SOURCE: Green Automotive Company

Green Automotive Company

December 07, 2010 06:00 ET

Green Automotive to Move to Pink Sheets "Current Information" Tier

Pink OTC Markets Gives Company Clearance to Upgrade Status

DALLAS, TX--(Marketwire - December 7, 2010) - Green Automotive Company Corporation (PINKSHEETS: GACR) announced that, following the closing of the market yesterday, it received notice that Pink OTC Markets finished processing the Company's financials, updated disclosure documents and attorney letter for the period ending September 30, 2010, and intends to move the Company to the Pink Sheets "Current Information" tier before the opening of the market today.

Green Automotive President Steve Aust stated, "We have been working aggressively to become fully reporting and make sure that our financials and compliance are up to date. This is in line with our goal of becoming a fully reporting company in 2011."

Dan Elliott, Green Automotive Chairman & CEO, added, "In the past few months we have worked hard to increase the quality of our reporting, we are really excited about this business. This was one of the obstacles we had to overcome, but with this behind us, and with the recent additions to our management team, and the institution of better operational and financial controls, our forecasts of $90 million in EBITA by December 2011 has a greater chance of success."

The clearance by Pink OTC Markets follows the Company's announcement Monday that, in anticipation of rolling-out its first Zotye SUV in the early next year, it has hired industry veterans in vehicle compliance and certification to include compliance experts David Edgar, Yooncho Park and Julia Winter. "With a combined 60 years of automotive safety and emission certification experience, these three individuals together add to our current depth of experience and knowledge," said Mr. Elliott, "and should remove all doubts that we are not only serious about becoming one of the leaders in this emerging Electric Vehicle market, but we are capable of producing a product line that should certainly be first tier and represent one of the best Electric Vehicle lines the industry has to offer."

About Green Automotive Company Inc:
Green Automotive Company is a U.S. public company and the exclusive importer/distributor of Zotye Electric Cars/SUV's to 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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