American Electric Automobile Files Form 10 to Become Fully Reporting

1 March 2000

American Electric Automobile Files Form 10 to Become Fully Reporting

    SAN DIEGO--Feb. 29, 2000--American Electric Automobile Company Inc. publicly trading under the symbol (NQB: AEAM) Tuesday announced that the Company has filed a Form 10 SB, to conform to rules of eligibility related to the Over-The-Counter Bulletin Board Quotation System.
    American Electric Automobile Company will begin filing regular quarterly and annual reports with the SEC. At that time, the Company intends to file for trading on the over-the-counter bulletin board market.
    Gary G. DeGano, President of American Electric Automobile Company, stated, "American Electric Automobile intends to continue to implement its plan to aggressively expand its business. We recognize the need to better inform our shareholders and the investment community. Our goal is to heighten the company's visibility and shareholder value as we pursue our ambitious growth strategies. We expect our public reporting will make that information more easily available to the marketplace and will build confidence on the part of our shareholders."
    The Company's California subsidiary, California Electric Automobile Company Inc. will be opening its first custom design center and showroom this week. The facility will be located in downtown San Diego and will feature the Company's 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. Custom designed automobiles using 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.
    American Electric Automobile Company Inc. also 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.

    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.