LAS VEGAS, NV--(Marketwire - Feb 19, 2013) - Terra Inventions Corp (OTCBB: TERX), 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 proud to announce it has entered into a Licensing Agreement with Lithium Electric Vehicle Corp. (LEVC); a Canadian company. This agreement will make Terra Invention's Research and Development and technology for lithium ion, all-electric vehicles available to Lithium Electric Vehicle Corp. for further technological development paving the way to continue as the world's leader in the development of all-electric lithium ion powered vehicles. Future technological developments will be performed in Canada by LEVC with Terra Inventions having access to such advancements at any time providing both parties agree to a fair price for such future advancements.
LEVC will not sell, transfer, gift or trade the Research & Development and Technology that they have been granted access to with anyone; including future advancements in technology achieved by LEVC. This technology is strictly for LEVC's own use.
LEVC has also been granted a 3 year non-exclusive right to market the "Inizio" and the "Wave II" to customers around the world providing the vehicles are manufactured in Canada. The Inizio is the world's fastest all-electric Supercar with speeds of 170 mph, 0-60 mph in 3.8 seconds. The WAVE II is an all-electric commuter car that won first place in the "Side-by-Side" competition at the 2010 Progressive Automotive X-Prize by achieving 204 miles per gallon equivalent to gasoline. Both, the Inizio and WAVE II were created from the ground up by Terra Inventions.
"For a decade now, Terra Inventions has focused on the development of lithium ion powered vehicles with our work being validated by winning the X-Prize. Our technology resulted in a win with 204 MPGe. This agreement with LEVC provides for continued advancement of our work in the pursuit to revolutionize the personal transportation needs worldwide," said Stacey Fling, President, Terra Inventions Corp.
About Terra Inventions Corp.: (OTCBB: TERX), Terra Inventions Corp. is not new to electric cars. Incorporated in 2000, the company is a pioneer in the advanced development of Lithium Ion battery technology and has a decade of research and development. Terra has converted internal combustion cars to fully electric for both individual and corporate customers as well as government agencies such as NASA and is poised for significant growth moving forward.
Terra Inventions recently celebrating the 5 year anniversary of the first ever consumer sale (2007) of a completely electric, Lithium Ion powered car in the world delivered through the "Once in a Lifetime" program offered by Sam's Club and NASA.
Terra Inventions has converted PT Cruisers, Mini Coopers, Toyota Yaris', Pontiac Vibes, trucks, and motorcycles. The company's customer base extends to other countries including Canada, the Netherlands, and the United Arab Emirates.
Along with the production of original vehicles, the company licenses its proprietary Battery Management System (BMS) and technology to automobile manufactures seeking to advance their electric vehicle offerings.
Terra has been a pioneer and a proven leader in developing the highest efficiency as well as most aero dynamic electric vehicles in the world. Terra continues to lead the industry by pushing the envelope in delivering the highest efficiency for electric vehicles in the future.
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.