American Electric Automobile Announces Change of Control in Ownership

American Electric Automobile Company (San Diego, CA) announced a change of control in ownership, board of directors and operations which took effect on September 13, 2000. The three former directors, Edward F. Myers, Gary G.DeGano and Betty N. Myers, stepped down from their positions to allow operations and control to pass to a new management team elected by the company. The three new directors are Pierre Quilliam, Stephen Cohen and Denise Quilliam, who have been approved to manager the company through transition, relocation and repositioning. The new directors are expected to add experience and revitalized direction to the corporation."We will now move expeditiously to finalize our marketing strategy for the two models of electric automobiles that were recently licensed for the consumer market," says Mr. Quilliam. "At the same time we are making rapid progress in our development of a hybrid electrically powered taxicab for the Chinese market."