American Electric Automobile Company, Inc. Withdraws From China
MARKHAM, Ontario--(AutomotiveWire)--Feb. 15, 2001--American Electric Automobile Company, Inc. (OTCBB:AEAC) announces that the Board of Directors has decided to withdraw from participation in a joint venture to produce hybrid electric automobiles in China due to inherent risks in business conditions in China and the difficulty of monitoring the activity.
"The decision was taken after careful consideration," said Pierre Quilliam, President and CEO. "We plan to allocate our resources where they will be most effective in achieving our business objectives."
The Company sold its interest in American Electric Automobile Company (Asia) Inc., being 45% of the issued and outstanding shares, to Edward F. Myers, the former Chairman of the company. Mr. Myers is currently on the Board and President of the company's wholly owned subsidiary, California Electric Automobile Company, 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. 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.
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