GreenTech Automotive Confirms Receipt of SEC Subpoena, Is Cooperating Fully With SEC Requests

Aug 02, 2013, 21:56 ET from GreenTech Automotive, Inc.

MCLEAN, Va., Aug. 2, 2013 /PRNewswire/ -- GreenTech Automotive, Inc. (GTA), a U.S. automotive manufacturer of environmentally friendly, energy-efficient vehicles, confirmed today that it received a document subpoena on July 12, 2013 from the U.S. Securities and Exchange Commission (SEC).  Media reports that GreenTech received a subpoena from the SEC in May 2013 are incorrect.  GTA is cooperating fully with the SEC's requests for information and believes it is in full compliance with all applicable laws and regulations.

Since its inception in 2009, GTA has been dedicated to the advancement of clean automobile technology.  GTA operates a manufacturing facility in Horn Lake, Mississippi, with over 80 employees.  The Horn Lake facility is currently focused on engineering, building, testing, and conducting limited sales of MyCar, a two-seat Neighborhood Electric Vehicle (NEV).  GTA expects to begin commercial production of its new MyCar 2014 model by the end of this year.  GTA is also working with a leading Chinese automotive manufacturer to jointly produce a four door all-electric sedan for the U.S. market.  

GTA is in the process of building a new primary production facility in Tunica, Mississippi, which will have an annual capacity of 30,000 vehicles per year.  Phase 1 of this project, which included design, equipment acquisition and extensive site preparation, was recently completed at a cost of approximately $6.6 million.  On July 17, 2013, GTA announced that construction of the facility is entering Phase 2, the main building phase.  Vehicle production is expected to transition to the new facility by April 2014. 

SOURCE GreenTech Automotive, Inc.