Pink Current under the symbol "GACR". Visit [ www.usaelectricauto.com ] or write to [ info@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 Corporation 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.