Global Green Cars, Inc. (GGCI) announced today that it will proceed with its plan to build an electric vehicle production facility in the State of Kentucky.
Earlier this year, Governor Steven L. Beshear of the State of Kentucky pledged his support for this electric vehicle production facility and on May 28, 2009, the Kentucky Economic Development Finance Authority approved a $15.5 million dollar financial incentive package for GGCI to build this facility.
Global Green Cars announced its commitment to go forward with this plan on September 1, 2009, which was announced by Kentucky media the same day. Please see media coverage and webcast video by WYMT News on September 1, 2009, at http://www.wkyt.com/wymtnews/headlines/56667702.html (http://www.wkyt.com/wymtnews/headlines/56667702.html)
GGCI had been waiting to simultaneously announce this commitment with the unveiling of their 2010 G-3 Electric Truck model. The unveiling took place at the Rocky Mountain Speedway in Utah last week (see GSPI's press release and video at http://www.greenstarusa.com/news/09-08-31.html (http://www.greenstarusa.com/news/09-08-31.html) ).
The Company plans on completing the transition of their personnel and operations from Idaho to Williamsburg, Kentucky by October 2009. Global Green Cars is planning to produce first stage vehicles in 2010 in a temporary facility and to scale up to mass production in 2011 in a new facility built to meet anticipated demand for its electric vehicles.
Upon completion of the building, assembly lines and logistical peripheral structures, the new facility in Williamsburg will be capable of producing up to 30,000 electric cars and trucks per year.
About Global Green Cars
Global Green Cars (GGCI) is a private company with an International Automobile Consortium of auto industry partners, part suppliers, and electric vehicle component suppliers that have strategic plans for mass production of high performance electric vehicles in the United States and abroad. Green Star Products is a strategic alliance partner providing engineering and technology to the GGCI Consortium. For more information visit http://www.GlobalGreenCars.com (http://www.GlobalGreenCars.com) .
About Green Star Products
Green Star Products, Inc. (PINKSHEETS: GSPI) is an environmentally friendly company dedicated to creating innovative cost-effective products to improve the quality of life and clean up the environment. Green Star Products and its Consortium are involved in the production of green sustainable goods including renewable resources like algae biodiesel and clean-burning biofuels, cellulosic ethanol and other products, as well as lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. For more information, see Green Star Products' web site at http://www.GreenStarUSA.com (http://www.GreenStarUSA.com) , or call Public Relations at 1-800-741-7648 and 1-800-340-9784, or fax 619-789-4743, or email [email protected] (mailto:[email protected]) . Information about trading prices and volume can be obtained at several Internet sites, including http://www.bloomberg.com (http://www.bloomberg.com) and http://www.bigcharts.com (http://www.bigcharts.com) under the ticker symbol "GSPI."
Forward-looking statements in the release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence on third-party suppliers, and other risks detailed from time to time in the company's periodic filings with the Securities and Exchange Commission.