Green Automotive to provide vehicle distribution and other related services under an exclusive License for sales of all Niyato Electric Vehicles in Western United States
Green Automotive Company GACR 0.00% and Niyato Industries jointly announced today that they have signed a Letter of Intent in an effort to accelerate the plans of both companies to bring domestically manufactured all-electric vehicles to the US market this year.
The terms of the Letter of Intent are focused on granting Green Automotive the exclusive license to distribute Niyato's vehicles initially in the Western United States including the States of Washington, Oregon, California, Nevada and Arizona in exchange for an undisclosed amount of Green Automotive common stock. Another aspect of the LOI involves the companies negotiating terms related to the operation of a Niyato vehicle manufacturing center that may be located in California.
Niyato Industries has the license to convert domestically produced Ford Fusion and Ford Escape models into 100% all-electric vehicles and to market them under the Niyato brand. Recently, President Obama issued a directive to find ways to cut petroleum-based fuel usage. As a result, the General Services Administration (GSA) is now looking to convert the federal fleet of nearly 600,000 gas-powered vehicles to all-electric or alternative fuels by 2015.
Niyato's plan calls for manufacturing vehicles beginning in July of this year. Green Automotive is headquartered in California, which is a strategic location for both manufacturing and distributing Niyato all-electric vehicles to the Western United States. read more>>>