SOURCE: Li-ion Motors Corp.

November 17, 2010 14:31 ET

Li-ion Motors Corp. (OTCBB: LMCO) (FRANKFURT: LL9L) Responds to Claims by Greenwire Blog

LAS VEGAS, NV--(Marketwire - November 17, 2010) - North Carolina-based Li-ion Motors Corp. (OTCBB: LMCO) (FRANKFURT: LL9L), winner of the Progressive Automotive X Prize and the industry leader in all-electric, high-speed vehicles reveals facts. Until now Li-ion Motors has avoided responding to tabloid journalism. Over the last three months Mike Soraghan has been posting blogs that in our opinion are based on a hidden agenda and completely unbalanced reporting. On Nov. 15, 2010 Mike Soraghan of Greenwire stated that Li-ion's "accountants have repeatedly cast doubt on its ability to continue as a going concern." The fact is that the 10 K filed on Nov. 2, 2010 did not have going concern statement by Li-ion's auditors.

In the same article, Mike Soraghan's headline reads "X Prize Winner Hasn't Honored Agreement to Share Winnings."

Click to view the actual signed agreement.

Quoting from Soraghan of Greenwire article, "Oliver Kuttner, a Charlottesville, Va., businessman who heads $5 million prize winner Edison2, was the one who repeatedly urged the five finalists to craft an agreement so none of them went home empty-handed." However, states Li-ion Motors, it was RaceAbout from Finland (not Li-ion) who refused to sign the agreement that was signed by the other four teams.

Li-ion agreed to the prize sharing arrangement based on all teams participating. That proposal called for the first place prize winner to receive $1.7 mil, 2nd place would receive $400K, 3rd, $200K, 4th and 5th would receive $ 100K each. 8 minutes before the race, the company was informed that RaceAbout from Finland did not sign the agreement. Having only a couple of minutes before the race started, Li-ion Motors attempted to obtain board approval if it wanted to have an agreement with only 4 teams participating, but was unable to do so prior to the start of the race. Therefore, due to the decision of RaceAbout from Finland, the proposed agreement never became final.

According to Randy Reisinger from TW4XP even though the agreement collapsed, he claims his team is entitled to receiving "2nd Place" money, even though his team came in third. 

There are other inaccurate statements on Mr. Mike Soraghan of Greenwire's Blog but, enough said for this press release. He reported on allegations from years ago, and nothing about the Company today and its accomplishments.

Li-ion Motors achievements and technology.
Li-ion Motors' Wave II was the only American team to complete the final race. Neither Zap nor Aptera was able to complete the final race. Not only did we complete the race, we finished the race first and RaceAbout from Finland had additional penalties on top of losing to Li-ion Motors.

During the Official Knock-Out Stage on June 29, 2010, Team Li-ion won 1st place in, beating the second place team by 54.2 MPGe (42%), with the winning MPGe of 182.3

In the Official Finals Stage on July 23, 2010 (Week 1), Team Li-ion won 1st place, beating the second place team by 25.8 MPGe (18%), with the winning MPGe of 171.4

The Argonne National Laboratory (U.S. Department of Energy) confirmed that Team Li-ion had the most fuel-efficient vehicle in the competition, giving the team a 202.5 MPGe rating

Li-ion Motors Corporation (OTCBB: LMCO) (Frankfurt: LL9L) is a leading innovator in the 21st century design and engineering of emission-free, all-electric, high-speed and long-range automotive propulsion systems using lithium-ion battery technology. In September 2010, Li-ion Motors was recognized as an industry leader in the field of fuel-alternative automotives when it was awarded the Progressive Automotive X-Prize in the Side-by-Side Alternative Class for its all-electric vehicle, the Wave II. Founded in 2000, Li-ion Motors has corporate headquarters in Las Vegas, Nevada, and a research, development and manufacturing facility located in Mooresville, North Carolina. For more information, please visit

This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ.

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