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U.S. Electricar Announces Equity Funding and Corporate Changes

Carl Perry, president and CEO of U.S. Electricar Inc. (Torrance, CA), announced the recent completion of a $3 million equity funding from two new investors, one of which is Jagen Pty. Ltd. (Australia).Perry also announced the company has elected Anthony Rawlinson as chairman of the board. Rawlinson, a global fund manager, is managing director of the Global Value Investment Portfolio Management Pte. Ltd., a Singapore-based international fund management company which handles discretionary equity portfolios for institutions, pension funds and wealthy private clients.Rawlinson commented, "The reason Jagen and I have invested in U.S. Electricar is that we believe the company is developing world class technology and their products are leading edge. With respect to the EV market, U.S. Electricar provides 'the total solution' in system engineering and interface."Perry added, "Our partnership with Hyundai Motor Company, Hyundai Heavy Industries and Hyundai Electronics is a key element in building the future for U.S. Electricar. The company is currently under contract to develop a full spectrum of electric and hybrid drive systems for Hyundai Motor Company. Furthermore, Hyundai has licensed the manufacturing rights for U.S. Electricar's drive systems for Hyundai's production EVs in Korea."

U.S. Electricar Inc.
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