FT. WORTH, TX--(Marketwired - Dec 18, 2013) - EvCarCo, Inc. (PINKSHEETS: EVCA) announced today that the Company is continuing due diligence into various previous transactions and has discovered some potentially damaging issues. These issues could be serious, including possible securities law violations. The transactions in question involve convertible debt issuances, consulting agreements, breaches of fiduciary duties and self-dealing, and serious dilution matters beginning as early as 2009.
As with any due diligence phase, the primary concern is protecting our shareholders. Current management was not aware of these affairs when they agreed to accept management of EvCarCo, but has since engaged both securities counsel and litigation counsel to review all matters as it relates to these issues.
Walter Speck, Chairman of EVCA, stated, "We intend to pursue these matters to protect the rights of our shareholders, and in doing so, could incur the responsibility of litigation and possibly referral to appropriate regulators against the parties involved."
EvCarCo, Inc. is a Future Driven® Automotive Retail Group focused on deploying a coast-to-coast network of eco-friendly dealerships and vehicles. The Company sells or leases new & pre-owned all electric, alternative fuel and hybrid vehicles from most auto makers. For additional information regarding EvCarCo visit: www.evcarco.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. Additional information respecting the factors that could materially affect the Company and its operations are contained in its annual report on Form 10K and Form 10-Q as filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statement.