AMP Electric Vehicles -- New CEO, James Taylor, Completes His 100-Day Review
Board of Directors Approves Updated Business Plan
CINCINNATI, April 5, 2011 /PRNewswire/ -- AMP Holding Inc. (OTCBB and OTCQB: AMPD), a company engaged in US Government supported green energy initiatives for emission-free electric vehicles, is pleased to announce the completion of the 100-day company review by new CEO, James Taylor.
Mr. Taylor, former head of General Motors Cadillac and Hummer divisions, has reviewed the status of the company in detail, speaking with AMP employees, as well as holding requirement discussions with key customers and potential channel partners. "During my first 100 days, we have done a bottom up review, leveraging internal and external automotive expertise to provide a clear company assessment and establish our business plans. A good portion of our recent efforts have been focused on cost targets and production for our fully electric SUV's."
"I am pleased to report that AMP will immediately initiate low-rate SUV production while finalizing certain vehicle validations, followed by larger scale production planned for the 4th quarter of 2011."
"Electric vehicle demand is growing rapidly and the expanding electric infrastructure and surge in gas prices are accelerating consumer acceptance. The introduction of our 100 mile SUV has proven to be very timely and desirable. The initial demonstration vehicles AMP have delivered to key fleet customers are performing very well and we are finalizing several fleet orders which we expect to announce in the next 60 to 90 days."
To learn more, visit the AMP website at www.ampelectricvehicles.com.
About AMP Holding Inc.
AMP was founded in 2007 by entrepreneurs who have created several hi-tech companies. Currently, the AMP team is comprised of top automotive industry veterans and business executives, as well as two key pioneers of GM's EV1 project. AMP's first all electric demonstration models were the Saturn Sky and the Chevrolet Equinox. Since its inception, AMP's unique electrification technology has proven to be an idea that has generated an extreme amount of interest, with inquiries coming from around the world. AMP's intent is to electrify a range of OEM SUVs, and expects to announce new model additions in 2011. The Company expects its vehicle electrification technology will provide new solutions to America's energy demands.
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.