SOURCE: EVCARCO

EVCARCO

November 14, 2011 09:00 ET

EVCARCO Updates Shareholders and Investment Community

FORT WORTH, TX--(Marketwire - Nov 14, 2011) - EVCARCO Inc. (OTCBB: EVCA) (OTCQB: EVCA) announced today an update to shareholders regarding an upcoming amendment to the Articles of Incorporation and recent corporate developments.

Operations

As the Company continues to search for reliable car manufacturers that produce environmentally friendly vehicles, it continues to operate at its current location in Ft.Worth, Texas, and to generate revenues in the pre-owned market. Operations have generated gross revenues of $887,775 for 2009, $804,772 for 2010, $118,401 for the first quarter of 2011, and $230,695 for second quarter of 2011. The quarterly report for third quarter of 2011 is scheduled to be released next week.

Acquisitions Efforts

The Company over the previous several months has made offers to several dealership owners, to acquire their existing new car operations in the Dallas-Ft.Worth Metroplex, but was unsuccessful in reaching an agreement. EVCARCO will continue with its current operations and in reviewing other strategic acquisition opportunities.

Corporate Structure

After careful consideration, the Board of Directors of EVCARCO has decided that in the best interest of the Company and its shareholders, it is necessary to increase authorized capital in order to facilitate possible acquisitions, raise additional capital, and to refocus the Company for a new phase of growth and increase in shareholder value. On November 9, 2011, EVCA filed a Schedule 14C Information with the SEC, to notify the shareholders about the amendment to its Articles of Incorporation to increase the number of shares of Common Stock as well as Class B Convertible Preferred Stock. The amendment is set to be effective on November 30, 2011.

Mack Sanders, CEO of EVCARCO, stated, "In a tough automotive climate, EVCARCO continues to focus on growth and exploring opportunities. We believe that our motto, Future Driven®, has never been stronger and as a veteran of the automotive industry for more than 25 years, I can certainly tell you that the EVCARCO team will continue to adapt, expand, and adjust to all aspects of these changing times."

For more information on EVCARCO, Inc., please view: www.evcarco.com. Shareholder inquiries should be directed to (972) 571-1624.

EVCARCO Inc. is the first automotive retail group dedicated to deploying a coast-to-coast network of environmentally friendly franchised dealerships and vehicles. EVCARCO is bringing to market the most advanced clean technologies available in plug-in electric, alternative fuel, and pre-owned hybrid vehicles from multiple manufactures. EVCARCO - Future Driven ®

This Press Release contains certain forward-looking statements that involve substantial risks and uncertainties, including, but not limited to, the results of ongoing clinical studies, economic conditions, product and technology development, production efficiencies, product demand, competitive products, competitive environment, successful testing and government regulatory issues. Additional risks are identified in the company's filings made with the Securities and Exchange Commission.

Contact Information

  • Investor Relations Contact:
    Jack Eversull
    The Eversull Group, Inc.
    972-571-1624
    214-469-2361 fax
    Email Contact