Advanced Wireless Systems, Inc. Acquires Distribution Rights For Solectria Electric Vehicles
4 January 2001
Advanced Wireless Systems, Inc. Acquires Distribution Rights For Solectria Electric VehiclesSCOTTSDALE, Ariz., Jan. 4 Advanced Wireless Systems, Inc. (OTC Bulletin Board: AWSS) announced today that it has entered into a Letter of Intent to acquire Voltage Vehicles, Inc., a Fulton, California based electric vehicle marketing company that has been granted the exclusive marketing rights to establish a nationwide dealer distribution network for the Solectria Force 4-Door Sedan by Auto Distributors, Inc., the United States distributor for Solectria, Inc. Solectria is the nation's leader in manufacturing and distributing electric automobiles and components for electric automobiles. Solectria is also recognized as a leader in the development of hybrid and fuel cell technology. Solectria currently provides Ford Motor Company with electric components for new electric cars being manufactured by Ford. In commenting on the signing of the Letter of Intent, Stan Wilson, President of Advanced Wireless, said "We are excited about this new venture and see a tremendous upside potential because of California's dictate that beginning in 2003 ten percent of all new cars sold in the state must be 'zero emission vehicles.' By entering into this agreement now, we will be able to ramp up our sales and distribution efforts in an orderly fashion." Wilson also noted that several other states have enacted similar laws and/or regulations requiring that a percentage of new car sales be "zero emission vehicles." In other business, the Board of Directors of Advanced Wireless Systems has resolved to extend by sixty days the deadline date upon which the strike price of the company's Redeemable Series C warrants was scheduled to move from $1.00 to $2.00. The new deadline for the increase is March 21, 2001. This new release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in the company's quarterly report on Form 10-QSB for the quarter ended September 30, 2000 and the annual report on Form 10-KSB for the year ended December 31, 1999.