ELCR NEWS !
SPRINGFIELD, MO, Oct 18, 2010 (MARKETWIRE via COMTEX) -- Electric Car Company, Inc., a vehicle conversion company that specializes in electric conversions and manufacturing for the livery, fleet and private specialty markets, today announced that it has executed a Letter Of Intent with NEAH Power Systems, Inc., a publicly held company trading under the stock symbol (OTCBB: NPWZ), to negotiate a development and exclusive marketing agreement.
The Agreement provides Electric Car Company (ECC) with exclusive rights to sell and distribute NEAH's proprietary fuel cells and ancillary products designed for hybrid on-road, four-wheel vehicles. ECC will also have the exclusive marketing rights to sell NEAH Power's fuel cells to other manufacturers of hybrid zero emission four-wheel vehicles. The definitive agreement is expected to have a term of five years and be based on negotiated performance volumes starting at the end of one year. The agreement is subject to the completion of due diligence, necessary consents and approvals and customary terms and conditions. The parties expect to complete the partnership agreement on or before November 1, 2010.
All the above is my own opinion please do your own DD.
