SOURCE: Green Automotive Company

October 13, 2010 09:00 ET

Green Auto Announces Special Shareholders Meeting

DALLAS, TX--(Marketwire - October 13, 2010) -  Green Automotive Company, Inc. (PINKSHEETS: GACR) announced today that the Company will have a Special Shareholders Meeting on Monday, November 1st, 2010 at the Addison Conference Center, Addison, TX for shareholders of record as of September 30th, 2010.

The Company will have several items listed in the Proxy for shareholder approval; one of these being the election of the Board of Directors. The proposed slate includes Steven Fly, Steve Wells, Daniel J. Elliott, Ben Rainwater, and Thad H. Balkman.

Steven E. Fly -- Mr. Fly is the CEO of Green Auto. In the automobile business for over 25 years, Fly started selling cars and worked his way up to General Sales Manager for one of the top five Chevrolet dealerships in the country producing an unprecedented net profit of $8 million per year. Steve Fly took a position in Big D Kia in 2003 and as managing partner brought the dealership to profitability selling to a conglomerate in 2006. Mr. Fly joined Fiesta Toyota in 2007 as General Manager and immediately led them to profitability after 5 straight years of losing money. The dealership also went from #20 in its group of 20 Toyota dealers to the #1 position within one year while posting a net profit of $1.5 million for that year.

Frederick S. Wells -- Mr. Wells is President of Green Auto. For more than 25 years, Fred Wells has been in the car business starting as a salesman and working his way into management. Wells' extensive management experience began at Reliable Chevrolet, leading the dealership to the top 10 in the nation in truck sales. Mr. Wells worked as a consultant for B and J Consulting contracted by Ford Motor Co. to develop minority dealer stores. Fred Wells was managing partner for three very successful pre-owned buy-here pay-here dealerships. He attended the University of North Texas on a football scholarship.

Daniel J. Elliott -- Mr. Elliott was previously CEO of Phoenix Motorcars, Inc., one of the early entrants in the Electric Vehicle segment of the U.S. automotive industry. While with Phoenix Motorcars, Dan Elliott generated private equity investments in excess of $35 million, created a management team of nationally recognized automotive professionals developing ten fully functional prototype vehicles. When Elliott left Phoenix Motorcars in 2009, the company had a $40 million backlog of vehicle orders from public and private fleet operators including NASA, PG&E, the U.S. Department of Corrections, the State of CA, Maui Electric Corporation, the U.S. Military/TARDEC, and many other public and private fleets.

Mr. Elliott established the technology and position of the electric Phoenix SUT for fleet applications. Phoenix Motorcars was named as number 3 of the Fast 50 Companies in Fast Company Magazine for 2007, was awarded by the US Department of Energy, the Energy Innovators Award for 2008. Elliott secured capital term sheets from Kleiner Perkins Caufield & Byers, AES Corporation, Al Yousuf LLC, Visionary Vehicles and others. Elliott ultimately secured capital from AES Corporation, Al Yousuf LLC & one non-disclosed investor.

As well as electric vehicle technology, Mr. Elliott has been involved in several advanced systems vehicle development programs including an Israeli Military Vehicle working with EG&G Astrophysics for all chassis engineering and sub-systems support engineering, and has worked on projects with Ford Motor Company, DaimlerChrysler, Honda R&D, Nissan, Mitsubishi, SiemensVDO, Delphi, Magna Steyr, Bosch and others. This included project engineering, supervision, engineering management and project oversight. Mr. Elliott holds a B.S. in Mechanical Engineering, and a B.S. in Environmental Management.

Ben R. Rainwater -- Mr. Rainwater is President, CEO, and a charter member of the Board of StarPoint USA, Inc. A highly proficient automobile industry professional, Ben Rainwater has over 35 years of experience in all phases of wholesale/retail parts and service business environments. As a key member of the start-up teams for four separate automobile manufacturer/distributors including Mitsubishi, Daihatsu, Kia and Daewoo, Rainwater has significant knowledge and experience in creating, designing, developing, implementing, and growing an entire automobile distribution business from a "blank page." 

As President and CEO of StarPoint USA, Inc., Mr. Rainwater has full responsibility for P&L and is directly involved in assessing business needs and developing both short and long-term strategies to improve individual department operational performance/efficiencies directed toward increased customer satisfaction levels and profitability; renegotiating supplier contracts resulting in substantial cost savings without reductions in services; controlling operating budget/expenses while balancing staffing levels to continuously provide a high level and full complement of services; responsible for Customer Relations Department activities including operations, staffing, business direction, arbitration process development, legal actions; liaison to various state/federal regulatory agencies; coordinating activities related to NHTSA/DOT, EPA/CARB and associated testing results including containment and appropriate remedial actions. Mr. Rainwater is also responsible for maintaining the organization's morale to ensure staff retention/performance including direct staff relations.

Thad H. Balkman -- Mr. Balkman is an Attorney licensed to practice in all state and federal courts in the State of Oklahoma. For the past 12 years, Balkman has handled employment, corporate, and general civil litigation matters. Thad Balkman served as a member of the Oklahoma House of Representatives for 6 years. During his legislative career, Mr. Balkman held a number of leadership positions, serving as a member of the Republican Leadership for 4 years, the Majority Caucus Chairman and Chairman of the Appropriations and Budget Subcommittee for Health and Social Services. Balkman was on the House Judiciary Committee, was a member of the Conference Committee that wrote the 2003 Tort Reform law, and was appointed by the Speaker to serve as a member of the National Conference of Commissioners on Uniform State Laws.

Mr. Balkman joined Phoenix Motorcars in 2007 and worked as General Counsel and VP of External Relations. In 2008, Thad Balkman was invited to testify to the US Senate Energy Committee on the status of electrical vehicles and prospects for wider deployment. Mr. Balkman owns his own legal and legislative consulting company in Norman, OK. His clients include non-profits and emerging alternative transportation companies. Balkman is the Executive Director, and Chief Lobbyist of the Oklahoma Lawyers Association.

About Green Automotive Company, Inc.
Green Automotive Company, Inc. was formed in the Fall 2009 to take advantage of the need for "green" environmentally sound car alternatives. Green Auto has been selected to be the sole North American Distributor for the all new Zotye all-electric SUV manufactured in China by Zotye International Holding Company. Distribution of this highly efficient and affordable car continues Green Auto's tradition of bringing creative products to market and matching them with consumer needs. Green Auto plans to capitalize on the US trend towards eco-friendly ultra-efficient electric powered cars as the representative for Zotye International Holding Company.

The exclusive importer/distributor of Zotye Electric Cars/SUV's in North America, the Company's shares are traded on the Pink Sheets under the symbol GACR.

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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, Inc. 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.

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