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GreenTech Automotive CEO Charles Wang Updates on Milestones and Next Steps

GreenTech Car

MCLEAN, VA--Aug. 12, 2013: Four years ago, a few entrepreneurs founded GreenTech Automotive Inc., a startup company in Mississippi that has steadily evolved since launch. Our aim is to develop energy-efficient cars that are so inexpensive that the average American could afford to buy them. While we have big dreams – and have not been shy about sharing them – we understood that Rome was not built in a day. We have been proceeding in a very pragmatic, cost-efficient manner.

All startups, especially those in a highly competitive, capital-intensive industry like electric vehicles, face unanticipated challenges, and we have certainly had our share. We have worked hard to overcome those challenges. In the past four years, we have completely re-designed and re-engineered a small electric vehicle, "MyCar"; we have earned the respect of a major Asian automotive OEM, which has entered into an agreement with us to jointly develop a four-door sedan using our advanced electric drivetrain; we established a fully functional assembly line in a 375,000-square-foot facility in Mississippi; and we have finished phase I construction of a permanent manufacturing home and proceeded to the phase II construction that will, we hope within the next six months, deliver a state-of-the-art assembly facility. Most importantly, we have attracted, trained and retained a dedicated workforce in Mississippi and sponsored value-adding education and training for them.

We are proud that we have achieved all of these accomplishments without any federal subsidies or funding. We are grateful that the State of Mississippi has provided us a standard incentive package to help us establish our manufacturing base in Tunica.

One of the ways in which GTA has raised funding is through a federally established immigration investment program known as EB-5. This program has existed since 1990 when the first President Bush signed it into law. We are confident that we have strictly adhered to all statutory and regulatory requirements, and have always had open communications with our industry's regulators.

While a high-profile political figure is a GTA shareholder, the company is not political and has no direct interest in politics. As earnest business people, we do not believe that politicizing the challenges a startup business faces or twisting facts is the American way of doing business. We are glad to share our story with neutral, unbiased members of the media, but we will also defend the company, its employees and its investors against malicious attacks based on fabrications and willful mischaracterizations.

We have so far created more than 80 manufacturing jobs in Mississippi and we expect that number will increase as we get closer to being ready to manufacture our products in our new assembly facility in Tunica, Mississippi. We are just months away from revealing our most sustainable cars ever as we gear up to launch the MyCar14 and the new electric sedan.

The hardworking men and women at GreenTech Automotive are proud of what we have achieved in four years, and we are committed to creating affordable, green, electric vehicles. We are confident that the judgment of the market we seek to serve will prove our strategy and our timing as prudent and effective.