New Directors and Management Team for American Electric Automobile Company
25 September 2000
New Directors and Management Team for American Electric Automobile Company
MARKHAM, Ontario--Sept. 25, 2000--American Electric Automobile Company, Inc. (OTCBB:AEAC) announces a change of control in the ownership, board of directors and operations. The change of ownership took effect on September 13th, 2000.Subsequently, three directors; Edward F. Myers, Gary G. DeGano and Betty N. Myers stepped down from their current positions to allow operations and control to pass to a new ownership management team. The Company has elected three new directors, Pierre Quilliam, Stephen Cohen and Denise Quilliam, and has approved the new team that will manage this company through transition, relocation and repositioning at a time of heightened interest in the marketplace for alternative, sustainable and renewable energy sources. The new management team consisting of Pierre Quilliam, Stephen Cohen and Denise Quilliam, will add experience and revitalized direction to the corporation. The team's knowledge and experience in finance, legal and regulatory affairs, administration and corporate development comes at an interesting and exciting crossroads for the organization.
As of this date the new management team is in place and managing the affairs of the company on a daily basis. "We will now move expeditiously to finalize our marketing strategy for the two models of electric automobiles that were recently licensed for the consumer market," says Mr. Pierre Quilliam. "At the same time we are making rapid progress in our development of a hybrid electrically powered taxicab for the Chinese market."
As a matter of public record, the company would also like to report a sale of a significant block of treasury shares to a private holding company (Bisell Investments Inc.).
About American Electric Automobile Co.
The American Electric Automobile Company (A.E.A.C) incorporated in Delaware and operating in California has been successfully converting automobiles to electric power since 1996. The company also remanufactures conventional gas-powered cars into hybrid electric vehicles. Among the remanufactured products are popular vehicles converted to electric power including the Volkswagon Cabriolet, the Ford Escort, and the Ford Ranger pick-up truck. These are designed with a hybrid-electric option in the form of a small on-board, gasoline-powered generator that can recharge the batteries. The company is also participating in a joint venture to produce hybrid-electric automobiles in China. A.E.A.C. uses DC technology standard components which helps bring vehicles to market at a lower price than much of its competition which uses AC technology. The company's mission is to provide environmentally sensitive, high quality, cost-effective auto transportation through domestic production and cooperative opportunities with global partners.
For more information, contact:
Pierre Quilliam, President
7270 Woodbine Avenue, Suite 200
Markham, Ontario
Tel: 905-947-9925 Fax: 905-947-9930
Forward Looking Statement
This press release contains forward looking statements relating to future results of the company as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the closing of the transaction; global and market conditions within the electric automobile (EV) industry; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; as well as other risks and uncertainties, including but not limited to those detailed from time to time in the company's Securities and Exchange Commission filings. These forward looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward looking statements, whether as a result of new information, future events or otherwise. Other brands and names contained in this release are the property of their respective owners.