SAN DIEGO, Calif., Aug. 8, 2000 (PRIMEZONE) -- American Electric Automobile Company Inc. (NQB Non-OTC:AEAC), announced that two-time Indianapolis 500 winner Rodger Ward successfully completed an initial road test of the new Hyundai(r) Accent which the Company has converted into an Electric Vehicle (EV).
"I must say I was very impressed. The car performed and handled far better than I could have imagined. I look forward to getting such a car for myself," noted Ward. Rodger Ward, often referred to as the Ambassador of Racing, won the Indianapolis 500 in both 1959 and 1964.
The tests, which were completed on July 18, 2000, involved a combination of highway and city driving designed to simulate anticipated everyday use of the vehicle.
AEAC's converted Accent is on display at American Electric Automobile's showroom at 1055 G Street (at 11th Street) in San Diego. The Company expects its converted Accent will sell for approximately $24,000 and will include the following standard features: standard Accent body, 2-door hatchback or 4-door body, heating, second-generation dual airbags, seatbelt pretension and force limiters, child safety door locks, power steering, front wheel power disc brakes, power windows and door locks, four-speaker AM/FM stereo cassette, multi-adjustable driver's seat, split rear seat with console, remote trunk release, tinted glass, electric rear window defroster, and rear window wiper/washer.
American Electric Automobile Company has focused its strategy on providing vehicles that are environmentally friendly and provide state of the art technology, safety, practicality and affordability. The Company intends to serve the anticipated growing need for zero emission vehicles through conversion of standard gasoline-powered vehicles into EVs accomplished by replacing their internal combustion engines with commercial electric motors controlled by the Company's proprietary computerized electric drive controllers. The Company is also working on a hybrid electric-gasoline version which, if successful, will satisfy certain increasing requirements for "very low emission vehicles." Depending upon the vehicle that is being converted, prices for the EVs are projected to range from approximately $17,000 to $24,000.
Except for historical information contained herein, the matters discussed in this news release involve "forward-looking statements, and involve projections of future events and occurrences. The words "anticipate," "look forward to," "believe," "will be," "estimate," "projected," "expected to," and other similar expressions as they relate to the Company and its business are intended to identify such forward looking statements. These forward looking statements are subject to many risks and uncertainties including but not limited to the Company's ability to convert and resell such vehicles on a commercially viable basis, the success of its additional development activities, general market awareness and acceptance of such vehicles, as well as the Company's ability to timely develop new products, and expand its marketing and manufacturing capabilities . These and other risks also include those referenced in the Company's Form 10 Registration Statement and the Company's other SEC reports. Actual results may differ materially from those projected herein. Such forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims any intent or obligation to update these or other forward-looking statements.