American Electric Automobile Co., Inc. Fails to Finalize Agreement With Newly Appointed President
10 May 2000
American Electric Automobile Co., Inc. Fails to Finalize Agreement With Newly Appointed President
SAN DIEGO--May 10, 2000--American Electric Automobile Co. Inc. (Non-OTC:AEAC) Wednesday announced that it has failed to come to a definitive employment agreement with its recently appointed President Richard Wilf.Wilf, who was appointed by the board of directors of American Electric Automobile on April 28, 2000, accepted the appointment subject to the definitive terms of an employment agreement and bonus package. The company and Wilf were not able to agree on the final terms of the agreement.
The board and Wilf have determined it to be in the best interest of both parties to terminate negotiations and allow Wilf to continue to pursue his other business interests in environmentally friendly companies and opportunities that are focused on benefiting the health and welfare of people.
While AEAC regrets the inabilities of the parties to come to a final agreement, AEAC is proud to have had Wilf's interest in the company's visions and desires to produce clean air vehicles for the general population
AEAC will be contacting the other candidates that it had for the position as president and hopes to fill the position at the earliest possible time.
About American Electric Automobile
American Electric Automobile Co. Inc. 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's business strategy is focused on capitalizing on the need for zero emission and very low emission vehicles.
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, federal and state government regulations, costs, production, and sales which may cause the company's actual results in the future periods to differ materially from forecasted results.