EVCA News EVCARCO's Corporate Development Update Regarding Its Future Driven(R) Brand
2012-03-22 09:00 ET - News Release
FORT WORTH, TX -- (MARKET WIRE) -- 03/22/12
EVCARCO Inc. (OTCBB: EVCA) (OTCQB: EVCA), a Future Driven® Automotive Retail Group, today announced updates to the shareholders and investment community on recent corporate developments, future plans, growth strategies, capital needs and changes to its share structure.
The Company has been working diligently to cultivate several, potentially valuable joint partnerships, identify new markets with products that provide carbon reduction technologies, sales channels, and sources of revenue.
As the Company moves forward, it continues to operate from its Micro-New Car Dealership in Ft. Worth, Texas, that has generated cumulative gross revenues of $2,208,948.00, as of the last reported period of September 30, 2011. These revenues represent sales of new electric cars, EV charging stations, and pre-owned vehicles. The Company also continues to expose and market its Master Franchise and Single Locations Franchises opportunities of the Future Driven® Dealership Franchise.
On February 22, 2012, the Company announced that it signed a Memorandum of Understanding (MOU) with HFX Laboratories, Inc. regarding the market development, testing and licensing of the HFX4 Hydrogen Hybrid Combustion/Fuel Enhancement Systems. The Company is currently conducting tests of the HFX4 Hybrid System. The system produces hydrogen for use as a catalyst in the vehicle's combustion system. The hydrogen catalyst is introduced into the vehicle's air intake to completely utilize the fuel in the combustion process. The goal is to find in EVCA's Due Diligence, results of 20% to 35% improvement in MPG and a reduction in emissions in the range of 60%, depending on engine efficiency.
Mack Sanders, CEO of EVCARCO, stated, "We have continued to work on expanding and growing acceptance of environmentally friendly vehicles. With recent increases in gasoline and diesel, we expect more consumers will feel the pain at the pump and embrace our products."
Effective November 30, 2011, the Company amended its Articles of Incorporation to increase authorized capital. The increase was necessary in order to accommodate conversion of debt taken on over the same year. As of the date of this release, significant portion of the convertible notes payable has been paid off.
