eCarfly Announces Prospective Alternative Fuels Company Awaits Grant Approvals from the New York State Energy Research & Development Authority
The LOI Has Been Submitted
DALLAS--(BUSINESS WIRE)--
eCarfly, Inc. (Pink Sheets:ECFL) is pleased to announce that in addition to this morning's release regarding the Alternative Fuels Company (AFC), they have been previewed to grants currently being reviewed by the State of New York Energy Research & Development Board. These grants are under review to launch the AFC's Ethanol Co-Fuel Engine Technology into the government vehicles that are currently being used by the state.
New York State is bombarded with pollution issues as well as cost obstacles regarding governmental vehicles. Considering the large fleet of governmental vehicles under operation by the State, estimated revenues from this project alone would be enormous.
eCarfly has submitted an official Letter of Intent (LOI) to the Alternative Fuels Company to secure the ongoing negotiations regarding the intent for merger. The LOI is intended to be signed and recorded before week's end, resulting in the possible release of legal names and formal statements moving forward. A specific plan of action has been put into place to consummate the overall transaction process of this merger and will be acted out accordingly.
"We feel that the time has come for eCarfly to make aggressive moves to complete this clearly opportune merger. As we move forward with discussions and are previewed to additional information, it has become more apparent that the AFC is a positive fit to a successful future for both companies as well as our long-term, supportive shareholders. The LOI has been submitted to bring both companies to a conclusive state within these negotiations. We intend to release press immediately upon the confirmation that the LOI has been signed and documented. As we always appreciate the support of our many shareholders we would like to thank you all for the continued trust in our organization. Today's market reflection has shown an ever lasting example of resiliency within the value of this company, its stock, and its successful future," stated Desmond Milligan, CEO of eCarfly, Inc.
Source: eCarfly, Inc.
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