SCOTTSDALE, AZ--(Marketwired - Apr 11, 2013) - Echo Automotive, Inc. (
The voluntary exchange between the two companies transfers to Echo the ATAH assets and intellectual property which were acquired by ATAH from Bright Automotive.
"We are very pleased to complete this transaction," stated Dan Kennedy's, Echo's CEO. "This gives Echo a broad suite of technologies, intellectual property, and patents that significantly expands Echo's capabilities and portfolio. In addition, this acquisition opens up new product opportunities for Echo and will allow Echo to better serve the increasing demand for OEMs in need of real-world experience, technologies and IP."
The Company further stated that the acquisition of the assets, IP and multiple patents significantly strengthens the Company's overall market segment positioning. The Company acquired Bright Automotive R&D which Echo estimates to be tens of thousands of hours at a cost in the tens-of-millions of dollars. Echo additionally disclosed that the IP and assets contained with this transaction are inclusive of several fully developed prototype vehicles, including the revolutionary Bright IDEA vehicle, and other IP and engineering data.
"We are excited to incorporate these technologies into our near and long term strategies," added Jason Plotke, Echo President and Co-Founder. "Our EchoDrive™ technology was validated by winning the Most Innovative Product award at NTEA earlier this year, and our engineers and developers are looking forward to applying our expertise to the technology we acquired as part of the this transaction in order to meet the increasing demand and opportunities in the sector."
The Company has filed an 8K Form disclosing the voluntary exchange between Echo and ATAH and containing the details of the transaction with the SEC. The exchange terms include the issuance by Echo of six million (6,000,000) shares of its common stock to ATAH for the ATAH assets and intellectual property, all of the outstanding ATAH member units, and $500,000 of cash from ATAH.
In related news, Echo filed an extension earlier this week with the SEC regarding its 10-K filing and will be filing the 10-K this coming week which will include business updates as part of the SEC disclosure requirements.
Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information, visit our website at: www.echoautomotive.com .
About Echo Automotive, Inc. (
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new technologies and development stage companies. These forward-looking statements are made as of the date of this news release and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current report on Form 8-K filed October 15, 2012, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
CONTACT: David Waldman/Natalya Rudman Crescendo Communications, LLC Tel: 212-671-1020 x304 Email: ECAU@crescendo-ir.com www.EchoAutomotive.com
