American Electric Automobile Opens First Showroom
25 February 2000
American Electric Automobile Opens First Showroom
SAN DIEGO--Feb. 24, 2000--American Electric Automobile Company, Inc. publicly trading under the symbol (OTCBB:AEAM) announced today that its California subsidiary, California Electric Automobile Company, Inc. will be opening its first showroom on March 1.The showroom location will be at the corner of G street and 11th Street in downtown San Diego and will feature their highly acclaimed electric automobile. Models are economically priced in the $16,000 to $22,000 range.
American Electric Automobile Company has developed a clear outline of the opportunities and strategies for capitalizing on the developing of zero emission and very low emission vehicles. The standard bodies with fully functioning air conditioning and heating and off-the-shelf electric motors are used in combination with a custom proprietary computerized electric drive controller.
Gary G. DeGano, President and CEO of AEAM states, "The Clean Air Act Amendments of 1990, the National Energy Policy of 1992, and Executive Order 12844, which accelerate the alternative fuel purchases by the federal fleet, set the stage for an extensive development in alternative fuel and zero emission vehicles. California alone has mandated the provision that major automakers produce 10% of their vehicles as Zero-Emission Vehicles (Z-EV) by 2003. We look forward to helping to satisfy the growing popularity of electric vehicles."
American Electric Automobile Company, Inc. recently announced that the auto the Company produced in China has been licensed for use on all roads in China. Presently, countries such as China have recognized the immediacy for Electric Vehicles by mandating the purchase of zero emission vehicles. China's new five year plan calls for one in every five (20%) vehicles produced in China to be an Electric Vehicle.
Analyst Larry Oakley states: "I predict that electric cars will become very popular, especially as second cars for local travel & shopping. I like the projected operating & maintenance costs of these particular cars -- they are expected to total about 1.5 cents per mile. In our regular car, the gasoline cost alone is about 6.7 cents per mile."
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995. This announcement contains "forward-looking statements. The words "anticipate," "look forward to," "believe," "will be," "estimate," "projected," "expected to," and other similar expressions as they relate to the Company & its management are intended to identify such forward looking statements. Although the Company & its management believe that the statements contained in this announcement are reasonable, it can give no assurances that such statements will prove correct. Factors that could affect the occurrence of events or results discussed herein include those mentioned in the Company's submissions to regulatory agencies.