Green Automotive Company Corporation (GACR)

[michaeldesanta]

Blackhawk Manufacturing Joins the Green Automotive Company

SOURCE: http://online.wsj.com/article/PR-CO-20140417-908187.html

It's official! Green Automotive Company (OTCQB:GACR) has closed on its acquisition of Blackhawk Manufacturing Inc. (BMI), a manufacturer of composite materials and part of the supply chain for Newport Coachworks, Inc. (NCWI), to the tune of $6 million in equity. This brings in a revenue stream of over $4.25 million and profits of $407K a year, based on its latest financial records. The new subsidiary will bring in vertical integrated cost savings in the production of buses manufactured by NCWI, including the upcoming e-Patriot, GAC's latest and star electric shuttle bus offering.

The acquisitions includes BMI's property, its transport company, and its business in Mexico, and also its operations in California. GAC will also have the option to purchase BMI's 10 acre property in Bloomington, California for $2 in combined cash and equity, the property itself being worth $5.3 million.

As a builder of passenger and livery vehicles built on top of Ford and Freightliner designs, having an integrated manufacturing process to cover the composite constructions is a major win and part of GAC's Global Business Strategy to reach critical mass, profitability, and eventual uplist into the NYSE Mkt (AMEX) exchange. Since they purchase just the bare vehicle and use their own proprietary designs to build up from there, this gives NCWI greater cost and creative controls in building to customized specifications of customer orders. In a highly customized niche market, this is a definite win.

BMI's year to date earnings and revenues from will be accretive to GAC's bottom line.

NOTE: GACR refers to the stock, while GAC refers to the company.