Green Automotive to Acquires Newport Coachworks
Green Automotive (OTC: GACR) today announced it has signed a
definitive agreement to acquire Newport Coachworks Inc. (“NCI”). The
business will be run by Carter Read, an industry leader in the bus and
limo manufacturing business in North America.
GAC will acquire 100% of the issued and outstanding common stock of NCI
in exchange for an undisclosed number of shares in GAC; the transaction
is valued at up to $13,000,000. The terms of the transaction include GAC
providing certain financing to NCI which will be used over the next 12
months to establish and expand NCI's manufacturing facilities and to
invest in new product development.
Newport Coachworks' new manufacturing facility is based