CINCINNATI, Dec. 13, 2010 /PRNewswire-FirstCall/ -- AMP Holding Inc. (OTC Bulletin Board: AMPD), a company engaged in the emission-free electrification of OEM vehicles through its wholly owned subsidiary, AMP Electric Vehicles, Inc., announced today the appointment of James E. Taylor as its new Vice Chairman and Chief Executive Officer (CEO). Mr. Taylor, who was previously an advisor and Board member for AMP, brings extensive experience in the automotive industry, with former positions at General Motors as the head of the Cadillac and Hummer Divisions.
"AMP is well positioned to take advantage of the rapidly expanding electric vehicle industry," said Mr. Taylor. "I believe AMP's integrated technology to generate electric propulsion is among the best solutions I have seen. The opportunity to participate in the expected growth of AMP from the technology company we are today, to a fully operating Global Automotive Business, is very exciting," Taylor continued. "With current and future worldwide opportunities knocking on the door, AMP's line of fully electric SUVs and sports cars meets the demands and requirements of individuals as well as fleet customers."
In addition, AMP Holding has appointed Joseph S. Paresi as Chairman of the Board. With over thirty years in senior executive positions, Mr. Paresi has a history of many successes with high technology companies. Mr. Paresi is presently the Executive Vice President and co-founder of L-1 Identity Solutions and previously was Corporate Vice President of L-3 Communications Corporation, where he was part of the founding team as well as President of the Security and Detection Division. Prior to L-3, Mr. Paresi was the Director of Technology for Lockheed Martin and Loral Corporations.
"I am very pleased to join the board of AMP, as the company is delivering well designed electric vehicles that perform almost identically to their engine counterparts but with a quieter ride, better acceleration, all at a fraction of the cost of gasoline and with a zero carbon footprint," said Mr. Paresi. "Having James Taylor take the lead as the new CEO with his extensive automotive experience will help AMP make a long term impact on the automobile industry and I believe catapult AMP to the next level."
AMP Founder and current CEO, Steve Burns, will become President and focus his attention on bringing AMP technology into larger scale production, fulfilling current and anticipated orders.
With new offerings from large manufacturers such as the Chevrolet Volt and Nissan Leaf, electric vehicles have moved to the forefront of the automotive industry. AMP's addition of these Senior Executives is evidence that AMP is serious about growth, putting in place the necessary steps to fulfill vehicle orders.
AMP's management announcements come on the heels of the recent news of Northern Lights Energy of Iceland's commitment to purchase 1,000 electric AMP SUVs, and the electrification of fleet vehicles by AMP for DTE Energy. AMP is also in the process of electrifying several brands of SUVs provided by large auto manufacturers and fleet owners.
About AMP Holding Inc.
AMP was founded in 2007 by automotive industry veterans who have created several hi-tech companies. Currently, the AMP team is comprised of top engineers and business executives, as well as two key pioneers of GM's EV1 project. AMP's first all electric demonstration models were the Chevrolet Equinox, the Saturn Sky, and Pontiac Solstice. Since its inception, AMP's unique electrification technology has proven to be an idea that has generated an extreme amount of interest, with inquiries coming from around the world. AMP's intent is to electrify a wide range of OEM vehicles and SUVs, and expects to announce new model additions in 2010. The Company expects its vehicle electrification technology will provide new solutions to America's energy demands.
To learn more, visit the AMP website at www.ampelectricvehicles.com.
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
SOURCE AMP Holding Inc.