CT&T Announces Plans for U.S. Electric Vehicle Production

SEOUL, South Korea, July 1, 2009; CT&T Company, Ltd., a global leader in Electric Vehicle (EV) technology, announced plans today for e-Zone and c-Zone electric vehicle production in the United States with plans to employ 2,600, including production workers and managers, over the next five years.

CT&T United, the U.S. subsidiary of CT&T Korea, Ltd. is investing significantly to maintain its global position in the move towards consumer use of electric vehicles by establishing its North American headquarters, a research and development center and several manufacturing facilities to produce and market an entire product line of EVs and batteries. Company officials are considering potential sites in South Carolina, Georgia, North Carolina, Alabama and California.

In making the announcement, CT&T President and CEO Young Gi Lee said, "While we are reviewing a number of locations for our operations, we are committed to having a major presence in the Southeastern and West Coast regions."

CT&T United will produce and market City Drive Electrical Vehicles (EVs), Mid-speed Electric Vehicles, High-speed Electric Vehicles, Utility Electric Vehicles, as well as batteries in the Lead Acid, Advanced Lead Acid, Lithium Polymer and Lithium Ion categories for domestic and export markets.

"We are accelerating our plans to become a major investor in zero emissions vehicle technologies in the U.S.," said Lee. "CT&T has become a category leader because of our advanced technology, plus we offer a solution to the primary barrier to consumer adoption of electric vehicles by offering EVs at affordable prices."

By the fourth quarter of 2009, the company expects to begin selling c-Zone utility EVs for commercial and government applications as well the e-Zone City Drive EVs. Vehicles will range in price from $8,000 US dollars to $16,000 fully equipped.

CT&T United recently submitted proposals to work with the Department of Energy to accelerate the implementation of battery, electric motor drive and electric vehicle technologies. DOE is expected to announce their plans regarding these proposals later this summer.

CT&T works in four battery platforms by co-operatively manufacturing with Korean partners SK Energy, Sebang, EIG Corporation, LG Chemical Corporation, FCP, and Samsung. Specifically, the company works in Lead Acid, Lithium Polymer, Fuel Cell (FCP) and Lithium-ion battery systems.

The company has also announced a joint venture with PUES Corporation of Tokyo Japan for the development and production of inverters and new technology In-Wheel Motors.

"We have an aggressive market development plan, and our innovative Regional Assembly and Sales (RAS) system will enable us to reach our employment predictions of more than 10,000 people in the U.S. by 2014," said Lee. The RAS system is characterized by a network of regional joint ventures that will facilitate manufacturing, assembly and sales activities in specific geographic market areas throughout the U.S.

In addition to its manufacturing and distribution initiatives, CT&T United will partner with Research and Development teams in the U.S. to supplement and expand upon the company's activities in Korea. Currently, CT&T Korea, Ltd. works closely with Korea's leading technology research universities - Korea Advanced Institute of Science and Technology (KAIST), Korea Polytechnic University, Ajou Motor College, and Soongsil to develop new cost and energy efficient Battery Platform, Drivetrain System, and Electric Vehicle technologies.

About CT&T:

CT&T is an acknowledged global leader in Electric Vehicles and EV technologies with manufacturing facilities currently in South Korea and China with several U.S. facilities targeted to begin production by the end of 2009. One of the few fully integrated vehicle, motor and battery producers in the world, the Company produces and markets City Drive, Mid-speed, High-speed, and Utility electric vehicles under the CT&T brand. Young Gi Lee, a former executive of Hyundai Motor Corporation, founded the CT&T in 2002 with a vision of bringing zero emissions transportation options to companies and individuals.