Green Automotive to Acquires Newport Coachworks

Green Automotive 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 See full press release