SOURCE: Li-ion Motors Corp.

May 04, 2011 07:00 ET

LMCO Announces Corporate Update

LAS VEGAS, NV--(Marketwire - May 4, 2011) - Li-ion Motors Corp. (OTCBB: LMCO) (FRANKFURT: LL9L) www.Li-ionMotors.com, winner of the 2010 X-Prize using 21st Century Design & Engineering of emission-free, all electric high speed long range automotive propulsion systems using the latest lithium-ion battery technology, is pleased to provide its shareholders with a corporate update.

The company has entered into an agreement to purchase approximately 120 acres of land adjacent to a light industrial park in Alberta, Canada. The intentions are to build an electric vehicle manufacturing facility on this property.

The company is also pleased to report it has reduced its liabilities by approximately $5.9 million, with the intention of paving the way for a possible move from the Over-the-Counter Bulletin Board (OTCBB) to the American Stock Exchange for Li-ion Motors Corp. stock. "This is an exciting move for the company and can lead the response to meeting the demand for electric cars. There's a bright future for us moving forward," says Stacey Fling, President - Li-ion Motors Corp.

OTHER RECENT EVENTS:

April 22, 2011 LI-ION MOTORS CORP. (OTCBB: LMCO) (FRANKFURT: LL9L) TO EXHIBIT ZERO EMISSION, ALL ELECTRIC AUTOMOTIVE TECHNOLOGY AT EARTHDAY 2011 NEW YORK CITY APRIL 22-23, 2011Earth Day Celebration in New York City. Li-ion Motors showcased the X-Prize winning Wave and the Inizio supercar in Times Square. Li-ion received an enthusiastic response from the public to both these impressive vehicles.

March 18 2011LI-ION MOTORS CORP. IN DEPTH VIDEO OF THE WORLDS FASTEST ELECTRIC SUPERCAR, THE INIZIO

January 19, 2011Li-ion Motors Corp. (OTCBB: LMCO) (FRANKFURT: LL9L), North Carolina Based Electric Car Manufacturer, Turns Heads at North American International Auto Show in Detroit

Nov. 12, 2010Li-ion Rolls Out Highly-Anticipated, All-Electric Supercar at SEMA 2010in Las Vegas

September 16, 2010THE PROGRESSIVE INSURANCE AUTOMOTIVE X-PRIZEThree Teams Awarded Share of $10 Million Purse in Progressive Insurance Automotive X-PRIZE for Super Fuel-Efficient Vehicles

Li-ion Motors Corp. is working with the Department of Transportation to achieve certification for both the WAVE II and INIZIO, enabling us to release the cars to the general public. Pre-orders for both the WAVE II and the INIZIO are currently being taken on the company website for people wanting to be the first owners.

FORWARD-LOOKING STATEMENT: 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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