Strong shuttle bus sales drive record first quarter revenue

Company Website: http://thegreenautomotivecompany.com
RIVERSIDE, Calif. -- (Business Wire)

Green Automotive Company (OTCQB: GACR) today announced financial results for its fiscal 2014 first quarter, ended March 31, 2014. The company posted strong quarterly revenue of $1.235m, up from $218K reported for Q1 2013. This major increase is largely attributable to strong growth in sales at our Newport Coachworks business.

“We are proud of our quarterly results, especially our record shuttle bus sales that we started manufacturing only in February 2013. We are experiencing strong demand for our high quality buses, especially our CNG models that allow customers to reduce CO2 emissions and total cost of ownership,” said Ian Hobday, CEO of Green Automotive Company. “The success we encountered at our first major show, the LCT in Las Vegas, confirmed the competitive advantages of our product as we took orders for $1.6m. We have now finalized the build and testing of our electric shuttle bus and we are excited to start rolling out our launch program at the Government Fleet EXPO early June.”

In Europe, Green Automotive’s subsidiary GoinGreen also increased sales of new electric vehicles following the introduction of the Mia in December 2013. Revenues from our electric vehicle engineering business, Liberty Electric Cars, were steady thanks to our continued involvement in major EU sponsored electric vehicle development projects.

“Our operating loss has seen a big reduction in relation to our revenue, which we expect to continue during 2014,” said Ian Hobday, Green Automotive’s CEO. “The 'non-cash' element of our P&L, which is driven largely by derivative liability calculation, is not a reflection of the strong progress we are making with our business activities.”

Detailed financial data and other information are available in Green Automotive Company’s Form 10-Q for the quarter ended April 31, 2014 filed yesterday with the Securities and Exchange Commission. The Form 10-Q can be downloaded directly from the OTC market Website http://www.otcmarkets.com/stock/GACR/filings.

About Green Automotive Company visit www.thegreenautomotivecompany.com

Forward Looking Statements - This release includes forward-looking statements. For a copy of the Company’s full statements regarding forward-looking statements please click here Safe Harbor Statement » Green Automotive Company

Contacts:

Green Automotive Public Relations
Petra Beitl
+447791601666
Petra.beitl@liberty-ecars.com
or
Investor Relations
Stuart Fine
+1908-469-1788
stuart@carpedminc.com

Source: Green Automotive Company