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U.S. Electricar Ready for Global Growth in EV Industry

23 September 1999

U.S. Electricar Ready for Global Growth in EV Industry

    TORRANCE, Calif.--Sept. 23, 1999--U.S. Electricar Inc. (OTC BB:ECAR) confirmed its readiness to participate in the anticipated growth in the EV industry in the year 2000 and beyond.
    At its recent shareholder meeting in Torrance, Carl Perry, president and CEO, announced that the company is currently in its strongest financial position in several years, has elected a new chairman with world wide business acumen, and has developed a full spectrum of electric and hybrid drive systems and components.
    The company has recently completed a $3 million equity funding from two new investors. One of the new investors, Jagen Pty. Ltd., is owned by the Liberman family, one of Australia's leading families.
    Perry also announced that in a related move, the company has elected Anthony Rawlinson as chairman of its board. Rawlinson, a global fund manager, is managing director of the Global Value Investment Portfolio Management Pte. Ltd., a Singapore-based International Fund Management Company which handles discretionary equity portfolios for institutions, pensions funds and wealthy private clients, globally.
    Rawlinson stated, "The reason Jagen and I have invested in U.S. Electricar is that we believe the company is developing world class technology and their products are leading edge. With respect to the EV market, U.S. Electricar provides 'the total solution' in system engineering and interface.
    "The management and engineering team have restructured the company and it is our belief that they are leading it to a position of dominance in the EV and Hybrid Vehicle Industry."
    "Our partnership with Hyundai Motor Company, Hyundai Heavy Industries and Hyundai Electronics is a key element in building the future for U.S. Electricar. The company is currently under contract to develop a full spectrum of electric and hybrid drive systems for Hyundai Motor Company.
    "Furthermore, Hyundai has licensed the manufacturing rights for U.S. Electricar's drive systems for Hyundai's production EVs in Korea," said Perry.
    Perry also announced at the shareholder meeting that the company shall enhance ongoing communications with its shareholders as the activities of the company warrant.