ECOtality, Inc. (OTCBB: ETLE), a leader in clean electric transportation and storage technologies, announced today that the Company has filed an application to list its common stock on the NASDAQ Capital Market.
"We believe the move to the NASDAQ Capital Market is the next logical step in the Company's future growth and will allow our Company to gain exposure and be recognized by a broader segment of the investment community," said ECOtality President and CEO Jonathan Read. "With rapidly increasing operations within the United States and increased activity in the international markets, management believes now is the time to move to a larger exchange. As we move forward with the deployment of EV infrastructure on a global scale, a NASDAQ audience will allow us to attract additional investors and improve shareholder value."
In the U.S., ECOtality's wholly owned subsidiary, eTec (Electric Transportation Engineering Corporation), is the project manager for The EV Project, and will oversee the largest-ever rollout of electric vehicle infrastructure in the United States. Last fall, the U.S. Department of Energy – through the American Reinvestment and Recovery Act (ARRA) – awarded nearly $100 million to create that infrastructure, support renewable energy and most importantly, to create jobs. With a match from partners, the total project value is approximately $200 million.
Globally, ECOtality continues to expand. Earlier this year, the company announced creation of ECOtality Australia Pty. Ltd., headquartered in Brisbane, Queensland.
The company is already seeing success there in its marketing and distribution of battery-charging equipment to on-road electric vehicles (EV), industrial equipment, and electric airport ground support equipment (GSE).
In 2009, ECOtality also entered into a joint venture with China's Shenzhen Goch Investment, LTD., providing $15 million to establish manufacturing and distribution for EV charging systems in China.
The NASDAQ listing application is subject to review and approval by NASDAQ's Listing Qualifications Department for compliance with all NASDAQ Capital Market Standards. NASDAQ's review process is thorough and may take an extended period of time before completion. While the Company intends to satisfy all of NASDAQ's requirements for initial listing, no assurance can be given that its application will be approved.
About ECOtality, Inc.
ECOtality, Inc. (OTCBB: ETLE), headquartered in Scottsdale, Arizona, is a leader in clean electric transportation and storage technologies. Through innovation, acquisitions, and strategic partnerships, ECOtality accelerates the market applicability of advanced electric technologies to replace carbon-based fuels. For more information about ECOtality, Inc., please visit www.ecotality.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Contacts:
Media:
ECOtality, Inc.
Jeanine L'Ecuyer, 480-219-5005
jlecuyer@ecotality.com
or
Investor
Relations:
Alliance Advisors for ECOtality
Thomas Walsh,
212-398-3486
twalsh@allianceadvisors.net
