Business & Finance
Business and Finance
Business and Finance
Mon, June 13, 2011
Fri, June 10, 2011
Thu, June 9, 2011 Green Automotive Company Developing Carbon Credit Program
NEWPORT BEACH, Calif.--([ BUSINESS WIRE ])--Green Automotive Company Corporation (OTC:GACR) announced today that it is developing a carbon credit financing program which could result in an infusion of $60,000,000 or more into the Company this year.
"As I outlined in our announcement last month"
aAs I outlined in our announcement last montha, said Mr. Fred Luke, aunder newly enacted CO2 emissions regulations, companies whose products emit CO2 have a limit on the amount of greenhouse gas that their products can emit. The company, or aemittera, must have an aemissions permita for a certain amount of CO2 it releases into the atmosphere. These permits set an enforceable limit, or acapa, on the amount of greenhouse gas pollution that the emitter is allowed to emit. To reward those emitters who are below the regional maximum emission standards, or in our case, a anon-emittera™ whose products do not produce any CO2 , receive acreditsa™. Known as aCarbon Creditsa™, these credits are designed to incentivize industry to migrate in the direction of less carbon intensive processes and lower or eliminate an emitters carbon footprint.a
aAt this point our research and predicated upon third-party calculationsa, said Mr. Luke, athe Company should qualify for a significant amount of Carbon Credits based upon its projected sales of electric vehicles, as each electric vehicle that Green Automotive puts on the road reduces the emission of CO2 by an amount equal to the CO2 emissions of a vehicle of similar size powered by a conventional internal combustion engine.a
Mr. Luke continued, aI should mention that a Carbon Credit has become a tradable commodity representing a credit against the emission of one ton of carbon, CO2 or CO2 equivalent, around which a market is developing. aAs I pointed out last montha, said Mr. Luke, a large-scale emitters of CO2 who are unable to meet their regional maximum emission standards in the time allotted, see purchasing Carbon Credit as cost-effective alternative to the penalties and fines potentially imposed for not being in CO2 emission compliance within the prescribed timeframe. An example of how the process is working is the recent sale by Tesla to Honda of over $13 Million of Carbon Credits Tesla received related to its electric vehicles. We are now planning on using the revenue generated by a successful carbon credit program, as in the example of Tesla, to lower the price of our vehicles to the consumer, and as a source of additional working capital for the Company. Ita™s a unique opportunity and one that Green Automotive will continue to aggressively pursue.a
As announced last month, Green Giant Venture Fund was retained by Green Automotive to assist in the development of the Companya™s carbon credit initiative, and the Company says that Green Giant Venture Fund is already in discussions with potential buyers to pre-purchase the Carbon Credits for which the Company anticipates qualifying, and anticipates signing Letters of Intent within the next 60 days.
About Green Automotive Company: Green Automotive Company Corporation is a U.S. public company involved in the import and distribution of Eco-friendly vehicles. The Company is presently planning to bring to the United States market late this year an All-Electric SUV and MPV. The Company maintains its Corporate Office in Newport Beach, California and its Dealership Services Office in Lewisville, Texas, and its shares are traded on the OTC Market Tier--OTC Pink Current under the symbol "GACR". For more information visit [ www.usaelectricauto.com ] or write to [ info@usaelectricauto.com ].
About Green Giant Venture Fund. Green Giant Venture Fund is an international carbon credit project developer with offices in Rio De Janeiro, Brazil and La Jolla, California. Green Giant Venture Fund structures finances, develops, and operates carbon credit projects throughout the world.
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.
