Green Automotive Company and Niyato Industries jointly announced today that they have signed a Letter of Intent in an effort to accelerate the plans of both companies to bring domestically manufactured all-electric vehicles to the US market this year.
The terms of the Letter of Intent are focused on granting Green Automotive the exclusive license to distribute Niyato's vehicles initially in the Western United States including the States of Washington, Oregon, California, Nevada and Arizona in exchange for an undisclosed amount of Green Automotive common stock. Another aspect of the LOI involves the companies negotiating terms related to the operation of a Niyato vehicle manufacturing center that may be located in California...
Niyato Industries has the license to convert domestically produced Ford Fusion and Ford Escape models into 100% all-electric vehicles and to market them under the Niyato brand. Recently, President Obama issued a directive to find ways to cut petroleum-based fuel usage. As a result, the General Services Administration (GSA) is now looking to convert the federal fleet of nearly 600,000 gas-powered vehicles to all-electric or alternative fuels by 2015.
Niyato's plan calls for manufacturing vehicles beginning in July of this year. Green Automotive is headquartered in California, which is a strategic location for both manufacturing and distributing Niyato all-electric vehicles to the Western United States.
"Niyato is uniquely qualified to help meet this challenge by using their electric vehicle technology and special manufacturing license from the US Department of Transportation (US DOT). The company will not outsource jobs. Niyato respects Ford Motor Company's legacy, and will do everything it can to help to keep America's work force employed. Niyato is building this company to look out for the little guy," says Kathi Hanley, COO of Niyato Industries.
The Niyato marketing plan calls for their all-electric vehicles to be both retailed to consumers and to be sold to the US government to help fulfill its quota of fleet conversions to all-electric/alternative fuels by 2015.
"I see this venture generating tremendous value for both companies," stated Fred Luke, President of Green Automotive, "along with a significant number of jobs for American workers with a specific focus on hiring Veterans. It is important to understand that Niyato is using Ford platforms that have already complied with all of the DOT Federal Motor Vehicle Safety Standards (FMVSS). This means that the Ford models converted by Niyato to all-electric drive are road ready, which places us in the market that much sooner with a very safe and reliable vehicle."
