California Electric Auto Co. Lays Off Workers
MARKHAM, Ontario--(AutomotiveWire)--Nov. 10, 2000--California Electric Automobile Company ("CEAC"), a subsidiary of American Electric Automobile Company, Inc. (OTCBB:AEAC) announces that due to cash flow considerations, a majority of the Board of Directors of CEAC deemed it necessary to lay off the employees effective November 3rd, 2000.
The Board of CEAC hopes that the lay off will be temporary in nature and that the employees will be reinstated in the future.
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.
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