SOURCE: Phoenix Motorcars

November 19, 2007 12:23 ET

Phoenix Motorcars Signs Letter of Intent to Produce Cars in Mexico

ONTARIO, CA--(Marketwire - November 19, 2007) - Phoenix Motorcars, a California-based electric vehicle company, announced today that they have signed a Letter of Intent (LOI) to enter into a joint venture with Pristine International SAdeSV to build all-electric vehicles for shipment within Mexico, other regions in Latin America and to the Indian sub-continent.

The plant will be constructed in Puebla, Mexico on 18 acres of land provided through the efforts of Puebla's governor, Mario Marin Torres. Volkswagen of Mexico will also be a participant in the venture. Terms of the joint venture were not disclosed pending finalization of the agreement.

Phoenix Motorcars has taken orders for over 500 fleet-ready vehicles for 2008 delivery and continues to target United States premier fleet operators with an all-electric mid-size Sport Utility Truck and SUV.

Phoenix's advanced battery-electric, zero-emission Sports Utility Truck can travel at freeway-speeds while carrying five passengers and a full payload. The vehicle exceeds all specifications for a Type III ZEV. Having a driving range of over 100 miles, it is equipped with a non-toxic, revolutionary Altairnano NanoSafe™ (NASDAQ: ALTI) lithium-titinate battery, which can be recharged in less than 10 minutes and has a battery pack with a life of greater than 250,000 miles.

ABOUT PHOENIX MOTORCARS, INC.

Phoenix Motorcars Inc., a privately held company headquartered in Ontario, Calif., has been an industry leader in the development of battery-electric, freeway-speed vehicles since 2001. The mission of Phoenix Motorcars is to manufacture zero-emission vehicles including Sport Utility Trucks and Sport Utility Vehicles to reduce the toxic emissions from the largest contributor to air pollution, personal automobiles. For more information, visit www.PhoenixMotorcars.com

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