American Electric Automobile Company Inc. Announces President
1 May 2000
American Electric Automobile Company Inc. Announces President
SAN DIEGO--May 1, 2000--American Electric Automobile Company Inc. (Non- OTC:AEAC) Monday announced that the producer of electric vehicles has appointed Richard Wilf to assume the position of President effective May 1, 2000. The addition of Wilf is the first step in expanding the company's management, marketing and production team for future growth.Wilf stated, "It is our goal to create a highly experienced team, strong in entrepreneurial spirit, that can manage the rapid expansion of the company's operations. I look forward to working with the Board of Directors and the management team of our California Electric Automobile Company production team and our China based joint Venture, America Electric Automobile (ASIA) or EVASIA, which is designing an EV conversion for the China market."
Wilf joins American Electric Automobile Company, Inc. with eight years of experience in financial services mortgage brokerage business. He served as President and C.E.O. of both Summit Mortgage Corp. and Atlantic Mortgage Corp.
Wilf brings a strong background in finance and management. Wilf's background and experience will provide the leadership to carry the company through this rapid growth phase of operations. Wilf obtained his BA from the American University, in Washington, D.C.
Wilf further stated that "Our focus as a management team is moving American Electric towards the expanded production of our new vehicle, based on the Hyundai Accent. In the near future we will be finalizing the plans for a new and larger manufacturing facility in San Diego. The site will provide the infrastructure we are looking for to meet the consumer demands for our customized EV conversions.
Wilf added, "The feedback that we have received from recent shows, and marketing has instilled in us, a tremendous amount of confidence in the future of American Electric Automobile Company. This company's growth is fueled by sound engineering, proactive management, and a genuine enthusiasm from the consumer."
ABOUT AMERICAN ELECTRIC AUTOMOBILE
American Electric Automobile Company, Inc. designs, and manufactures electric and electric hybrid vehicles. The company is focused on developing its business on providing products that are environmentally friendly and combine state of the art technology, safety, practicability, and affordability. American Electric has built its strategy on the capitalizing on the need for zero emission and very low emission vehicles and has been able to accomplish this through the conversion of standard auto bodies with fully functioning air conditioning and heating with off-the-shelf electric motors in combination with a custom proprietary computerized electric drive controller. Models are economically priced in the $17,000 to $22,000 range.
Safe Harbor for Forward-Looking Statements:
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, including economic conditions, government regulations, production and costs, which may cause the American Electric Automobile Company's actual results in the future periods to differ materially from forecasted results.