CODA Holdings Names Former General Electric Executive Mark Jamieson Chief Financial Officer

SANTA MONICA, Calif., Aug. 30 /PRNewswire/ -- CODA Holdings, a California-based technology company whose advanced battery system will power its soon-to-be-released CODA Sedan and be marketed  for other transportation and utility-related applications, has hired former General Electric (GE) and HD Supply executive Mark Jamieson as Chief Financial Officer. Mark will manage CODA's finance, human resources, information technology and recruiting functions.

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Mark brings 35 years of experience in finance and operations within the consumer, industrial, transportation and energy markets to the CODA team. Prior to CODA, Mark served as Executive Vice President and Chief Financial Officer of HD Supply, one of the largest wholesale distributors in North America. Prior to HD Supply, Mark was Chief Financial Officer of Ryder Systems, a global transportation and supply chain management company. Mark began his career at GE where he spent more than 30 years overseeing numerous domestic and international assignments, eventually serving as CFO of GE Industrial Systems, an $8 billion global business unit.

"Mark's knowledge of nearly every facet of finance and his experience in global manufacturing organizations with highly complex supply chains will be vital to CODA's continued expansion and development," said Kevin Czinger, President and CEO of CODA. "Introducing a new, transformational technology and reinventing the automotive category requires cross-functional experience and an entrepreneurial spirit. We are confident that Mark will have an immediate impact on our rapidly growing business."

Later this year CODA begins deliveries of its first electric vehicle, the CODA Sedan, with space for five and performance to meet the day-to-day needs of most Americans. CODA's innovative 33.8 kWh battery system will set it apart from the competition by enabling consumers to travel a dependable 90 to 120 miles in real world driving on a single charge, no matter what season. With the CODA, the garage becomes a filling station, requiring less than six hours for a full charge using a 220V charger or just under two hours for a short, 40-mile commute.

To reduce the cost and accelerate the development of its vehicle, CODA employs a unique strategy: The company controls the IP of all core design and engineering work from its headquarters in Santa Monica, CA while partnering with an established group of top-tier automotive manufacturers and suppliers globally. In total, CODA has more than thirty suppliers and partners on four continents. The electric car is final assembled in California.

"The opportunity to join an emerging company with an innovative, global model and a tremendous capacity for growth is truly unique," said Jamieson. "I look forward to building on the momentum CODA's management team has catalyzed and guiding the company through its product launch cycle."

CODA closed an oversubscribed, $58 million Series C investment round in May, bringing the company's total invested capital to more than $125 million. CODA's battery system manufacturing joint venture with Lishen Power Battery, Lio Energy Systems, has entered into cooperation agreements for up to $327 million of long-term credit, in addition to receiving a $100 million equity capital commitment from CODA and Lishen. Lio Energy Systems currently operates a battery manufacturing facility in Tianjin, China and plans to build a U.S. facility in Central Ohio.

Mark received undergraduate degrees in Business Administration and Accounting from Cleveland State University and was recruited to GE's Financial Management Training Program in GE Lighting.

About CODA Automotive

Headquartered in Santa Monica, Calif., CODA Automotive™ is working to reduce dependence on oil and is leading the way to a cleaner future through advanced battery systems for its 100% electric car, other electric vehicle manufacturers and utility applications such as wind power storage. CODA is working in a smart, interdependent way with more than 30 leading global technology and manufacturing companies across four continents to quickly and efficiently bring electric drive technology to market. Through its exclusive battery system joint venture with Lishen Power Battery, Lio Energy Systems, CODA is also a large-scale producer of power battery systems for transportation and utility applications. CODA is slated to begin limited deliveries of its all-electric car in the fourth quarter of this year (2010). The CODA™ Sedan is a five-passenger, mid-size car with full rear seating and trunk space that is designed to meet American drivers' daily transportation needs without using an ounce of gasoline.  For more information, please visit www.codaautomotive.com.

CONTACT: CODA Automotive, [email protected]

SOURCE CODA Automotive