Electric Motors Corporation (fka EMCO)

[DailyX]

SOUNDS LIKE A PRETTY EXCITING DAY.......
http://www.wsbt.com/news/business/44989202.html


Electric Motors Corporation (EMC) Receives First Indiana Incentives to Launch Electric Automotive Technology, Add Jobs in Elkhart County

WAKARUSA, Ind., May 14, 2009 (BUSINESS WIRE) -- With today's announcement of financial and civic support, Electric Motors Corporation (EMC) has taken a leadership role in bringing a public-private partnership to the State of Indiana uniquely designed to capitalize on the existing economic, physical, and human assets of the northern Indiana area.

Indiana Governor Mitch Daniels joined EMC CEO Wil Cashen in announcing the State of Indiana's offer to provide $4.6 million in tax credits and up to $200,000 in training grants based on the company's job creation plans. This is the State's first such grant under the state's incentive program to a company in the electric drive systems category.

This announcement comes on the heels of last night's joint resolution by the City of Nappanee and Town of Wakarusa to support EMC's plans for an electric vehicle industrial development park in Wakarusa and expanding to Nappanee. The joint resolution was passed at the first joint session in the history of the two municipalities.

Mr. Cashen and Governor Daniels were also joined today by executives from Gulf Stream Coach to announce EMC's partnership with Gulf Stream and their plan to launch electric vehicle production in the City of Nappanee. It is anticipated that the partnership will create more than 1,600 jobs in the area by 2012.

EMC, which develops and manufactures electric power drive systems for electric and hybrid vehicles, has partnered with RV manufacturer, Gulf Stream Coach, to produce a light-duty electric pickup truck. Together, the companies plan to invest in building renovations, machinery and equipment to site manufacturing facilities in Wakarusa and Nappanee.

These new electric pickup trucks use electric power drive technology that is clean, efficient, reliable and can be up-fitted into current vehicle models as well as future advanced technology electric plug-in and hybrid models.

EMC has sought funding through the U.S. Department of Energy's program which provides loans and grants to automobile and parts manufacturers for the cost of re-equipping, expanding or establishing manufacturing facilities in the United States to produce advanced technology vehicles or qualified components. The Indiana Economic Development Corporation and the Elkhart Economic Development Corporation provided support for the company's request.

"In an effort to execute on Governor Mitch Daniel's program of bringing the State of Indiana into the future of electric vehicle manufacturing as a major supply source, on a global basis, we at EMC applaud the two cities of Wakarusa and Nappanee, and Elkhart County, Indiana for having the vision to fight unemployment and build a future prosperity," said Wil Cashen, chief executive officer of Electric Motors Corporation. "Our participation in this effort should help accomplish the task of Indiana becoming a premier EV capital."

EMC, a Camarillo, Calif.,-based company which has operations in two states, plans to purchase a existing building in or around Wakarusa and hire associates to produce and assemble electric hybrid drive systems and truck chassis .

"We are thrilled to have the opportunity to showcase Elkhart County and the towns of Wakarusa and Nappanee in a new and more inventive light. Elkhart County, Indiana is re-energized by this new industry diversification. We anticipate the EV technologies that the EMC project represents will have a profound effect on our region," said Dorinda Heiden-Guss, president of the Economic Development Corporation Elkhart County.

For more information or interviews, contact: Ralph King, 805-357-3220 [e-mail]

About EMC: Electric Motors Corporation (EMC) develops and manufactures electric power drive systems for electric vehicles for EMC brand and other various manufacturer brand cars and light duty truck. EMC utilizes proprietary electric drive system technology and methodology of compounding motor-generators, EMC flex-fuel motors and energy control/management/storage systems to greatly reduce parasitic power train losses that significantly improve fuel efficiency and deliver cleaner emissions. EMC's power drive technology is clean, efficient, safe and reliable and simple to apply to vehicles produced currently and future electric plug-in and/or hybrid models. EMC electric power drive systems generate drive energy or charging energy that efficiently increases the vehicle total drive range for long distances. EMC's mission is to become the first independent company to mass-produce cost-competitive power-train systems for hybrid and electric vehicles and therefrom design, produce and sell company branded truck and car models internationally with superior performance and design advantage.

The company's corporate headquarters are located in Camarillo, California with research and development offices located in San Jose, California. All EMC issued press releases appear on EMC's website (http://www.emchq.com)). Any announcement that does not appear on the EMC website has not been issued by EMC.

For additional information, please contact Ralph King, Chief Communications Officer of EMC; [e-mail]; [phone].

Special Note Regarding Forward-Looking Statements: Statements in this news release about anticipated or expected future revenue or growth or expressions of future goals or objectives, including statements regarding whether current plans to grow and strengthen the Company's existing business, are forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements in this release are based upon information available to EMC on the date of this release. Any forward-looking statements involve risks and uncertainties, including the risk that EMC will be unable to grow or strengthen its business due to a lack of capital or an inability to identify acquisition candidates and that EMC may not realize anticipated cost savings or revenue growth opportunities associated with any acquisitions, planned or otherwise. Additionally, forward-looking statements concerning the performance of EMC's business are based on current market conditions and risks, which may change as the result of certain regulatory, competitive or economic events, as well as other risks and uncertainties, which could cause actual events or results to differ materially from the events or results described in the forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

SOURCE: Electric Motors Corporation

Electric Motors Corporation
Ralph King, [phone]
[e-mail]


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