Green Automotive Company Closes $500,000 Investment from Ironridge Global
NEWPORT BEACH, CA--December 5, 2013: --Green Automotive Company (OTCQB: GACR), a state-of-the-art niche vehicle design, engineering, manufacturing, and sales company, driving innovation in the use of cutting edge zero and low emission technologies, today announced that it has settled trade payables in excess of $500,000, removing these obligations from its balance sheet in exchange for the issuance of shares of its common stock to Ironridge Consumer Co., a division of Ironridge Global IV, Ltd. (“Ironridge”), an institutional investor specializing in direct equity investments in consumer product companies.
“Combined worldwide sales of hybrid and plug-in electric vehicles will reach 6.6 million annual units by 2020 and become almost 7% of the total light-duty vehicle market, according to Navigant Research’s 2013-2020 Electric Vehicle Market Forecast”
The funding will help support the company’s rollout of innovative high-efficiency buses and expand its growing e-vehicle service business.
“Combined worldwide sales of hybrid and plug-in electric vehicles will reach 6.6 million annual units by 2020 and become almost 7% of the total light-duty vehicle market, according to Navigant Research’s 2013-2020 Electric Vehicle Market Forecast,” commented Keith Coulston, Director of Ironridge Global Partners, LLC. “Green Automotive Company’s management team has done an excellent job in developing its platform and business model to meet this growing demand, and we are pleased to facilitate their rollout of additional high-efficiency vehicles.”
“Ironridge Global is an excellent investment partner,” stated Ian Hobday, CEO of Green Automotive Company. “They have an innovative investment concept and quickly executed. This budding partnership with Ironridge allows us to effectively go after and rollout our buses. We need to continue to develop and build our platform for the growing wave of electric vehicle interest that is building in the United States.”